The global Hydroponics Market is foreseen to be valued at USD 22.2 Billion by 2028 from USD 9.5 Billion in 2020, registering a CAGR of 11.3% through the estimated timeline. An agricultural technique—hydroponics is generally used for growing plants or crops in a soil-less medium, including a mineral water and nutrient solution. Hydroponics technique is gaining popularity in the overall agriculture sector due to the maximum yield obtained by using this certain technique. Furthermore, crops cultivation through hydroponics minimizes the external environmental effects on the growth of crops, as hydroponics offers controlled and precise environment conditions. Hydroponics adoption in agriculture further reduces the natural resources’ burden like water and land, since the water utilized in making the nutrient solution can be reused and recycled.
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However, the industry is going through various challenges because of the increasing investments required in setting up a huge hydroponics plant. Furthermore, lack of initiatives by government, particularly in the emerging nations, is also limiting the sector growth. Industry players are predicted to experience several lucrative avenues in the global industry in the coming years, due to the expanding hydroponics applications in several residential and commercial buildings including grocery stores, restaurants, residential terraces, etc.
The COVID-19 Impact:
Amidst the Covid-19 pandemic, many individuals showcased less interest towards outdoor food. With the key focus on food safety, the population worldwide have exhibited an inclination towards homemade/home cooking meals. This has caused many restaurants to shut down and put the food industry into jeopardy. During the pandemic, the hydroponic farming systems’ adoption rates are predicted to rise at an exponential rate.
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Further key findings in the report
· As per the UN reports, nearly 25% of higher yield is observed for the crops grown by using hydroponic systems, with its higher productivity. Moreover, due to controlled environment, the climatic changes’ effect can be minimized or balanced through hydroponics technique, thus, not hampering the overall yield of annual crop.
· HVAC or Heating, Ventilation & Air Conditioning plays a crucial role in the production of indoor growers, as the system is responsible for maintaining the optimum temperature, dehumidification, and cooling inside the facility. HVAC systems have become important for the hydroponic operation and in aeroponic farms and should be well-controlled.
· Asia Pacific accounted for the highest industry possession in the year 2018, due to the rising hydroponics’ adoption in Australia, China, South Korea, and other countries. The APAC market is foreseen to rise significantly during the forecast period because of the growing popularity of urban hydroponic farms.
· Major vendors in the industry are AMHYDRO (U.S.); AeroFarms (U.S.); Emirates Hydroponics Farms (UAE); Freight Farms (U.S.); Heliospectra AB (Sweden); Signify Holding (the Netherlands); Argus Control Systems Limited (Canada); Green Sense Farms Holdings, Inc. (U.S.); Terra Tech Corp (U.S.), and LumiGrow (U.S.).
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For the purpose of this report, Reports and Data has segmented the global dye sublimated apparel market on the basis of type, crop type, equipment, and region:
Type Outlook (Revenue, USD Billion, 2018 – 2028)
· Aggregate Systems
· Ebb & Flow Systems
· Drip Systems
· Wick Systems
· Liquid Systems
· Deep Water Culture
· Nutrient Film Technique
Equipment Outlook (Revenue, USD Billion, 2018 – 2028)
· LED Grow Lights
· Irrigation Systems
· Material Handling
· Control Systems
Input Outlook (Revenue, USD Billion, 2018 – 2028)
· Trace Minerals
· Grow Media
· Perlite & Vermiculite
· Coco Fiber
Crop Type (Revenue, USD Billion, 2018 – 2028)
Regional Outlook (Revenue, USD Billion, 2018 – 2028)
· North America
o The U.S.
o The U.K.
· Asia Pacific
· Rest of World
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