Hydroponics, a sub-section of hydroculture, is an eco-friendly agricultural process that requires no soil and has a greater space utilization factor. These benefits are driving global demand for hydroponics along with factors like increasing food demand coupled with a growing human population, increased emphasis on food security, technological advancements in hydroponic systems, the rising threat of food scarcity, and higher profits compared to traditional agricultural practices, according to a business intelligence study by IndustryARC. The report estimated the global hydroponics market at $293.12m as of 2018. Furthermore, the demand is anticipated to increase at a healthy CAGR of 16.45% during the forecast period 2019-2025.The report by IndustryARC titled, “ [FURL=https://www.industryarc.com/PressRelease/1202/Hydroponics-Market-Research-Analysis.html]Hydroponics Market[/FURL] : By Type (Wick system, Water culture, EBB & FLOW, others); By Equipment (Growing Chamber, Submersible Pump, Growing LED and Others); By Crop (Vegetables, Fruits, Flowers and Foliage, Herbs and Others); By Geography – Forecast (2019 - 2023),”
Hydroponics Market: Leading Segments
Europe held a prominent share in the global hydroponics market at 43.56% in 2018. Implementation of advanced techniques in hydroponics through the adoption of LED lights, sophisticated Heating, Ventilation, and Air Conditioning (HVAC) systems, nutrient film technique (NFT), and electrical conductivity meters are significant factors behind Europe having the highest share of demand in the hydroponics market. High yield rate, growing demand for healthy and nutritional food, and increasing adoption of vertical gardening are some of the key factors propelling the demand for hydroponic vegetables. As a result, key market players have capitalized on this segment which is anticipated to grow at a CAGR of 13.73% through to 2025.
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Hydroponics Market Disruptive Trends
The utilization of LED lights in hydroponics is an added advantage since LED lights catalyze the growth of plants through light emitted by them.
Farming through hydroponics techniques generates higher profits than traditional farming methods. This, in turn, is increasing the market demand for hydroponics.
Hydroponic indoor kitchen gardens facilitate users to grow organic and green vegetables on their own by facilitating valuable information like when to provide nutrients or water.
Hydroponics Market: Competitive Landscape
Prominent companies holding majority shares in the global hydroponics market are Achdut Ltd., Agrexco Agricultural Export Company Ltd., Koninklijke Philips NV, Agri-Plas, Inc., American Hydroponics, Asmir Growing Equipment Co.Ltd, Anglebase Ltd., CropKing Inc., Daesan Precision Co., Ltd. and Argus Control Systems Ltd.
About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.