According to the report, the global Vertical Forest market was valued at USD 2.33 Billion in 2019 and is expected to reach over USD 12.27 Billion by 2026, growing at a CAGR of around 26.5% during the forecast period from 2020 to 2026.
The Vertical Forest market is anticipated to register growth owing to tremendous focus of all the countries on sustainable development which focuses development of environment. Demand for smart cities across the globe is also driving the requirement of vertical forest.
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In the district of Porta Nuova, Bosco Verticale, a pair of residential towers has more than 900 trees planted within the tower. This concept of planting trees in the towers and complexes is known as a vertical forest. The benefits of vertical forest are numerous to be precise it is the most efficient method to absorb the atmospheric carbon dioxide. It is estimated that around 20,000 trees can approximately absorb 44,000 pounds of carbon dioxide. The benefits obtained from the vertical forest such as producing humidity, absorbing CO2 and dust particles, and producing oxygen will increase its demand in the coming years.
The section's readers will comprehend how the pandemic, the post-pandemic, and the Russia-Ukraine War affected the global Vertical Forest market scenario. The study takes into account how things like demand, consumption, transportation, consumer behaviour, supply chain management, export and import, and production have changed through time. The key elements that will help players find opportunities and stabilise the industry as a whole in the upcoming years have also been highlighted by the industry experts.
Vertical Forest Market: Growth Drivers
The homes of the future will be rapidly adopting the concept of a vertical forest. The major factor that is triggering the demand for the vertical forest market is the exponentially growing air pollution. The growing sales of the automobiles and the rapid industrialization have contributed to the rise in the air pollution in the world. Thus there is an immense pressure in finding out ways to control this atmospheric air pollution.
Since one of the solutions to resolve air pollution is vertical forest, as trees are the efficient means of absorbing carbon dioxide, the popularity of the vertical forest market will increase in the future years. Other benefits of constructing vertical forests are it helps in keeping the indoor temperatures cool, reduces the intensity of sound pollution, and helps in filtering the dust particles. Factors such as housing shortages and the rapidly changing climatic conditions will favor the growth of the vertical forest market. The factor that may limit the growth of the market is the extra investment that is required for the regular maintenance of the plants.
The Global Vertical Forest Market is Segmented on the basis of Product Type, Application, And Geography.
Vertical Forest Market, By Product Type
• Flowering Plants
• Non-Flowering Plants
• Trailing Plants
Vertical Forest Market, By Application
• Commercial Complexes
Vertical Forest Market: Competitive Landscape
As the vertical forest market is still in the emerging phase the market players are involved are limited. The design for the vertical forest in Nanjing Towers was conceived by Stefano Boeri, Stefano Boeri Architetti (SBA) - the Milan based design firm.
Vertical Forest Market: Regional Landscape
As vertical forest market is still an emerging market it is diversified in five major regions such as Asia Pacific, Europe, North America, and the Middle East and Africa. The first emergence of the vertical forest was in Milan, Italy. This concept was a huge hit thus, later on, this idea was adopted by several other regions. Europe is anticipated to lead the vertical forest market due to the increased investments in the infrastructure development. Asia Pacific vertical forest market is anticipated to grow at a rapid rate in the coming years. Nanjing, the city in China is in the process of building a vertical forest. This project will consist of two buildings that will have 1,100 trees and more than 2,500 other types of plants. It is expected that in the coming years, North America will witness a good growth rate in the vertical forest market.
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