Rapid Crop Growth And Higher Yield Are Driving The Demand For Hydroponics
Global Hydroponics Market: Key Highlights
- According to the new market research report “Hydroponics Market by System (Wick, Deep Water Culture, Ebb and Flow, NFT (Nutrient Film Technique), Drip, Aeroponics, and Aquaponics), by Equipment (HVAC, LED Grow Light, Control Systems, Irrigation Systems, and Others), by Growing Substrates (Grow Media, Nutrients), by Crop Type (Vegetables, Fruits, Flowers, and Others), by Region (North America, Asia Pacific, Europe, Middle East & Africa, and South America) — Global Forecast (2020 to 2027)”, the global hydroponics market is estimated to reach USD 18.6 Billion by 2027 at a CAGR of around 10.2% during the review period.
- Hydroponics is extensively used to grow crops where the soil is unsuitable
- Hydroponics has several advantages that includes faster growth of crops, increases crop yield, requires less water, minimal diseases
- While using hydroponics, pest incidence and weeding, spraying, watering can be eliminated
- Increasing demand for hydroponic cultivation is attributed to the efficient resources management and quality food production provided by the hydroponics process
Global Hydroponics Market: Key Market Dynamics
- High yield and faster growth of crops is the key factor boosting the market growth during the forecast period
- Moreover, hydroponics systems are a solution to modern farming concerns such as poor soil quality and poor crop yield
- Increasing adoption of greenhouse horticulture and innovation of newer hydroponic technologies are expected to create new market opportunities for the market players
- However, initial cost is quite high compared to soil culture is one of the major restraining factor towards the market
Global Hydroponics Market: Regional Overview
Europe is expected to account for the largest market share in this market owing to the increasing development of innovative technologies and the growing adoption of controlled-environment agriculture for horticulture crops. Moreover, increasing consumer awareness about the quality difference in greenhouse-grown vegetables and hydroponics culture is further boosting the hydroponic market in Europe.
- Asia Pacific
Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The growth of the market in this region can be attributed to the increasing demand for the environmental friendly fresh vegetables and fruits with no use of pesticides. However, lack of awareness about the hydroponic system, lack of government policies, and high initial investment are some factors that expected to hinder the market growth in this region.
Global Hydroponics Market: Key Players Overview
- Signify Holding
Signify Holding is one of the global leader in the lighting for professionals, consumers, and lighting for the Internet of Things. The company offers energy-efficient light products, systems, and services. Signify Holding has a presence in over 70 countries across the globe. In April 2019, Signify Holding has announced to acquire the WiZ Connected, a Hong Kong-based IoT technology company. With this acquisition, Signify Holding enables to address a larger customer base in the growing market of Wi-Fi-based lighting.
- Heliospectra AB
Heliospectra AB engaged in developing intelligent lighting technology for greenhouse and controlled plant growth environments. The company’s focused on utilizing modern LED technology into different ways. In October 2019, Heliospectra AB to partner with Nectar Farms for large scale glasshouse installation in Australia by using MITRA LED lighting solutions. The order value is USD 6.83 million and includes a down payment of 50 % during fourth quarter of 2019.
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