According to a recent report published by Allied Market Research, titled,"Aeroponics Farming Market by Component: Region Opportunity Analysis and Industry Forecast, 2017 - 2025"The North America aeroponics farming market was valued at $126.2 million in 2017, and is projected to reach $759.4 million by 2025, registering a CAGR of 25.5% from 2018 to 2025.
Aeroponics is an indoor gardening practice in which plants are grown and nourished by suspending their root structures in air. Plants are suspended in an enclosed setting and water, mixed with plant food, is sprayed onto the roots. Aeroponics systems are frequently employed in an enclosed environment such as a greenhouse so that the temperature and humidity can be accurately regulated. Although sunlight is the principal light source, some additional lighting such as LED lights may be added. LED lights are used to create a precise light formula for each plant, giving the exact range, intensity, and frequency that the plant requires for photosynthesis.
Compared to other types of vertical farming, in aeroponics, plants tend to grow faster and absorb more nutrients, thus making aeroponics the most preferred farming technique. The aeroponics system is gaining maximum popularity as plants grow up to 45% faster than in traditional insoil farming methods. It yields cleaner, safer, tastier, and more aromatic products.
North America is the largest region in terms of revenue generated through vertical farming. The region houses some of the largest indoor vertical farms across the globe. For instance, AeroFarms, which is a commercial leader in indoor farming technology, a 70,000 sq ft. technology, harvests up to two million pounds of crops per year. In addition, giant indoor farming companies such as Brightfarms, Edenworks, and Grove Labs have their presence in North America, which is anticipated to offer lucrative growth opportunities for the aeroponics farming market.
Factors such as increase in popularity of organic foods, limited arable land for agriculture, and rise in popularity of diseasefree environment in agriculture drive the growth of the North America aeroponics farming market. However, high initial investment to acquire the technology acts as a major barrier, which hampers the North America aeroponics farming market growth. On the contrary, increase in urban population and technological advancements replacing traditional farming methods are anticipated to offer lucrative opportunities for the North America aeroponics farming market growth.
Aeroponics farming market is segmented into by component, and region. Based on component, the market is classified into irrigation component, lightning, sensor, climate control, building material and others. Based on countries, the market is analyzed across U.S., Canada, and Mexico.
Key Findings of the Aeroponics Farming Market:
- In 2017, the building materials subsegment generated the highest revenue in the North America Aeroponics farming market.
- In 2017, Mexico generated the highest revenue among the countries in the North America Aeroponics farming market.
The key players profiled in this report include Evergreen Farm Grow360, Bright Agrotech (Plenty), Freight Farms, and Aerofarms. These key players have adopted some strategies to enhance their market penetration.