Hydroponics Market Overview: Application, Top Companies, and Forecast 2030
Hydroponics Market Overview:
Hydroponics Market is expected to garner a revenue of USD 8.9 billion by 2030, with a CAGR of approximately 13.45% during the forecast period, 2022 - 2030.
Market Dynamics:
In the hydroponics market overview environment, increasing pressure on the agriculture industry to fulfill rising demand for grains and food leads to a divergent quest for high-yielding farming techniques such as precision farming and urban farming. As a result, hydroponics is being considered as a possible solution for addressing the growing worry about food security in the next years, as part of the global forecast period.
Furthermore, because of the pressing need for controlled environmental conditions, the impact of climatic variations may most likely be balanced with the help of these systems, ensuring that the farmers' and other associations' yearly crop output expectations are met. CEH procedures have a direct impact on the crop harvest cycle. Because climate variations have a low impact on such functioning systems, crops can be grown all year, resulting in increased output. Climate control, nutrient film techniques, and sensor technologies, among other advancements, are projected to boost market growth in the near future. With a variety of sensors, web platforms, software, and mobile applications, hydroponics farming solution companies give users with a variety of ways to monitor and manage their crops.
However, concerns such as the high cost involved with performing hydroponics farming are emerging as market trends in the hydroponics industry. Additionally, test limitations like as false positives and false negatives, as well as a lack of awareness in emerging countries, are expected to hamper market growth throughout the projection period.
Competitive Dynamics:
Some of the leading players in the global Hydroponics market include Heliospectra AB (Sweden), Village Farms (Canada), Scotts Miracle Gro (US), Argus Control Systems (Canada), American Hydroponics (US), Iron Ox (US), Terra Tech Corp (US), LumiGrow (US), Hydroponic Farms (UAE), Aerofarms (US), Triton Foodworks Ltd. (India), Signify Holdings (Netherlands), Green Sense Holding To increase their market share, these players engage in techniques such as collaborations, business expansions, new product development, and contracts. To address end-market demands, the corporations are concentrating on building greenhouses and growing hydroponic farms
The US and Canadian markets make up the North American market, and as the population of both countries grows, so does the demand for food and other products. This will propel the market forward in the coming years. The market in this region is projected to be driven by the increased adoption of alternative agricultural practices in urban areas. AeroFarms (US), AMHYDRO (US), Argus Control Systems Limited (Canada), and LumiGrow are some of the leading market participants in North America (U.S.).
Market Segmentation:
The market is divided into two types: aggregate systems and liquid systems.
The hydroponics market overview has been divided into HVAC, LED grow lights, irrigation systems, material handling, control systems, and others based on equipment.
The market has been divided into two categories based on input: fertilisers and rockwool.
The hydroponics market has been divided into vegetable, fruit, flower, and other crop types.
Regional Analysis:
In the international market, the European region's hydroponics market size is projected to emerge as the dominantly increasing region. Growers who are farmers in the Netherlands generally nurture their plants in simple tunnel-like greenhouses without using climate control equipment. In Europe, there has been significant progress in greenhouse farming, which has aided the spread of hydroponics. France, Germany, Greece, Italy, Spain, and the Netherlands are examples of developed economies in Europe. The region is expected to develop at a significant CAGR over the forecast period, owing to the increased adoption of genetically modified crop technologies.
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