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Hydroponics is a comparatively newer method of growing crops without soils. A report found on Wise Guy Reports ((WGR) suggests that the global hydroponics market is anticipated to mark a CAGR of 18.1% during the evaluation period. The market is estimated to reach a valuation of USD 724.87 Mn by 2023 up from USD 226.45 Mn in 2016.
The depletion of arable land is the key factor prognosticated to drive the growth of the hydroponics market in the nearby future. In addition, technological advancements are anticipated to play a substantial role in the development of the market over the next couple of years. Increasing investments in research & development are posed to unleash developmental opportunities for the market players. However, complex technology and high initial investments are likely to restrict the market growth in the upcoming years.
This report covers an in-depth share analysis of the global hydroponics market based on equipment type, system type, crop type, and input type. Based on equipment type, the market has been segmented into irrigation systems, LED grow light, communication technology, Heating Ventilating and Air Conditioning (HVAC), control systems, material handling, and other equipment.
On the basis of system type, the global hydroponics market has been segmented into liquid hydroponic systems and aggregate hydroponic system. The liquid hydroponic systems segment has been sub-segmented into Nutrient Film Technique (NFT), Floating Hydroponics, and Aeroponics. The aggregate hydroponic system segment has been sub-segmented into open systems and close systems.
Based on crops type, the hydroponics market has been segmented into tomato, lettuce & leafy vegetables, cucumber, strawberry, pepper, and other crops.
On the basis of inputs type, the global hydroponics market has been segmented into growth medium and nutrients. The growth medium segment has been sub-segmented into coco fiber, growrock, perlite & vermiculite, rockwool, and others. The nutrients segment has been sub-segmented into macronutrients and micronutrients.
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The geographical assessment of the global hydroponics market spans across – North America, the Middle East & Africa (MEA), Europe, Asia Pacific (APAC), and South America. Europe is the largest hydroponics market currently and is expected to maintain its forefront position through the forecast period. It is assessed to earn relatively higher revenue over the assessment period. Asia Pacific is also anticipated to exhibit a rapid growth pace in the foreseeable future. The factors such as increasing population, rising demand for food crops, etc. is poised to merge as the key drivers of the hydroponics market in the region over the next few years.
The noteworthy players of the global hydroponics market assessed in this report are AMCO Produce Inc., Argus Control Systems Ltd., American Hydroponics, Inc., BetterGrow Hydro, General Hydroponics, Inc., Eurofresh Farms, Greentech Agro, Llc, Hydrodynamics International, Inc., Lumigrow, Inc., Heliospectra AB, Hydrofarm, Inc., Koninklijke Philips NV, HydroWholesale Inc, Logiqs B.V., and Village Farms International. Increasing investments in research & development by these players are expected to intensify competition among the participants of the hydroponics market over the next couple of years. The growth strategies anticipated to be opted by the key players to garner more market share are product development, technological innovation, collaborations, etc.
The report can answer the following questions: