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The global vertical farming market is being driven by the robust demand for organic food among the health-consciousness. Increasing environmental issues, including the degradation of soil quality, and groundwater due to the implementation of chemical-based solutions, have increased the acceptance of the vertical farming method. The lowering of light emitting diode (LED) prices and the technical development of LEDs lead to the growth of the vertical farming market. The lack of space in densely populated countries has led to the growing adoption of the vertical farming system. The advantages of growing crops near urban areas and lower transport costs are expected to drive the growth of the vertical agricultural market over the forecast period.
The increased demand for vertical farming is encouraging the key players to make significant investments in the industry. In March 2020, an expansion of collaboration took place between Signify and Planet Farms, a vertical farm operator based in Italy, Europe. This agreement is expected to improve the quality and yield of crops with the aid of Philips GreenPower LED development (NYSE: PHG). This also enabled Planet Farms to grow and supply the finest aromatic herbs and lettuce to its consumers in Italy throughout the year. Signify also signed an agreement to provide LED horticultural lighting for the additional five vertical farms that Planet Farms plans to construct in different European countries in the forecast period, including Switzerland and the United Kingdom. This deal is most likely to boost the market demand for vertical farming further in the coming years.
Market Analysis by Growth Mechanism, Structure, Components, Crop Type, Applications, and Regions:
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The major players in the global vertical farming market are AeroFarms LLC, Green Sense Farms Holdings, Inc., 4D Bios, Inc., Plenty Unlimited Inc., Gotham Greens Holdings, LLC, and Crop One, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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