Arab & Middle East News
(ARABNEWSWIRE.COM, August 03, 2018 ) Market Overview:
Middle East and Africa Vertical Farming market was valued at 0.57 Billion in the year 2018. By the 2023 it is expected to reach 1.86 Billion, with a CAGR of 26.4%. Vertical farming is the practice of producing food and medicine in vertically stacked layers. This Vertical Farming comes in different shapes and sizes. These industries are utilizing the complex sensors to screen the plant completely.
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Factors affecting market growth:
• Increased preference for organic foods, pesticides frees foods. (+)
• Rise in Population and increase in urbanization. (+)
• Decline in Water level in the recent years (+)
• Land for agriculture cultivation is limited. (+)
• Less dependence on Favorable weather conditions and high water usage, skilled labor. (+)
• High initial investment for setting up Vertical farming market is restraining market. (-)
• Production of High value crops and Consumption of artificial light is restraining the market growth. (-)
• Continuous maintenance requirement and high costs for lighting equipment are the constraints of the market.
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Global Vertical Farming market is geographically segmented into
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
As Middle East and Africa is under developing stage it is expected to grow the market In the forecast period. Recently Badia firms has been established by Saudi Arabian with a vision to maintain sustainable growth and creative solutions for growing food.
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Major Market players involved in the Vertical farming market are Illumitex Inc.(U.S), Aerofarms (U.S), Koninklijke Philips N.V (The Netherlands), and Sky Greens(Singapore) among others.
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