Thanks to the soaring population, the arable land for crop production is reducing day-by-day. This is where hydroponics makes an entry into the world of agriculture. Hydroponics is an agricultural method in which plants are grown without any use of soil. Instead, it makes use of mineral nutrient solutions in water for the plants absorb essential components in order to grow, thus eliminating the use of herbicides or pesticides, thus giving nutritionally rich vegetable products. Using this technique, crops can be produced underground, on rooftops, and in greenhouses. Therefore, owning to the aforementioned advantages, there has been a rise in adoption of hydroponics systems for growing plants, thereby stimulating the growth of this market.
Drivers & Restraints for the Market
The growth of hydroponics market can be primarily attributed to the following factors:
- Higher yield as compared to traditional agricultural methods
- Growing demand for hydroponics due to rising demand for food
- Unfavorable climatic conditions for agriculture at some places
Moreover, rising acceptance and adoption of vertical farming in urban regions is also one of the factors that may offer a number of growth opportunities in the coming years. In Scandinavian countries where traditional agricultural methods are nearly impossible during winters, hydroponics systems have proven to be a boon. However, the growth of this market may be affected by the higher costs of setup of hydroponics systems.
Market at a Glance
The global hydroponics market is projected to reach USD 395.2 Million by 2020, growing at a CAGR of 16.8% from 2015 to 2020. Among regions, Europe is the leading market for hydroponics, mainly because of implementation of advanced techniques in hydroponic smart greenhouse horticulture. However, North America is likely to be the fastest-growing market between 2015 and 2020.
Based on type, this market is headed by the aggregate hydroponic systems segment, followed by the segment of liquid hydroponic systems. Whereas based on equipment, HVAC segment accounted for the largest share in 2014, followed by LED grow lights. This trend is expected to continue over the forecast period as well. On the basis of input type, nutrients segment was the major input type used in 2014, with macronutrients accounting for the majority of the share.
Argus Control Systems (Canada), Koninklijke Philips NV (The Netherlands), Greentech Agro LLC (U.S.), Logiqs B.V. (The Netherlands), and Lumigrow, Inc. (U.S.) are the major players operating in the global hydroponics market.
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Research Scope
The global market for hydroponics has been studied and forecasted by breaking it down into following segments and sub-segments:
- Equipment: HVAC, LED Grow Light, Communication Technology, Irrigation Systems, Material Handling, Control Systems, Others
- Type: Aggregate Hydroponic Systems, Liquid Hydroponic Systems
- Crop Type: Tomato, Lettuce & Leafy, Cucumber, Pepper, Strawberry, Others
- Input Type: Nutrients (including macronutrients and micronutrients), Growth Medium (including Rockwool, Growrock, Perlite & Vermiculite, Coco Fiber, Others
- Geography: North America, Europe, Asia-Pacific, RoW
