According to a new report, published by KBV research, The Global Vertical Farming Market size is expected to reach $27.10 billion by 2031, rising at a market growth of 19.6% CAGR during the forecast period.
The Hardware segment is leading the Global Vertical Farming Market by Component in 2023; thereby, achieving a market value of $16.6 billion by 2031. The dominance of this segment can be attributed to the essential role of hardware components in building and maintaining vertical farming systems. Key hardware elements such as racks, trays, pumps, and irrigation systems are fundamental to ensuring efficient plant growth in controlled environments. The increasing adoption of advanced automation and robotic systems in vertical farming has fuelled the demand for high-quality hardware solutions.
The Flowers & Ornamentals segment is registering a CAGR of 20.3% during (2024 - 2031). This is fuelled by the increasing demand for premium decorative plants and the growing trend of urban gardening. Vertical farming has enabled consistent production of high-quality flowers and ornamental plants, independent of seasonal changes, making it an attractive option for commercial growers. The segment has particularly benefited from technological advancements in controlled-environment agriculture (CEA), which optimize lighting, humidity, and nutrient delivery for enhanced growth and bloom quality.
The Hydroponics segment is generating the maximum revenue in the Global Vertical Farming Market by Mechanism in 2023; thereby, achieving a market value of $17.17 billion by 2031. Hydroponic systems, which enable soil-free cultivation using nutrient-rich water solutions, are widely adopted in vertical farming due to their efficiency and sustainability. The growing preference for hydroponics over traditional farming methods, driven by its ability to optimize water usage and enhance crop yield, has increased demand for hydroponic components such as nutrient delivery systems, grow trays, and aeration equipment.
The Building-based segment is anticipating a CAGR of 20.1% during (2024 - 2031). This dominance is primarily attributed to the large-scale adoption of multi-story indoor farming facilities in urban areas. Building-based vertical farms leverage existing infrastructure, such as warehouses, abandoned buildings, and customized high-rise structures, to cultivate crops in controlled environments. The ability to scale operations efficiently and maximize crop production per square foot has made this structure a preferred choice for commercial vertical farming.
Full Report: https://www.kbvresearch.com/vertical-farming-market/
The Europe region dominated the Global Vertical Farming Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $9.2 billion by 2031. The North America region is experiencing a CAGR of 18.9% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 20.2% during (2024 - 2031).
By Component
By Category
By Mechanism
By Structure
Unique Offerings 
