Global Hydroponics Market was valued at USD 7.9 billion in 2019, which is expected to reach USD 17.0 billion by 2027 at a CAGR 13.1%.
Hydroponics is the process of growing plants by using mineral solution in gravel, sand, without using soil. Increase in success rate related with the commercial hydroponics industry and the rise in difficulty of growing crops on soil, the global hydroponics market is growing exponentially, over the forecast period. The hydroponic system manufacturers are focusing on the development of new efficient system will boost the market growth over the forecast period.
The information and communication technology (ICT) industry over the years has significantly evolved. Technology is increasingly changing with each passing year, affecting every bit of human lives, career, and business. Agility and innovation have turned into essential competitive ingredients for most organizations; irrespective of industry and ICT is one of them. On the one hand, smartphones have succeeded in taking over traditional ways to collaborate and communicate, while on the other, voice assistants and smart speakers allow people in interacting with their homes and also with the retailer in a seamless way. Likewise, the dominance of IoT networks and devices coupled with the commercialization of 5G network will impact the ICT industry largely.
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Rise in usage of hydroponic systems for indoor farming of vegetables is the key driving factor which is expected to global hydroponic market growth. Furthermore, rise in adoption of alternative farming methods for cannabis cultivation is significantly increasing due to legalization of marijuana in several countries such as South Africa, Canada, and others will have the positive impact on global hydroponics market growth. Moreover, rise in awareness regarding the effects of pesticides and artificial ripening agents over the health will increase the demand for hydroponics which is expected to drive the global hydroponics market growth during this forecast period. Low installation cost and ease of application will have the positive Impact on global hydroponics market growth.
However, high capital investments for large scale enterprise are the major restraining factor which expected to hamper the global hydroponics market growth. Also, lack of government policy and tax breaks in developing countries will affect the global hydroponics market growth.
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Global Hydroponics Market is segmented into type such as Aggregate System ( EBB and Flow System, Water Culture System, Drip System, and Others), and Liquid Hydroponics ( Aeroponics, Nutrient Film Technique, and Others), by input such as Growth Media, Nutrients, and Others, by equipment such as Irrigation System, HVAC, LED Growing Lights, and Others. Further, Global Hydroponics Market is segmented into crop type such as Fruits, Vegetables, Flowers, and Others.
Global Hydroponics Market has been segmented into Europe, the Americas, Asia Pacific, and the Middle East & Africa. This part of the report provides an exhaustive view of the regional scope existing in the global Hydroponics Market. The recent market trends and preferences dominating each region have a direct impact on the industries. The report tries to exploit the recent trends and preferences prevailing in a region to provide the users with a clear picture of the business potential existing in that region.
Market Key Players
Various key players discussed in this report such as Emirates Hydroponic Farm, Green Sense Farms , Freight Farms, Triton Foodworks Pvt. Ltd., Terra Tech Corp, Aerofarms, Emerald Harvest, Advanced Nutrients, American Hydroponics , Signify Holding, Heliospectra Ab , Scotts Miracle Gro, Argus Control Systems ,and Logiqs B.V.
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