According to BlueWeave Consulting, The Global Hydroponics Market has reached USD in 2019 and is further projected to reach USD by 2026, growing at a CAGR during the forecast period.
Plants are grown in the mineral nutrient solution and soil-less circumstances known as hydroponics. Usually, crops were grown in a specific climate condition but in hydroponics, they are grown in the measured environment system. Hydroponics uses two approaches to grow crops as solid-average culture and solution culture. However, solution culture is gaining approval across the world.
The main growth reasons for the hydroponic industry is the higher yield in comparison to traditional agricultural techniques. Growth in the consumption of exotic, salad crops, and the need for worldwide food security is predictable to fuel the market. Lack of methodical knowledge regarding the soil-less agriculture system and high setup cost is predicted to restrain the market growth to some extent. However, improved cultivation of therapeutic plants and changes in farming approach may deliver future development opportunities for the industry. Besides, with the service of vertical farming technology, there is an increase in the lettuce yield per year, which in turn is predicted to fuel the market growth.
Higher yield as compared to conventional agriculture practices
Growing demand for maintainable and safe farming performance & advanced yield of crops grown under hydroponic facility over old-style farming are the main factors driving the global hydroponics market. Moreover, growing consumer requests for pesticide-free, organic food in tier-1 cities are driving the growth of institutions of hydroponics farms. These hydroponics-farming techniques hamper the usage of synthetic pesticides, growth hormones, and antibiotics, allowing the produce to meet organic standards. Also, owing to controlled ecological conditions, the result of climatic changes can be stable with the help of these systems, thereby not affecting the annual crop production. CEH techniques directly affect the crop harvest cycle. Since climatic changes show a negligible effect on such systems, crops can be produced all year round, thereby again increasing the produce.
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Higher Consumption of Salads and Vegetables
The demand for interesting fruits and vegetables has been regularly growing at an advanced rate due to the improved purchasing power of customers. The price of these exotic products is high, as most of these products are imported, and thus, numerous research institutions and universities are concentrating on founding more easy hydroponics systems, to hasten the production of exotic fruits and vegetables and meet the escalating demand. Increasing alertness among the consumers of eating fresh vegetables will also fuel the market in the future. Request for Exotic vegetables like red and yellow capsicum, red lettuce in Retail companies like KFC, Pizza, Burger King will drive the market.
High capital investment for large-scale farms
Dissimilar types of gear including HVAC systems, control systems, fans, ventilation, irrigation systems, rails, and lights are the main cost reasons in a hydroponic farm. This huge cost for the early set up of the system is the main reason abstaining farmers from spending in these systems. However, the yield got from these systems is advanced, and the product can also be advertised as premium products, thereby nurturing the ROI for growers.
The HVAC of Equipment Section occupy the largest share of the Global Hydroponics Market
Heating, Ventilation & Air Conditioning or HVAC plays a key role in the development of indoor growers, as the system is accountable for cooling, dehumidification, and maintaining the best temperature inside the facility. HVAC systems are vital for the operation of hydroponic and aeroponic farms and should be dependable and well-controlled. Further, the economic costs of the system over other gear and utilities that go into hydroponics the HVAC is projected to skill an increasing demand.
Europe is expected to witness significant growth in the market during the forecast period
Europe has usually been at the lead of implementing advanced practices in hydroponic smart greenhouse gardening. Countries such as Spain, the Netherlands, and France have large areas under greenhouse farming. However, in the Netherlands, the cultivators mostly cultivate their plants in meek tunnel-like greenhouses without the use of climate control technologies. Advancement in greenhouse farming has reinforced the development of hydroponics in Europe. According to national government statistics, the acceptance of hydroponics has been seen to be the uppermost across all European countries. Thus, the market is highly settled in the region.
The leading players” in the Hydroponics Market includes Signify Holdings (Netherlands), Argus Control Systems (Canada), Heliospectra AB (Sweden), Scotts Miracle-Gro (US), American Hydroponics (US), LumiGrow (US), Emerald Harvest (US), Hydroponic Systems International (Spain), Advanced Nutrients (Canada), Vitalink (UK), Hydrodynamics International (Spain), Logiqs B.V (Netherlands), Grobo (US), and American Hydroponics (US) and other prominent players are expanding their presence in the market by implementing various business strategies.
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