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. 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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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.
Key Market Players
Key players hydroponics market 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.
By crop type, the fruits sub-segment is projected to grow at the fastest CAGR in this market until 2025
Fruits grown using hydroponics can be grown and harvested throughout the year due to the interior conditions of the greenhouse or indoor farming unit. Water-adaptable fruits such as watermelon, cantaloupe, and tomatoes are among the ideal choice for farmers as they are easier to grow using hydroponic methods. With more and more varieties of fruits taken under cultivation in the hydroponics market is estimated to grow faster.
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By Equipment, the HVAC system is estimated to occupy the largest market share in global market for hydroponics
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. Further the economic costs of the system over other equipment and utilities that go into hydroponics the HVAC is estimated to experience an increasing demand.