Hydroponics Technologies Market size to increase by USD 558.97 mn between 2022 to 2027, Market Segmentation by Technology and Geography - Technavio

NEW YORK, March 19, 2024 /PRNewswire/ -- The global hydroponics technologies market size is estimated to grow by USD 558.97 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 15.4% during the forecast period. To highlight the growing significance of hydroponics technologies in modern agriculture. These space-saving methods enable landless urban and rural communities to produce hydroponic crops, such as tomatoes, leafy vegetables, microgreens, and cherry tomatoes, using minimal water and chemicals. According to the USDA/ERS report, hydroponic imports of tomatoes and lettuce have surged, particularly in cool-season crops like salads and exotic vegetables. With an explosive population increase, purchasing power is shifting towards healthier, locally grown hydroponic produce, reducing reliance on traditional farming methods and their associated environmental concerns.

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Drivers

The USDA/ERS report reveals that around 6-7 million hectares of agricultural land are lost annually due to urbanization and industrial development, making it challenging to meet the explosive population increase's food demands. Hydroponics technologies, including indoor farming and vertical farming, offer a solution by producing the same amount of hydroponic crops, such as tomatoes, lettuce, and microgreens, in just 10% of the land used for traditional farming. This space-saving method is particularly beneficial for landless rural and urban people, enabling them to grow leafy vegetables, cool-season crops, and exotic vegetables like cherry tomatoes and salads, even in densely populated areas. Hydroponic imports of hydroponic tomatoes have increased significantly, underscoring the market's growth potential.

Key Company

Hydroponics Technologies Market  is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Hydroponics Technologies Market report includes information on the product launches, sustainability, and prospects of leading vendors including AmHydro, Argus Control Systems Ltd., Brio Agri Producer Co. Ltd., Cox Enterprises Inc., Fork Farms, Greentech Organic Hydroponics Systems Mfrs., GrowLife Inc, Hawthorne Gardening Co., Heliospectra AB, Hortisystems UK Ltd., Hydrodynamics International Inc., Koninklijke Philips NV, KUBO TUINBOUWPROJECTEN BV, LOGIQS B.V., MSc on smArt Agriculture TECHnologies, Nutrifresh Farm Tech India Pvt. Ltd., Rise Hydroponics TM, Thanet Earth Ltd., Valoya Oy, Village Farms International Inc.

Key benefits for Companies

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players.
• Data is qualitatively analyzed to categorize vendors as pure play, category focused, industry focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. Expand operations in the future.

Market Segmentation by Technology

The Hydroponics Technologies Market refers to the industry that provides farmers with advanced systems for cultivating plants without soil, in various areas. These technologies yield higher revenues due to increased crop productivity and efficiency. Notable developments in this sector include the creation of segments catering to different farming methods, such as nutrient film technique, deep water culture, and aeroponics. Equipment essential to hydroponic systems includes greenhouse structures, irrigation systems, and nutrient delivery solutions. Innovations in hydroponics, like the integration of automation and precision farming techniques, continue to drive market growth.

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SOURCE Technavio