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", published by MarketsandMarkets™, size is estimated to account for a value of USD 9.5 billion in 2020 and is projected to grow at a CAGR 11.3% from 2020, to reach a value of USD 17.9 billion by 2026. 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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By type, the nutrient film technique (NFT) system segment is estimated to account for a larger market share, in terms of value, in 2020
The nutrient film technique (NFT) segment is projected to hold a larger market share in the liquid system segment. The growing popularity of NFT and aeroponic systems has propelled their adoption in developing countries, owing to which, the liquid systems are projected to grow at the fastest rate during the forecast period. Owing to the high production of lettuce in North America, the adoption of NFT systems is high in the region; hence the NFT segment dominated the market in 2020.
The vegetables segment, on the basis of crop type, is estimated to hold the largest share in the hydroponics market, in terms of value, in 2020
The vegetables segment is projected to hold the largest market share in the hydroponic crops market in 2020. Vegetables that can be grown hydroponically include tomatoes, leafy greens, cucumbers, and peppers, which include microgreens and baby greens. Considering the use of the proper system, a wide variety of plants can be grown hydroponically. Vegetables that are grown using hydroponics are known to grow faster and stronger compared to traditional farming as the right nutrients are delivered directly to the plant’s roots.
By equipment, the HVAC segment is estimated to account for a larger market share, in terms of value, in 2020
By equipment, the HVAC segment is projected to hold the largest market share in the hydroponic systems market in 2020. Heating, Ventilation & Air Conditioning or HVAC plays a key role in the development of indoor growers, as the system is responsible for cooling, dehumidification, and maintaining the optimum temperature inside the facility. HVAC systems are essential for the operation of hydroponic and aeroponic farms and should be reliable and well-controlled.
The nutrient segment, on the basis of input, is estimated to hold the largest share in the hydroponic inputs market, in terms of value, in 2020
The nutrient segment is projected to hold the largest market share in the hydroponic inputs market in 2020. Nutrients are one of the basics of hydroponic systems as it caters to the nutritional requirement of the plant. There are two major types of nutrients used in hydroponics, macronutrients, and micronutrients. Hydroponics helps the grower to take complete control over the implementation of fertilizers, in terms of type and concentration. During the application of nutrients, nutrient concentration to suffice plant needs at every growth phase and EC strength at the stage of growth must be monitored.
Asia Pacific is projected to grow at the highest CAGR during the forecast period
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.
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Key Players:
This report includes a study on the marketing and development strategies, along with a survey of the product portfolios of the leading companies operating in the hydroponics market. It includes the profiles of leading companies, such as Signify Holdings (Netherlands), Argus Control Systems (Canada), Heliospectra AB (Sweden), Scotts Miracle Gro (US), Logiqs B.V (Netherlands), Grobo (US), American Hydroponics (US), and LumiGrow (US).
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