BANGALORE, India | 9th September 2020: The Global Hydroponics Market size is expected to grow from USD 7,892.43 Million in 2019 to USD 17,053.72 Million by 2025 at a CAGR of 13.70%.
COVID-19 IMPACT ON HYDROPONICS MARKET SIZE
The rate of adoption of hydroponic farming systems is expected to rise dramatically due to the COVID-19 outbreak. During the initial phases of the pandemic outbreak, the agriculture industry was facing difficulties. There was a huge shortage of labor on the farm; some farmers missed their window of opportunity to harvest seasonal crops, dropping prices of agricultural products, and logistics chaos. Many countries have realized their over-reliance on food material imports and thus started to emphasize local and export supplies.
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TRENDS INFLUENCING THE HYDROPONICS MARKET SIZE
The yield of plants grown in hydroponic systems was 20% -25% higher than conventional farming systems, with productivity 2-5 times higher. This higher yield capacity is expected to drive the Hydroponics market size during the forecast period.
The rising investments from both government and private entities are expected to fuel the Hydroponics market size. Many businesses on the market are investing heavily in R & D to obtain state-of-the-art innovations that can improve productivity and bring about a number of potential cultivations.
The rising customer awareness about consuming fresh vegetables will increase the growth of the Hydroponics market size. Demand for exotic fruits and vegetables has been growing steadily at a higher pace because of increased consumer buying power. As most of these products are imported, the cost of these exotic products is high. Thus many research institutions and universities are focused on developing more streamlined hydroponic systems to increase the production of exotic fruits and vegetables and meet the growing demand.
Providers of Hydroponics farming systems give customers different ways to track and control their crops with various sensors and smartphone applications. The advanced approach of using IoT allows for automated and remote collection of data. These technological advancements are, in turn, expected to increase the growth of the hydroponics market size during the forecast period.
High capital investment for the system’s initial set up is a major factor that can hinder the growth of the hydroponics market size.
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HYDROPONICS MARKET SHARE ANALYSIS
Europe is expected to hold the largest hydroponics market share during the forecast period. This is due to the increasing adoption of hydroponics and vertical farming systems.
Based on type, the liquid sub-segment is estimated to account for the highest hydroponics market share. This is due to the low cost involved since all liquid systems run in a closed mode. Liquid systems also demonstrate higher efficiency compared with the closed model of aggregate systems.
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HYDROPONICS MARKET SEGMENTATION
Based on Type, the Hydroponics Market studied across
- Aggregate Systems
- Liquid Systems.
Based on Crop Type, the Hydroponics Market studied across
- Flowers,
- Fruits,
- Vegetables.
Based on Equipment, the Hydroponics Market studied across
- Control Systems,
- HVAC,
- Irrigation Systems,
- LED Grow Light,
- Material Handling.
Key Players
The report deeply explores the recent significant developments by the leading vendors and innovation profiles in the Global Hydroponics Market including
- American Hydroponics, Inc.,
- Argus Controls,
- Bright Farms,
- Circle Fresh Farms,
- Hydrofarm, Inc
- Others
THE REPORT ANSWER QUESTIONS SUCH AS:
- What is the market size and forecast of the Global Hydroponics Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global Hydroponics Market during the forecast period?
- Which are the products/segments/applications/areas to invest in over the forecast period in the Global Hydroponics Market?
- What is the competitive strategic window for opportunities in the Global Hydroponics Market?
- What are the technology trends and regulatory frameworks in the Global Hydroponics Market?
- What are the modes and strategic moves considered suitable for entering the Global Hydroponics Market?
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