Global Hydroponics Market Report 2021-2026 - Increased Demand for Cannabis is Projected to Fuel the Demand for Hydroponics
DUBLIN, Feb. 15, 2021 /PRNewswire/ -- The "Hydroponics Market by Type (Aggregate Systems, Liquid Systems), Crop Type (Vegetables, Fruits, Flowers), Equipment (HVAC, LED Grow Lights, Irrigation Systems, Material Handling Equipment, Control Systems), Input Type, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Hydroponic Systems Market is Estimated to be USD 9.5 Billion in 2020 and is Projected to Reach USD 17.9 Billion by 2026.
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.
By type, the liquid subtype is projected to account for the largest market share in the hydroponic systems market 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 systems market 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 nutrients sub-segment is projected to dominate the hydroponic inputs market 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 vegetable sub-segment is projected to dominate the hydroponic crops market 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.
Key Topics Covered:
Premium Insights
- Increasing Adoption of Greenhouse Horticulture Supports the Growth of the Hydroponics Market
- Liquid Hydroponic Systems Have Been Gaining Popularity for Vegetable Cultivation
- Europe: The Netherlands to be One of the Major Consumers Across the Globe in 2020
- Europe Recorded the Largest Market Share in Hydroponics in 2020
- Asian Countries are Projected to Witness High Growth During the Forecast Period
Market Dynamics
Drivers
- Higher Yield as Compared to Conventional Agricultural Practices
- Controlled Environment Farming Helps Eliminate the Effect of External Factors on Crop Growth
- Hydroponic Systems Help Conserve Natural Resources
- Improved Yield and Higher Productivity with Limited Land Resources
- Lower Water Utilization as Against Conventional Farming Methods
- Increased Demand for Cannabis is Projected to Fuel the Demand for Hydroponics
Restraints
- High Capital Investment for Large-Scale Farms
- Lack of Government Incentives and High Prices of Hydroponically Grown Produce Dissuading Market Adoption
Opportunities
- Growth in Popularity of Hydroponics to Provide High Profit Margins
- Increasing Application of Hydroponic Systems in Restaurants and Grocery Stores Since the COVID-19 Pandemic
Challenges
- Tapping into the Organic Food Market
- Spread of Waterborne Diseases and Algae in Closed Systems
- Risk of Equipment Failure and Delay in the Learning Curve Among Growers Resulting in a Limited Market Growth
Company Microquadrants and Company Profiles
System Input Companies
- Signify Holding
- Heliospectra Ab
- Scotts Miracle Gro
- Argus Control Systems
- Logiqs B.V.
- Lumigrow
- Hydroponic System International
- Hydrodynamics International
- American Hydroponics
- Advanced Nutrients
- Emerald Harvest
- Vitalink
- Grobo Inc.
Hydroponic Crop Producers
- Aerofarms
- Terra Tech Corp
- Triton Foodworks Pvt. Ltd.
- Freight Farms
- Green Sense Farms
- Emirates Hydroponic Farm
- Gotham Greens
- Nature's Miracle
- Bright Farms
- Sproutsio
- Infarm
- Badia Farms
For more information about this report visit https://www.researchandmarkets.com/r/llgrcc
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