Hydroponics Market Size, Share & Industry Analysis, By Type (Aggregate Hydroponic System, Open System, Closed System) Liquid Hydroponic System) By Crop Type (Vegetables, Tomato, Lettuce & Leafy Vegetables, Cucumber, Other Vegetables)Fruits, Flowers) Others and Regional Forecast, 2024-2032

Hydroponics is one of the most intensive crop production methods practiced in the agriculture industry. The technology is used to grow plants in soilless environment and in the presence of nutrient solutions (mainly fertilizers and water). Hydroponics has become one of the most preferred crop production technology where nutritionally superior crops are grown without using pesticides and other artificial ripening agents. The demand for hydroponic crops is expected to increase at a significant pace in the forthcoming years, due to better control of nutrient availability in the system, better control of the soilborne pathogens, and achievement of large crop yields in lesser time.

Key companies operating in the global Hydroponics market are focusing on merger and acquisition activities, along with the development of innovative systems to expand their global presence and increase their market significance. Signify Holdings, Argus Control Systems, and Terra Tech Corp are some of the key companies performing in the global Hydroponics market.

Shrinking agricultural land and a rapidly growing world population has caused global concern over food security, which is leading to the adoption of modern agricultural practices and crop production techniques. The hydroponic system is one such intelligent crop production techniques that are getting rapid recognition, and its implementation is increasing globally due to its efficiency in producing crops at a much faster rate than that of traditional crop-growing methods. Higher crop productivity, coupled with the production of an enhanced and high-quality crop that can be achieved through hydroponics is encouraging growers to adopt this method for the cultivation of various fruits, vegetables, and other useful commercial crops. Increasing research & development activities in hydroponics and rising participation of global key market players in improving productivity by bringing advancements and innovations in their products (that are a part of the hydroponic system) is predicted to escalate the growth of global hydroponics market.

However, the high cost of energy inputs and capital required to set up hydroponic systems, especially those laced with pad systems is expected to restrain the global hydroponics market during the foreseeable years. Furthermore, low compatibility of crucial plants such as onions, carrot, turnips, and others to grow in hydroponic conditions is another major hindrance in the growth of the global hydroponics market.

Key Players Covered:

Some of the major companies that are present in the global Hydroponics market are Heliospectra AB, Signify Holdings, Terra Tech Corp, Argus Control Systems, American Hydroponics, Scotts Miracle-Gro, LumiGrow, Village Farms, Green Sense Holdings, and Urban cultivator.

The liquid hydroponics system is projected to be the leading segment in the global hydroponics market and is expected to hold the major revenue share, owing to the cost-effective nature of the system, coupled with its higher efficiency in improving crop yield. Liquid hydroponic systems are highly preferred over the aggregate hydroponic system as they can be conveniently set up on a small scale and they are recognized as an ideal hydroponic system for growing short plants, such as spinach and lettuce. As no grow media is required in liquid hydroponic systems, they are highly in demand across several developed as well as developing economies.

The adoption of hydroponics in the production of vegetable crops is projected to remain high during the forecast period, as the technique is highly effective in augmenting the vegetable crop growth at a faster pace. Rising demand for premium quality vegetables grown with the help of hydroponics is observed in recent years, especially across developed regions due to the increasing prevalence of diseases caused due to the consumption of diseased plants. Rising consumer inclination towards a healthier lifestyle is expected to boost the demand for nutrition-rich vegetables, which in turn is expected to contribute significantly to the growth of the hydroponic vegetable market.

Regional Analysis:

At present, Europe holds the largest market share in the global hydroponics market and is projected to maintain its dominance throughout the forecast period, owing to the high adoption of the crop production technique across prominent European countries, such as France, Netherlands, and Spain. Increasing the implementation of advanced techniques in hydroponics to increase enhance the quality and quantity of crop yield in Europe is anticipated to play a crucial role in augmenting the Europe hydroponics market growth.

Furthermore, increasing efforts to increase the area under commercial hydroponic systems in Europe is expected to aid the growth of the market in the region. The hydroponics market in the Asia Pacific is anticipated to grow at the fastest pace during the forecast years, owing to the increasing practice of hydroponics in countries, such as Australia, China, India, and Japan. Australia is the largest hydroponic lettuce producer in the world and the hydroponic cultivation of strawberry in Australia is larger than the United States. In countries, such as India where land with poor soil quality is increasing, the hydroponic market is projected to grow at a tremendous pace. The hydroponics market in Middle East & Africa is predicted to grow at a significant pace, owing to the presence of countries, such as Israel where hydroponics are getting used for the production of a variety of citrus fruits, berries, and other commercial crops.

Segmentation

Key Industry Developments

• In April 2019, Signify Holdings announced its decision of acquiring WiZ Connected, developers of the WiZ Wi-Fi-based connected lighting ecosystem. With the acquisition of WiZ, Signify aims to establish its leadership in the Wi-Fi based smart lighting market.