Hydroponics Market
Hydroponics is essentially a soil-less gardening method that involves growing healthy plants using a nutrient as a rich mineral water solution. The complete process of hydroponics needs only nutrients, water, and sunlight to allow plants to grow way better with their roots in water. As per Market Research Future (MRFR) analysis, the global hydroponics market is projected to generate revenue of USD 17 billion by 2024, with a CAGR of roughly 11.5% from 2019 to 2024 (forecast period).
Market Dynamics
Due to the increased hydroponic yields, the hydroponics industry is gaining momentum in the global agriculture industry. Moreover, the cultivation of crops through hydroponics reduces the impact of external environmental factors on crop production, as it provides controlled environmental conditions. The use of hydroponics often reduces the pressure on natural sources like land and water, as it takes very little indoor space, and water can be recycled and reused in a nutrient solution. However, due to the high expenditure of capital needed to set up a large-scale hydroponics project, the global market is seeing its development impede.
In addition, the lack of government funding and initiatives, especially in developing countries, hinders the market growth. Market players are expected to see lucrative global market opportunities over the projected period due to increased hydroponic applications in various commercial and residential buildings such as restaurants, residential terraces, grocery stores, and others.
Segmentation
The global hydroponics market has been segmented based on type, input, equipment, crop type, and region.
By type, the global hydroponics market has been divided into aggregate systems and liquid hydroponics. The aggregate system segment is further divided into water EBB and flow system, drip system, culture system, and others. The segment for liquid hydroponics is further segregated into aeroponics, nutrient film technique, and others.
The global hydroponics market has also been segmented, based on input, into growth media, nutrients, and others. The segment for growth media is further classified into Rockwool, coco coir, clay, and others.
Based on equipment, the global hydroponics market is segregated into, irrigation systems, LED growing lights, HVAC, and others.
By crop type, the global hydroponics market has been classified as fruits, flowers, vegetables, and others. The vegetable segment is further segmented into, cucumber, tomato, leafy, and others.
Regionally, the global hydroponics market has been into four key regions—North America, Europe, the Asia Pacific, and the rest of the world.
The North American hydroponics industry has been further segmented into the United States, Canada, and Mexico. The European hydroponics market has been classified as the United Kingdom, Germany, France, Italy, Spain, and the rest of Europe. The hydroponics market in the Asia Pacific has been segmented into China, Japan, India, New Zealand, Australia, and the rest of the Asia Pacific. The market for hydroponics in the rest of the world has been segmented to South America, the Middle East, and Africa.
The Asia Pacific is expected to dominate the market for hydroponics during the forecast period due to the increasing adoption of advanced agricultural technologies among farmers in the region. In Europe, countries such as France, Spain, and the Netherlands are the leading markets that contribute to the region’s growth. Nonetheless, North America is expected to register the highest CAGR during the forecast period due to the growing penetration of market players in the region and the increasing need to produce high-quality and quantity of crop production in a smaller region.
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Key Players
The key players in the global hydroponics market are Argus Control Systems (Canada), Heliospectra AB (Sweden), Scotts Miracle-Gro (US), Village Farms (Canada), Aerofarms (US), Iron Ox (US), Terra Tech Corp (US), American Hydroponics (US), Hydroponic Farms (UAE), LumiGrow (US), Signify Holdings (Netherlands), Urban cultivator (Canada), Green Sense Holdings (US), Triton Foodworks Ltd. (India).
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