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Join date: Jul 27, 2021

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The vertical farming market is projected to reach USD 7.3 billion by 2025 from USD 2.9 billion in 2020; it is expected to grow at a CAGR of 20.2% during the forecast period. Major drivers for the growth of the market are high yield and numerous other benefits associated with vertical farming over conventional farming, advancements in light-emitting diode (LED) technology, year-round crop production irrespective of weather conditions, and requirement of minimum resources. Light-emitting diodes (LEDs) are now affordable and efficient enough to cut the overall farming cost for the growers. The innovations in LED technology in recent years are consequently supporting the growth of the vertical farming market. Artificial lighting is a prerequisite for indoor farming applications.