Global Hydroponics Market is forecast to Touch USD by 2026, growing at a CAGR of from 2020 to 2026.
Published | 01 January 2021
According to BlueWeaveConsulting, The Global Hydroponics Market has reached USD
in 2019 and is further projected to reach USD by 2026, growing at a CAGR during
the forecast period.
Plants are grown in the
mineral nutrient solution and soil-less circumstances known as hydroponics.
Usually, crops were grown in a specific climate condition but in hydroponics,
they are grown in the measured environment system. Hydroponics uses two
approaches to grow crops as solid-average culture and solution culture.
However, solution culture is gaining approval across the world.
The main growth reasons
for the hydroponic industry is the higher yield in comparison to traditional
agricultural techniques. Growth in the consumption of exotic, salad crops, and
the need for worldwide food security is predictable to fuel the market. Lack of
methodical knowledge regarding the soil-less agriculture system and high setup
cost is predicted to restrain the market growth to some extent. However,
improved cultivation of therapeutic plants and changes in farming approach may
deliver future development opportunities for the industry. Besides, with the
service of vertical farming technology, there is an increase in the lettuce
yield per year, which in turn is predicted to fuel the market growth.
Higher yield as compared
to conventional agriculture practices
Growing demand for
maintainable and safe farming performance & advanced yield of crops grown
under hydroponic facility over old-style farming are the main factors driving
the global hydroponics market. Moreover, growing consumer requests for
pesticide-free, organic food in tier-1 cities are driving the growth of
institutions of hydroponics farms. These hydroponics-farming techniques hamper
the usage of synthetic pesticides, growth hormones, and antibiotics, allowing
the produce to meet organic standards. Also, owing to controlled ecological
conditions, the result of climatic changes can be stable with the help of these
systems, thereby not affecting the annual crop production. CEH techniques
directly affect the crop harvest cycle. Since climatic changes show a
negligible effect on such systems, crops can be produced all year round, thereby
again increasing the produce.
Higher Consumption of
Salads and Vegetables
The demand for
interesting fruits and vegetables has been regularly growing at an advanced
rate due to the improved purchasing power of customers. The price of these
exotic products is high, as most of these products are imported, and thus,
numerous research institutions and universities are concentrating on founding
more easy hydroponics systems, to hasten the production of exotic fruits and
vegetables and meet the escalating demand. Increasing alertness among the
consumers of eating fresh vegetables will also fuel the market in the future.
Request for Exotic vegetables like red and yellow capsicum, red lettuce in
Retail companies like KFC, Pizza, Burger King will drive the market.
Restraint
High capital investment
for large-scale farms
Dissimilar types of gear
including HVAC systems, control systems, fans, ventilation, irrigation systems,
rails, and lights are the main cost reasons in a hydroponic farm. This huge
cost for the early set up of the system is the main reason abstaining farmers
from spending in these systems. However, the yield got from these systems is
advanced, and the product can also be advertised as premium products, thereby
nurturing the ROI for growers.
The HVAC of Equipment
Section occupy the largest share of the Global Hydroponics Market
Heating, Ventilation
& Air Conditioning or HVAC plays a key role in the development of indoor
growers, as the system is accountable for cooling, dehumidification, and maintaining
the best temperature inside the facility. HVAC systems are vital for the
operation of hydroponic and aeroponic farms and should be dependable and
well-controlled. Further, the economic costs of the system over other gear and
utilities that go into hydroponics the HVAC is projected to skill an increasing
demand.
Europe is expected to
witness significant growth in the market during the forecast period
Europe has usually been
at the lead of implementing advanced practices in hydroponic smart greenhouse
gardening. Countries such as Spain, the Netherlands, and France have large
areas under greenhouse farming. However, in the Netherlands, the cultivators
mostly cultivate their plants in meek tunnel-like greenhouses without the use
of climate control technologies. Advancement in greenhouse farming has
reinforced the development of hydroponics in Europe. According to national
government statistics, the acceptance of hydroponics has been seen to be the
uppermost across all European countries. Thus, the market is highly settled in
the region.
The leading players” in
the Hydroponics Market includes 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) and other prominent players are expanding
their presence in the market by implementing various businessstrategies.
The in-depth analysis of
the report provides information about growth potential, upcoming trends, and
statistics of the Global Hydroponics Market size & forecast. The report
promises to provide recent technology trends of the fuel additives market and
industry insights that help decision-makers to make sound strategic decisions.
Furthermore, the report also analyzes the growth drivers, challenges, and
competitive dynamics of the market.
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