Development Of Innovative Hydroponic Technologies Drives The Market For Hydroponics

By Author: MarketsandMarkets™ INC.
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The hydroponic systems market size is estimated to account for a value of USD 9.5 billion in 2020 and is projected to grow at a CAGR 11.9% from 2020, to reach a value of USD 16.6 billion by 2025. Factors such as the higher yield as compared to conventional agriculture practices, controlled environment farming, and improved yield and higher produce with limited land resources, are some of the key factors driving the growth of the hydroponics system market during the forecast period.

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Hydroponics Market Dynamics:

Driver:

Higher yield as compared to conventional agriculture practices, emphasized even more after the outbreak of Covid-19 pandemic.
According to the UN reports on global population, plants grown in hydroponic systems have achieved 20%–25% higher yield than the traditional agriculture system, with its productivity being 2–5 times higher. Also, owing to controlled environmental conditions, the effect of climatic changes can be balanced with the help of these systems, thereby not affecting the annual ...
... crop production. CEH techniques directly affect the crop harvest cycle. Since climatic changes show a minimal effect on such systems, crops can be produced all year round, thereby again increasing the produce.

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 porductions asnd also brong about variety of ciultivations possible. Startegic partnerships with research labs and institutes further drive the growth of the market.

Key Market Players:

Key players in this market include include major players such as Signify Holdings (Netherlands), Argus Control Systems (Canada), Heliospectra AB (Sweden), Scotts Miracle Gro (US), American Hydroponics (US), LumiGrow (US), Emerald Harvest (US), Hydroponic Systems International (Spain), Advanced Nutrients (Canada), Vitalink (UK), Hydrodynamics International (Spain), Logiqs B.V (Netherlands), Grobo (US), and American Hydroponics (US). These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.

Scope of the report:

On the basis of type, the hydroponics market has been segmented as follows:

• Aggregate Systems
o Ebb & Flow Systems
o Drip Systems
o Wick Systems
• Liquid Systems
o Deep Water Culture
o Nutrient Film Technique
o Aeroponics

On the basis of equipment, the hydroponics market has been segmented as follows:

• HVAC
• LED Grow Lights
• Irrigation Systems
• Material Handling
• Control Systems
• Others

On the basis of input, the hydroponics market has been segmented as follows:

• Nutrients
o NPK
o Trace Minerals
o Others
• Grow Media
o Rockwool
o Perlite & Vermiculite
o Coco Fiber
o Others

On the basis of crop type, the hydroponics market has been segmented as follows:

• Vegetables
o Fruits
o Flowers
o Others

On the basis of region, the hydroponics market has been segmented as follows:

• North America
• Europe
• Asia Pacific
• Rest of World (RoW)

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Geographic Prominence:

Asia has the largest greenhouse vegetable growing area of 224,974 ha across the globe, followed by Europe with 173,561 ha as per the report on protected horticulture by FAO in 2017. Thus, with the high number of greenhouses in Asia Pacific, the growth opportunity for hydroponic market is the highest and hence, the region is expected to grow at the highest rate during the forecast period.