The hydroponics market was valued at USD 9.5 billion in 2020; it is projected to grow at a CAGR of 11.3% to reach USD 17.9 billion by 2026. The pressure on the agriculture industry to meet the growing demand for grains and food leads to the search for high-yielding farming techniques, such as precision farming and urban farming. Hydroponics thus is looked upon as a potential solution for the growing concern about food security in the coming years.
Based on type, liquid system segment is forecasted to grow at the highest CAGR from 2020 to 2026. Liquid hydroponic systems are quite effective system for the rapid growth and large yield as crop get direct access to oxygen and required nutrients in the form of functional mineral compounds. These systems are strong popularity among developed countries across the globe.
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According to the UN reports on global population, plants grown in hydroponic systems have achieved 20%–25% higher yield than the traditional agriculture system, with its productivity being 2–5 times higher. Also, owing to controlled environmental conditions, the effect of climatic changes can be balanced 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 minimal effect on such systems, crops can be produced all year round, thereby again increasing the produce.
Heating, Ventilation & Air Conditioning or HVAC is among the most popular hydroponics equipment for the indoor growers, as the system is capable of handling wide range of operations at a same time including cooling, dehumidification, and keeping the best temperature inside the facility. In addition, this HVAC systems plays a crucial role in the operations of hydroponic and aeroponic farms. Furthermore, this system is designed to nullify the external weather conditions and provide idyllic environment for year-round growth and cultivation of different types of crops.
Key players hydroponics market include major players such as 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).
These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.