The global hydroponics system market accounted for a value of USD 6.6 billion in 2019. It is projected to grow at a CAGR of 14.9% during the forecast period.
COVID-19 has impacted hydroponics system. Many people across the world are refraining from outside food adopting healthy eating habits as health and food safety are becoming major concern for people these days. The people across the world are depending more on home cooked food. Due to this the restaurants business are in jeopardy. The corona virus outbreak has led to rise in adoption of hydroponics farming system worldwide. It is estimated to foresee sharp growth due to this pandemic situation around the world although initially this market has faced many challenges like shortage of labor, window of harvesting of seasonal crops was missed and the decline in price of agriculture products. Despite all this challenges the hydroponics system market is expected to register significant growth.
For more details, visit: Global Hydroponics System Market By Type (Fusion, Down-drown, Others), By Equipment (Material Handling, Irrigation Systems, Others), By Crop Type (Vegetables, Flowers, Others), By Region–Forecast & Opportunities to 2026
The extensive growth of population around the world has catalyzed the growth of hydroponics farming systems to meet the food requirements. This is an environmental-friendly technology and being promoted by government of many regions. It gives higher yield as compared to other conventional agriculture technologies and farmers across the globe are shifting to hydroponics market. This is major driver of hydroponics system market.
On the basis of type, the hydroponics market is segmented into aggregate systems and liquid systems. The liquid systems segment is projected to grow at highest CAGR during the forecast period. The liquid systems segment is more cost effective. The liquid systems are more feasible then traditional systems but the initial setup is cost very much high for these systems. Liquid systems operate in closed mode due to which there is reduction in cost of nutrient solution. They have higher productivity and preferred by farmers more thus, leading to growth in liquid systems market in hydroponics segment.
On the basis of equipment, the hydroponics systems market is segmented into HVAC, led grow light, control systems, material handling and irrigation systems. The heating, ventilation and air conditioning (HVAC) segment is estimated to hold highest market share during the forecast period. It plays a crucial role in development of indoor growers. This system is responsible for dehumidification, cooling and maintaining optimum temperature inside the facility. For operation of hydroponic systems, HVAC is essential, reliable and well-controlled. This is attributing growth in HVAC segment during the forecast period.
On the basis of crop type, the hydroponics market is segmented into vegetables, fruits and flowers. The fruits segment is expected to foresee growth at highest CAGR during the forecast period. Seasonal fruits can be grown and harvested throughout the year using hydroponics due to indoor farming unit or interior greenhouse conditions. The water adaptable fruits such as tomatoes, cantaloupe and watermelon are the easier to grow with hydroponics technology which is why preferred by farmers. The farmers are cultivating more and more fruits using hydroponics and this is driving growth in hydroponics market.
Europe region is expected to hold higher market share during the forecast period. In this region, the adoption of hydroponics technology is increasing. The faster adoption and implementation of advanced technologies has been seen in this region. The green house cultivation area is larger in many countries such as Spain, France and Netherlands and advanced techniques of hydroponics smart greenhouse farming is used here. The growth in hydroponics market is driven by advanced greenhouse farming methods during the forecast period.
The key market players in hydroponics systems market are Argus Control System, Heliospectra AB, Signify Holdings, Scotts Miracle Gro, LumiGrow, American Hydroponics, Emerald Havest, Advanced Nutrients, Hydroponic Systems International, Grobo, Vitalink, Hydrodynamics International and Logiqs B.V.
- What are the expected industry trends over the next three to five years?
- Which of the hydroponics system type is likely to lead by 2025?
- Which of the equipment segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?