LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global vertical farming technologies market to grow at a CAGR of close to 18% during 2018-2022. The growing inclination towards technologies that offer water saving and energy saving benefits is a key trend which is expected to impact the growth of the market. Vertical farming technologies provide a closed growing system with controlled transpiration losses. These technologies use integrated technology with farm management systems to ensure low water consumption.
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In this report, Technavio researchers identify the growing focus on reducing the labor costs of farming as a key factor contributing to the growth of the global vertical farming technologies market:
Growing focus on reducing the labor costs of farming
Vertical farming technologies involve fully automated growing systems for plants. These technologies help increase crop yield and reduce labor costs. They minimize manual intervention during farming and reduce unnecessary labor. Manual labor is required only for on-site planting and packaging.
According to a senior analyst at Technavio for agricultural equipment research, “One of the main costs of farming is the cost of access. This includes costs incurred by labor for walking, riding scissor lifts, retrieving growing channels and checking the crops. The use of vertical farming technologies such as zip racks and stacked NFT helps to reduce the cost of access, thereby increasing farming efficiencies. For instance, the ergonomic design of ZipGrow can reduce poor harvest and labor costs by up to 60%.”
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Global vertical farming technologies market - segmentation and analysis
This market research report segments the global vertical farming technologies market by product (material handling systems, farm management systems, grow lights, conveyor systems, and environment and climate control systems), by application (hydroponics, aquaponics, and aeroponics), and key regions (Americas, APAC, and EMEA).
In 2017, the hydroponics application segment dominated the market with more than 56% share of the market. This segment will also witness an increase in its market share over the forecast period owing to the benefits offered by this technology and the ease of installation as compared to the other systems.
EMEA dominated the market with more than 37% share of the market, followed by the Americas and EMEA in 2017. Government initiatives to encourage the use of innovative vertical technologies are being implemented across various countries in EMEA which will boost the adoption of vertical farming technologies in the region.
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