Hydroponics Market-Overview
The revolution in the farming sector is estimated to create an optimistic scope for the hydroponics market. The market's report is efficiently analyzed as per MRFR, which provides outlooks for the global markets. The USD 17 billion revenue is estimated to expand with a CAGR of 11.5% by 2024.
The development of the urban farming trend instead of the conventional rural setup is estimated to transform the hydroponics market share. Furthermore, the improved accessibility to hydronic farming implements is estimated to transform the hydroponics market expansion in the forecast period. The surge in global food requirements requires innovative solutions to solve this crisis. This factor is likely to significantly impact the hydroponics market. The low cost of the hydroponic farming setup is estimated to further induce the growth of the hydroponics market.
Segmental Analysis
The segmental overview of the hydroponics market is carried out based on type, equipment, crop type, and region. The input segment of the hydroponics market consists of nutrients and growth media. The type segment of the hydroponics market consists of liquid hydroponics and aggregate system. The region segment of the hydroponics market consists of North America, Europe, Asia-Pacific, and other significant regions. The equipment segment of the hydroponics market consists of irrigation systems, LED growing lights, and HVAC. The crop type segment of the hydroponics market consists of fruits, flowers, and vegetables.
Regional Overview
The region study of the hydroponics market consists of North America, Europe, Asia-Pacific, and other significant regions. The Asia-Pacific hydroponics market is likely to govern the hydroponics market in the forecast period due to the high implementation of progressive agricultural technologies amongst the agrarians in the region. In the European regional market, national markets such as France, the Netherlands, and Spain support the region's development. Though, the North American regional market is anticipated to register the chief CAGR in the forecast period due to the collective penetration of market companies in the region and intensifying requirements to cultivate high quality and magnitude of crop production in a lesser area.
Competitive Analysis
The market is likely to be lifted by the reformative trends that are shaping the global market. The agreement of various international trade deals is estimated to further foster the expansion of the market. The capitalization by market companies to establish robust e-commerce and retail channels is projected to motivate the development of the market. The development of robust delivery chains is predicted to enhance the pace of progress in the upcoming months. The financial stimulus being provided by many government bodies to regenerate their national markets is estimated to spur the global progress rate. The improvement in the rate of innovation is estimated to further open up new aspects of the market. The engagement of technology and strategy-based approach is likely to ensure better chances for success in the future. The increased emphasis on high-revenue decision-making in the market is estimated to prompt its quicker return to normalcy in the coming months.
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The eminent companies in the hydroponics market are Signify Holdings (Netherlands), Scotts Miracle-Gro (U.S.), Triton Foodworks Ltd. (India), Village Farms (Canada), Iron Ox (U.S.), American Hydroponics (U.S.), Heliospectra AB (Sweden), Terra Tech Corp (U.S.), Hydroponic Farms (UAE), LumiGrow (U.S.), Aerofarms (U.S.), Urban cultivator (Canada), Argus Control Systems (Canada), and Green Sense Holdings (U.S.).
Industry Updates:
June 2021 Remote Monitored Systems PLC lately stated that it has engaged in an arrangement with PIC Consultants Ltd. to source high-grade retail hydroponics nutrients for delivery in the U.K. market. The company stated that under the conditions of the agreement, PIC has decided to buy at least 40,000 liters over 12 months of eight particularly formulated solutions, all of which comprise of patented nanoparticles formed by Remote Monitored's holding Pharm 2 Farm Ltd. Remote Monitored stated it requires revenue from the agreement to be about 80,000 pounds for the 40,000 liters.
June 2021 Hydrofarm Holdings Group, a marijuana hydroponics equipment, and supplies business, struck an arrangement to obtain organic nutrient and growing media business Aurora Innovations for USD 161 million. This indicates Hydrofarm's third purchase this year. Along with Aurora Innovations, the achievement includes Aurora International and Gotham Properties, all built-in Eugene, Oregon. The company's production and source organic hydroponic products, counting grow media and nutrients.
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