Global Hydroponics Market Market Trends, Share, Size and Forecast Report 2024-2032

Hydroponics Market Size And Forecast

Hydroponics Market size was valued at USD 1.56 Billion in 2020 and is projected to reach USD 3.04 Billion by 2028, growing at a CAGR of 7.5% from 2021 to 2028.

The growing demand for exotic vegetables such as kale, lettuce, broccoli, and cilantro for use in inter-continental cuisines is a prime factor driving the global Hydroponics Market. This is due to the increasing inclination of consumers towards natural and chemical-free food products. This factor accelerates the growth of the Hydroponics Market worldwide. The developing regions are centering to build technological advancements to accelerate production to drive the market demand for hydroponic-based products. The Global Hydroponics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Hydroponics Market Definition

Hydroponics is the procedure of growing plants by using mineral nutrient solutions in sand, gravel, or liquid in absence of soil. In other words, an agricultural technique is utilized to grow plants in a soil-less medium, such as a mineral nutrient and water solution. Hydroponics is termed as a subset of hydroculture, one of the fastest-growing soil-less farming approaches at a global level, using mineral nutrient solutions, in water without soil.

Besides, the hydroponic plant grows faster as compared to a soil plant when produced under the same conditions. The nutrients in a hydroponic system are treated with water and transferred to the root system. Moreover, hydroponic gardening needs less water than soil gardening as they frequently use nutrient solutions. The whole process of Hydroponics requires only nutrients, water, and sunlight to let plants cultivate a lot better with their roots in water.

Nutrient-rich water is permitted to flow via the pipe network containing submerged plant roots. The plants are grown under controlled environmental conditions with good temperature, light, relative humidity, nutrient, and water supply. This technique is practiced in an area with limited cultivable land availability. Hydroponics saves land and water usage for crop production. Several types of crops are possible to cultivate using hydroponics such as fruits, vegetables, and flowers.

Global Hydroponics Market Overview

The more increased yield as compared to traditional agriculture practices is driving the global Hydroponics Market. The plants grown in hydroponic systems have achieved a higher yield than the traditional agriculture system, with its productivity being 2 to 5 times higher. Also, owing to controlled environmental circumstances, the effect of climatic changes can be balanced with the support of these systems, thereby not impacting the annual crop production. CEH techniques instantly affect the crop harvest cycle. Since climatic changes show a minor effect on such systems, crops can be produced all year, thereby improving the yearly produce.

Moreover, salad crops are achieving popularity and the increasing need for food security may drive global market growth.Besides, with the growing adoption of hydroponics globally, manufacturers and researchers are working on improving the efficiency of hydroponics technology to improve the quality and quantity of the produce. Numerous companies in the market are supporting heavily R&D for obtaining state-of-art technologies that boost production and also bring about a variety of cultivations possible. Strategic partnerships with research labs and institutes further propel the growth of the hydroponics market.

Changing preferences of people for Hydroponics as profit farming is the primary factor driving the growth of the global Hydroponics Market. There are certain restraints and challenges faced which will hamper the overall market growth. The factors such as High capital investment for large-scale farms are restraining market growth. Different types of equipment including fans, , ventilation, irrigation systems, control systems, rails, and lights are the fundamental cost factors in a hydroponic farm. Further, the lack of government policy and tax breaks in evolving countries and the spread of waterborne diseases and algae in closed systems is the potential restraints hampering the overall growth of the global Hydroponics Market.

Global Hydroponics Market Segmentation Analysis

The Global Hydroponics Market is segmented based on Type, Crop Type, Equipment, And Geography.

Hydroponics Market, By Type

• Aggregate Systems
• Liquid Systems

Based on Type, The market is bifurcated into Aggregate Systems and Liquid Systems. The liquid systems hold the largest market share during the projection period. Liquid systems are admiringly efficient and cost-effective in comparison to traditional models. The economics of liquid systems are marked to be feasible since all liquid systems operate in a closed mode, which lowers the cost of nutrient solutions. Also, liquid systems deliver higher productivity, and hence the growers have been installing liquid systems for their crop production.

Hydroponics Market, By Crop Type

• Vegetables
• Fruits
• Flowers

Based on Crop Type, The market is bifurcated into Vegetables, Fruits, and Flowers. The fruits segment is evaluated to witness the highest CAGR during the projection period. Fruits cultivated using hydroponics can be harvested throughout the year due to the internal conditions of the greenhouse farming unit. Water-adaptable fruits such as watermelon, cantaloupe, and tomatoes are among the ideal choice for farmers as they are more effortless to grow using hydroponic methods. With more and more varieties of fruits carried under cultivation in hydroponics, the market is estimated to grow more quickly.

Hydroponics Market, By Equipment

• HVAC
• LED Grow Lights
• Irrigation Systems
• Control Systems

Based on Equipment, The market is bifurcated into HVAC, Led Grow Light, Irrigation Systems, and Control Systems. The HVAC system maintains the largest market share during the projection period. Heating, Ventilation & Air Conditioning, or HVAC plays a major role in the development of indoor growers, as the system is accountable for cooling, dehumidification, and maintaining the optimum temperature inside the facility. HVAC systems are necessary for the operation of hydroponic and aeroponic farms and should be reliable and well-controlled.

Hydroponics Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Regional Analysis, The Global Hydroponics Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Europe has the largest market share. Europe has been at the forefront of implementing advanced techniques in hydroponic horticulture. Countries such as the Netherlands and France have large areas for greenhouse harvesting. The growing advancement in greenhouse farming, strong governmental initiatives, and enduring projects will boost the market in the European region.

Key Players

The “Global Hydroponics Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are AeroFarms, Freight Farms, Signify Holding, ScottsMiracle-Gro, Triton Foodworks Pvt. Ltd., LOGIQS B.V.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Product Launches and Product Expansions

• In May 2020, InFarm recently started its new outlet in the Netherlands at Nijmegen. The facility will be built at various locations such as supermarkets, restaurants, and distribution centers so that vegetables are grown and harvested at areas close to point of purchase.
• In April 2020, Scotts Miracle moved its operations of Temecula, California manufacturing plant to produce face shields, due to shortage of personal protective equipment’s so as to contribute to the fight against the Covid-19 outbreak.
• In August 2019, LumiGrow Inc. launched a new TopLight Hybrid smart fixture. The Hybrids will enable users to benefit from the enriched white spectrum, which is completely wireless and can be controlled via the SmartPAR software of the company.

Partnerships, Collaborations, and Agreements

• In April 2020, Aerofarms has initiated the establishment of the biggest Aerofarms center that is the largest of its kind spread across 90,000 sqft. The facility is dedicated to state-of-art R&D equipment and the commercialization of locally demanded crops.
• In November 2019, Aerospace invested USD 42 Million in building the largest indoor farming facility at Cane Creek Center, a joint industrial park for the City of Danville and Pittsylvania County.

Acquisition and Mergers

• In August 2019, Terra Tech Corp has commenced the operation of constructing its brand-new facility at Santa Ana, CA, US. The facility will be a large-scale one-of-a-kind cannabis complex aimed at benefitting the company’s sales by the high population and traffic benefit.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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