MarketsandMarkets™The hydroponics market was valued at USD 9.5 billion in 2020; it is projected to grow at a CAGR of 11.3% to reach USD 17.9 billion by 2026.The report "Hydroponics Market by Type (Aggregate Systems, Liquid Systems), Crop Type (Vegetables, Fruits, Flowers), Equipment (HVAC, LED Grow Lights, Irrigation Systems, Material Handling Equipment, Control Systems), Input Type, and Region - Global Forecast to 2026", size is estimated to be valued at USD 9.44 billion in 2020 and is projected to reach USD 17.93 billion by 2026, recording a CAGR of 11.3% during the forecast period in terms of value. The market is driven by innovative methods of growing plants without the use of soil through mineral nutrient solutions in a water solvent. In this process the water utilization is far less than the conventional farming. In recent few years, with the increasing freshwater scarcity across the globe is promoting the hydroponic farming across the globe. According to the European Union, governments around the globe are focusing on significantly decreasing the amount of water used in irrigation while increasing the yield of the crop. These supportive initiatives are promoting the hydroponics market over the forecast period.
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Opportunity: Development of innovative hydroponic technologies
With the increased adoption of hydroponics globally, manufacturers and researchers are working on improving the efficiency of hydroponics technology to increase the quality and quantity of the produce. Many companies in the market are investing heavily into R&D for obtaining state-of-art technologies that boost he productions and also bring about variety of cultivations possible. Strategic partnerships with research labs and institutes further drive the growth of the hydroponics market.
Challenge: Spread of waterborne diseases and algae in closed systems
In a closed hydroponic system, the threat of waterborne diseases poses a major problem to growers. Considering that the nutrient-enriched water is recirculated throughout the system, any kind of waterborne disease that enters the nutrient reservoir often affects the whole crop as it has the capability to spread throughout. Growers often keep their plants spaced out to prevent crowding, which is often how pathogens enter the system. To combat the instances of waterborne diseases, growers are resorting to using screen or paper filters and additional filtration systems to curb the spread of waterborne diseases in the system.
Vegetable was the largest crop type segment in 2019 and anticipated to maintain the dominance in the hydroponics market over the forecast period.
Hydroponics helps to grow almost all types of the vegetables including tomatoes, squash, broccoli, beans, and even leafy greens such as spinach, arugula, microgreens, and lettuce. Vegetables are the most grown crop type in hydroponic systems around the globe it helps to grow all kinds of vegetables round the year without being concerned about the changing weather, temperature, or other conditions.
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Asia Pacific is anticipated to witness the highest growth rate across the globe over the forecast period
Asia Pacific is the home for more than half of the global population in the world. The shortage of farming land, poor land management, increasing infrastructural projects in farm lands, and scarcity of fresh water is significantly promoting the demand for hydroponics in the region in recent few years. Moreover, increasing population poses a major challenge to food accessibility and security which is promoting the hydroponics in the region.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Signify Holdings (Netherlands), Heliospectra AB (Sweden), Scotts Miracle Gro (US), Argus Control Systems (Canada), Logiqs B.V. (Netherlands), Lumigrow (US), Hydrophonic System International (Spain), and Hydrodynamics International (US).
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