NEW YORK, May 27, 2018 (GLOBE NEWSWIRE) — According to the market research report published by P&S Market Research, the vertical farming market size is projected to grow at a CAGR of 24.2% during 2017-2023, to cross $6.3 billion by 2023. The market is growing mainly due to the increasing adoption of organic foods, rising urban population and growing focus towards environment friendly production of fresh fruits and vegetables.
With increasing population in the Asia-Pacific, fertile agriculture land is decreasing which creates demand for vertical farming. China and India are the most populated countries and the available agricultural land in these countries is decreasing at a rapid pace with rising urbanization and population. Rising disposable income along with increasing per capita income across Asia-Pacific is anticipated to drive demand of the vertical farming market in the coming years. Rising government investment of different countries across Asia-Pacific towards building high class infrastructure and developing smart cities are also anticipated to drive the demand for vertical farming for the urban population. Because of which, the demand of vertical farming is expected to increase in the coming year specially in Asia-Pacific.
The North American vertical farming market is expected to account for over 30% of the global market. The North American market is projected to grow at a brisk rate during the forecast period due to the growing demand for organic food, rising disposable income, and growing per capita GDP across the region. With rising awareness levels about the features and benefits of vertical farming, pharmaceutical companies are also adopting the same to produce various types of crops which are widely used in biopharmaceutical products across the region. The U.S. accounted for the largest revenue share in the North American vertical farming market and is projected to lead the market during the forecast period because of the growing disposable income of the country, rising health consciousness among consumers, and increasing consumer demand for local foods are expected to boost the demand for vertical farming industry across the country, during the forecast period.
Access report summary with detailed TOC on Vertical Farming Market at: https://www.psmarketresearch.com/market-analysis/vertical-farming-market
Some of the major players in the vertical farming market are AeroFarms LLC, Koninklijke Philips N.V., Illumitex Inc, Sky Greens Pte. Ltd, Hort Americas, Everlight Electronics Co. Ltd, American Hydroponics Systems Inc., Agrilution GmbH, Vertical Farm Systems and Urban Crop Solutions Inc.
Industrial Control and Factory Automation Market
Asia-Pacific accounted for the largest market of industrial control & factory automation in 2014. The emergence of China as a global manufacturing hub, along with the increasing penetration of advanced automation technology in the processing industries of the region is the major growth driver of the market. The North American and European market of industrial control & factory automation are growing moderately.
Process Automation and Instrumentation Market
The oil and gas extraction is the largest segment in the global process automation and instrumentation market. This segment is estimated to account for over half of the global energy demand of the process automation and instrumentation market.
About P&S Market Research
P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research-based consulting services across different industry/business verticals.
As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.
P&S Market Research
347, 5th Ave. #1402
New York City, NY – 10016
Toll-free: +1-888-778-7886 (USA/Canada)