Vertical farming on the rise globally

The global vertical farming market size will reach US$33.02 billion by 2030, according to a new report by Grand View Research. Data reveal that the increasing use of Internet of Things (IoT) sensors for producing crops will spur market growth. Information culled from these sensors can be stored on the cloud and later analysed to perform the required actions. Another growth factor is automation in agriculture and the increasing use of big data and predictive analytics for maximising yields. Also, genetically modified organisms, the adverse effects of pesticides, and other non-natural substances used to increase agricultural production have encouraged consumers to adopt organic foods.
The research firm said vertical farming effectively ensures stability in crop production and maintains reliability even in adverse climatic conditions. Vertical farming provides multiple benefits over the traditional farming technique, such as less use of water, the lesser need for agrochemicals, and low dependence on agricultural labour. It also uses metal reflectors and artificial lighting to maximise natural sunlight.
Meanwhile, there are also factors likely to restrain the market growth, said the report. For example, a hydroponic system used in vertical farming requires a high initial investment yet offers fewer crop varieties.

(Image from Unsplash)

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