Hydroponics Market – Analysis, Trends and Forecasts

The global hydroponics
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.

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)

•             Hydrodynamics International (US)

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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
nutrientssub-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.

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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.