The global hydroponic systems market is estimated to be USD 9.5 billion in 2020 and is projected to reach USD 16.6 billion by 2025.
Hydroponics produce higher yields compared to traditional farming, allow the growth of a high density of plants in the same area, and have the ability to grow crops throughout the year. Smart greenhouses offer different types of covering materials such as glass or plastic roof, and frequently, glass or plastic walls. It is an emerging application with high-growth potential, which uses several technologies such as HVAC systems, LED grow lights, communication technology, irrigation systems, material handling, valves & pumps, and control systems. LED grow lights and HVAC are the major shareholders in the smart greenhouse market. The increasing population and demand for food in developing regions such as the Asia Pacific boost the growth of the smart greenhouse market. The requirement for fresh food in the Middle East creates an opportunity for urban farming in the region. The increasing trend of rooftop farming and the rising population are two major drivers for the market.
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By type, the liquid subtype is projected to account for the largest market share in the hydroponic systemsmarket during the forecast period.
Liquid systems are, by their nature, closed systems; the plant roots are exposed to the nutrient solution, without any type of growing medium, and the solution is recirculated and reused. Thus these systems are most preferred in the developed countries for crop production and have huge growth potential in the future. Moreover, systems such as DWC and NFT have been studied for application in hybrid farming, combining aquaculture with hydroponics.
By equipment, the LED Grow Lights subtype is projected to be the fastest growing segment in the hydroponic systemsmarket during the forecast period.
The light spectrum emitted by LED lights has proven to be effective in stimulating plant growth and is witnessing increased demand from hydroponic growers. Plants such as tomatoes, lettuce, spinach, kale, strawberries, peppers, beets, and other vegetables can be grown with LED grow lights. The increasing adoption and demand for LED grow lights have resulted in the ban of older and inefficient halogen units in the European Union from September 2018. These factors are further projected to drive the demand for LED grow lights.
By input, the nutrientssub-segment is projected to dominate the hydroponic inputsmarket during the forecast period.
Nutrients are used in both aggregate, and liquid hydroponic systems. There are different types of nutrients required for the formulation of nutrient solution. Nitrogen and potassium are the two most primary nutrients required for the healthy growth of plants, of which nitrogen requirement is higher by plants. In addition, increasing the focus of growers toward the cultivation of crops drives the market growth for potassium-based nutrients in hydroponics.
By crop type, the vegetables sub-segment is projected to dominate the hydroponic cropsmarket during the forecast period.
Vegetables that are grown using hydroponics are known to grow faster and stronger compared to traditional farming as the right nutrients are delivered directly to the plant’s roots. The requirements for growing vegetables indoors in a hydroponic unit can be met with the help of grow lights, air ventilation, and recirculation systems, along with the right nutrients for the water. Hydroponically grown plants are known to retain their full nutritive value and are equal or in certain cases superior to conventionally-grown vegetables. There rising demand for fresh vegetables both in developed and developing nations drives the vegetable segment in hydroponics market.
Leading players profiled in this report
· Signify Holdings (Netherlands)
· Heliospectra AB (Sweden)
· Scotts Miracle Gro (US)
· Argus Control Systems (Canada)
· Logiqs B.V (Netherlands)
· Lumigrow (US)
· Hydroponic System International (Spain)
This report segmentsthehydroponics market onthe basis of type, equipment, inputs and crop types and region. In terms of insights, this research report focuses on various levels of analyses—competitive landscape, end-use analysis, and company profiles—which together comprise and discuss the basic views on the emerging & high-growth segments of the hydroponics market,the high-growth regions, countries, government initiatives, market disruption, drivers, restraints, opportunities, and challenges.