PUBLISHER: DataM Intelligence | PRODUCT CODE: 1297844
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1297844
The Global Hydroponics Market reached US$ 10 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 31 billion by 2030. The market is growing at a CAGR of 14.5% during the forecast period 2023-2030.
The Hydroponics Market has grown remarkably and garnered significant attention in recent years. Hydroponics offers numerous advantages over traditional soil-based farming as a soilless cultivation method that optimizes plant growth by delivering essential nutrients directly to the roots through water-based solutions.
The demand for sustainable agricultural methods, rising urbanization, and the need for greater crop yields are driving the steady upward trajectory of the hydroponics market. The hydroponics market represents a sustainable solution to modern agriculture's challenges.
With increasing consumer demand for quality produce, technological advancements, and a focus on resource efficiency, the hydroponics market is poised for continued expansion. It offers opportunities for growers, investors, and stakeholders across the agricultural value chain.
The market is experiencing a growing demand for sustainable agricultural practices that minimize resource consumption and environmental impact. Hydroponics, with its efficient use of water and nutrients, meets this demand and provides a sustainable alternative to traditional soil-based farming.
The market is turning to hydroponics in response to concerns about resource scarcity, particularly water scarcity and arable land availability. By employing controlled and efficient water usage, reducing land requirements, and minimizing soil degradation, hydroponics is poised to drive the market forward.
The Hydroponics Market witnesses enhanced efficiency and productivity through technological advancements in hydroponics. Automation and precision control systems optimize environmental factors like light, temperature, humidity, and nutrient levels, ensuring ideal growing conditions. This leads to accelerated growth, higher yields, and improved crop quality. The hydroponics market benefits from these advancements as growers can meet the increasing demand for high-quality products and achieve greater productivity.
The pandemic caused disruptions in the supply chain, affecting the availability of hydroponic systems, equipment, and inputs essential for these techniques, such as nutrient solutions, pH meters, and temperature control devices.
However, the realization of vulnerabilities in relying on imported food supplies, coupled with disrupted global supply chains, led to an increased emphasis on local production and food security. Hydroponics, particularly vertical farming, and CEA gained traction as solutions for cultivating fresh produce in urban areas and reducing dependence on long-distance transportation.
The integration of Artificial Intelligence (AI) in the hydroponics market revolutionizes the way crops are grown, monitored, and managed. It empowers growers with advanced analytics, automation, and decision support, ultimately leading to increased yields, resource efficiency, and sustainability in hydroponic farming practices.
AI-based image recognition and sensor technologies can detect early signs of plant diseases, nutrient deficiencies, and pest infestations. This enables timely intervention, such as targeted treatments or adjustments to environmental parameters, minimizing crop losses and enhancing plant health.
The Global Hydroponics Market is segmented based on crop, system, equipment, service, and region.
LED glowlight has the largest share of the Global Hydroponics Market due to its exceptional features and advantages. The market has witnessed a significant shift towards LED lighting systems in hydroponics due to their superior performance and efficiency.
LED glowlight stands out in the market as it offers enhanced energy efficiency, a longer lifespan, and precise light spectrum control, meeting the specific needs of hydroponic crop cultivation. Its ability to provide optimal light intensity and spectrum for plant growth has led to increased yields, improved crop quality, and reduced energy consumption, positioning LED glowlight as the preferred lighting solution in the market.
North America emerged as the dominant force in the global hydroponics market, capturing a significant share. North America exhibited a strong inclination towards advanced agricultural practices, including hydroponics, driven by a focus on sustainability and food security.
The region's favorable climatic conditions, technological advancements, and well-established infrastructure provided a conducive environment for hydroponic farming. The presence of key market players, innovative research and development initiatives, and supportive government policies propelled the growth of the hydroponics industry in North America.
The major global hydroponics market players include: Bright Farms Inc, Argus Control Systems Limited, Hortisystems Uk Ltd, Kubo Group, Greentech Organic Hydroponics Systems Mfrs., Circle Fresh Farms, Hydrodynamics International, Helio spectra AB, AmHydro, and Growers Supply.
The Global Hydroponics Market Report Would Provide Approximately 69 Tables, 71 Figures And 140 pages.
LIST NOT EXHAUSTIVE