Hydroponics market size will reach USD 30.07 billion by 2028
Vancouver, British Columbia, February 01, 2021 (GLOBE NEWSWIRE) – The global hydroponics market is forecast to reach a market size of $ 30.07 billion with a fast and constant CAGR of 14.3% in the forecast period through 2028, according to the latest analysis by Emergen Research. The hydroponics market is experiencing increasing demand due to increasing pressure on the agricultural industry for high-yield growing techniques. The population growth creates a high demand for food worldwide. The world population was around 7.7 billion people in 2019 and is expected to grow to 8.5 billion by 2030. This will create a demand for alternative growing technologies to increase crop yields.
The adoption of hydroponics technology is funded by government and non-governmental organizations to benefit from food security. The hydroponic technology is environmentally friendly, which is also driving the growth of the market. Hydroponic technology reduces the impact on natural resources such as water and land as it takes up little space and the water used can be reused and recycled.
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High cost of the hydroponics market will hamper the growth of the market. However, extensive research and development will lower the cost of the entire process, which offers growth opportunities for the hydroponics market. Due to the increasing purchasing power of consumers, the demand for exotic fruits and vegetables is growing. Several research institutes and universities are focused on developing hydroponic systems to advance the production of these exotic products to meet the increasing demand.
Main highlights of the report
- The aggregate system dominated the type segment in 2020 due to the growing popularity of indoor hydroponics farmers due to its ease of setup and inexpensive nature. This will drive the growth of the segment.
- Tomatoes made up the largest share in the plant segment in 2020. They are the most hydroponically grown plants due to their faster growing rate and require less water compared to normally grown tomatoes.
- HVAC plays a vital role in the development of indoor plants as it is responsible for maintaining the optimal temperature in the interior. Heating, ventilation, and air conditioning (HVAC) are critical to hydroponic farms as they provide well-controlled and reliable equipment.
- Europe had the largest share in the regional segment in 2020. European countries like France, Spain and the Netherlands have a large greenhouse that will drive the growth of the segment. The climates in Sweden, Norway, Denmark and Finland are quite extreme in winter so they are trying to use alternatives to traditional farming methods like hydroponics for growing crops.
- Major companies operating in the global hydroponic market include AeroFarms, AMHYDRO; Argus Control Systems Limited; Emirates Hydroponics Farms; Cargo farms; Green Sense Farms Holdings, Inc .; Heliospectra AB; LumiGrow; Hold mean; and Terra Tech Corp.
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Emergen Research has segmented the global Hydroponics Market by Type, Equipment, Plants, and Region:
- Type Outlook (Revenue, Billion USD; 2018-2028)
- Aggregate systems
- Fluid systems
- Equipment Outlook (Revenue, $ Billion; 2018-2028)
- Led grow light
- Control systems
- Irrigation systems
- Material handling
- Other equipment
- Crop Outlook (Revenue, $ Billion; 2018-2028)
- Green salad
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- Regional Outlook (Revenue, Billion USD; 2018-2028)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- Rest of the Middle East & Africa
- North America
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About Emergen Research
Emergen Research is a market research and advisory firm that provides syndicated research reports, bespoke research reports, and advisory services. Our solutions focus solely on their purpose of locating, deliberately analyzing and analyzing changes in consumer behavior in various demographics and industries, and helping customers make smarter business decisions. We offer market research studies that ensure relevant and fact-based research across multiple industries including Healthcare, Touch Points, Chemicals, Types, and Energy. We constantly update our research offerings to ensure that our customers are informed about the latest trends in the market. Emergen Research has a strong base of experienced analysts from various specialist areas. Our industry experience and the ability to develop a specific solution for all research problems offer our customers the opportunity to secure a lead over their respective competitors.
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