The global hydroponics market was valued at US$ 231.81 million in 2016 and is expected to reach US$ 564.5 million by 2025, growing at a CAGR of 10.53% over the forecast period, according to the Hydroponics Market Report, by Equipment (HVAC, Communication Technology, LED Grow Light, Material Handling, Irrigation Systems, Control Systems and others), by System Type (Aggregate Hydroponic system and Liquid Hydroponic System), by Crop Type (Tomato, Lettuce and Leafy Vegetables, Pepper, Cucumber, Strawberry, and others), by Input Type (Growth Medium and Nutrients) published by Coherent Market Insights. The system of cultivating crops that utilizes nutrient rich water without using soil is known as hydroponics. Increasing demand for food with increasing population, growing cultivation of medicinal plants, and environmentally friendly techniques are some of the factors propelling the growth of hydroponics market. In Urban areas, the emergence of vertical farming creates an opportunity for the market growth.
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Key Trends and Analysis of the Hydroponics Market:
Among equipment type, the HVAC (Heating, Ventilation, and Air Conditioning) equipment type segment held a dominant position in 2016, followed by LED growing lights and is expected to maintain its position in market over the forecast period. HVAC dominated the market as heating, ventilation, and air conditioning are the major elements to create a controlled environment for hydroponic cultivation and high adoption of these systems for basic usage in hydroponics.
Among system type, the aggregate hydroponic system segment accounted for the highest market share in 2016. The liquid hydroponic systems have no supporting medium for the plant roots whereas aggregate culture helps to support the roots. The tomato crop type segment expected to hold the largest revenue share. The benefits of producing hydroponics tomatoes include ability to extend and control production of crop coupled with extending supply of natural sugars and other components used by plants.
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Key Takeaways of the Market:
According to Coherent Market Insights study, Europe accounted for the highest market share of 36.44%, in terms of revenue, in global hydroponics market in 2016. The dominance of Europe can be attributed to adoption of advanced hydroponic techniques, smart greenhouse horticulture and lack of arable land. In 2017, Philips Lighting announced building of its kind vertical farm in the Netherlands, which serves as one of the largest supermarket chains with cut lettuce grown using LED agricultural lighting.
Asia Pacific accounted for the second largest market share in hydroponics market. The market is driven by R&D investment by Asia Pacific hydroponics industry. In Oct 2017, Ikea, introduces hydroponic concept, which uses 90% less water as compared to regular farm. In most of the economies, several problems are encountered due to soil borne diseases and pests leading to the increasing cost of production of crops, due to use of soil fumigants and pesticides, this in turn is supporting the growth of hydroponics market.
North America is the fastest growing region in global hydroponics market, owing to the increasing demand for healthy food, the lack of arable lands, and unfavorable climatic conditions. EuroFresh, one of the key player in hydroponics market, planned a significant expansion of their 200 acre plus greenhouse facility to meet the growing demand of population.
The key players in the market include Argus Control System, Koninklijke Philips NV, Greentech Agro LLC, Biodynamic LLC., General Hydroponics, Inc, Logiqs B.V., Lumigrow, Inc., Hydrofarm Inc, Hydrodynamics International Inc, Logiqs B.V, Heliospectra AB, Village Farms International, Inc, Platinum Produce Company, Millennium Pacific Greenhouses Ltd, and Soave Enterprises LLC.