Global Hydroponics Market Size, Share, Forecast Report, 2020-2027
The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Hydroponics Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Hydroponics market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.
The global hydroponics market size was valued at USD 1.33 billion in 2018 and is anticipated to expand at the CAGR of 22.52% from 2019 to 2025. This high growth rate is attributed to the increasing use of hydroponic systems for indoor farming of vegetables. Also, the adoption of alternative farming methods for cannabis cultivation is rapidly rising, owing to the legalization of marijuana in countries like Canada, Czech Republic, South Africa, and others. Increasing awareness among consumers regarding the effects of pesticides and artificial ripening agents over their health is expected to drive the demand for hydroponics, as the method eliminates the need of such products, thereby providing nutritionally superior vegetables. Low installation cost and ease of operation of these systems is also expected to boost the adoption in near future.
Hydroponic farming is a method of growing plants without soil, where the soil is replaced by a mineral solution inserted around the plant roots. Herein, the plant roots are submerged under the chemical solution and checked periodically to ensure that appropriate chemical composition is maintained for growth. As such, the hydroponics method removes the risk of diseased that are caused by soil organisms. Additionally, the hydroponically grown plants produce a higher yield than similar plants grown in soil because of proper control over the nutrients.
The rising population is increasing the demand for food across the world. According to the Food and Agriculture Organization (FAO) of the United Nations (UN), the world population is expected to reach up to 9.1 billion by 2050, for which the food production is expected to increase from between 25% to 70%. This is anticipated to drive the demand for alternative farming technologies that give high yields in less time. The regions, such as Asia Pacific and Europe, where the arable land and water is becoming scarce, is witnessing increasing adoption of alternative high-yield farming technologies, which in turn is expected to boost the market growth.
Advancements in climate control, nutrient film technique, and sensing technologies among others is expected to bode well for the market growth in near future. Hydroponics farming solution providers offer consumers various ways to monitor and manage their crops with numerous sensors, web platforms, software, and mobile applications. For instance, the company SmartBee Technology, Inc. offers irrigation controls, water and nutrient sensors, environmental sensors, as well as software that provide real-time control to the farmers. The advanced approach of using IoT is enables automatic and remote data collection and monitoring. Owing to such technological advancements in hydroponics solutions, the market is expected to grow at a significant pace from 2019 to 2025
The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Hydroponics market are included as given below:
Key market participants are AeroFarms (U.S.); AMHYDRO (U.S.); Argus Control Systems Limited (Canada); Emirates Hydroponics Farms (UAE); Freight Farms (U.S.); Green Sense Farms Holdings, Inc. (U.S.); Heliospectra AB (Sweden); LumiGrow (U.S.); Signify Holding (the Netherlands); and Terra Tech Corp (U.S.). These companies, along with other market players, are focusing on strategic geographic expansions through mergers and acquisitions across the market. For instance, in February 2019, Grow Generation, a U.S.-based hydroponic equipment provider, acquired a California-based Palm Springs Hydroponics company. Through this transaction, Grow Generation expanded its operations to become a leading supplier in the most populated cannabis retail market of California. The market players are continually investing in R&D to develop different products and solutions to stay ahead of the competition
The global Hydroponics market has been segmented as below:
- Global Hydroponics Market by Region
- North America
- Asia Pacific
- Rest of the World
Reasons to Purchase this Report:
Estimates Hydroponics development trends with SWOT analysis
- Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players
- Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion
- Market dynamics scenario, along with growth opportunities for players in the years to come
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the mentioned forecast period
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects