The global hydroponics market was valued at US$ 231.81 million in 2016 and is expected to reach US$ 564.5 million by 2025, growing at a CAGR of 10.53% over the forecast period, according to the Hydroponics Market Report, by Equipment (HVAC, Communication Technology, LED Grow Light, Material Handling, Irrigation Systems, Control Systems and others), by System Type (Aggregate Hydroponic system and Liquid Hydroponic System), by Crop Type (Tomato, Lettuce and Leafy Vegetables, Pepper, Cucumber, Strawberry, and others), by Input Type (Growth Medium and Nutrients) published by Coherent Market Insights. The system of cultivating crops that utilizes nutrient rich water without using soil is known as hydroponics. Increasing demand for food with increasing population, growing cultivation of medicinal plants, and environmentally friendly techniques are some of the factors propelling the growth of hydroponics market. In Urban areas, the emergence of vertical farming creates an opportunity for the market growth.
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Key Trends and Analysis of the Hydroponics Market:
Among equipment type, the HVAC (Heating, Ventilation, and Air Conditioning) equipment type segment held a dominant position in 2016, followed by LED lights and is expected to maintain its dominance over the forecast period. This is owing attributes of HVAC as the major elements to create a controlled environment for hydroponic cultivation and high adoption of these systems for basic usage in hydroponics.
Among system type, the aggregate hydroponic system segment accounted for the highest market share in 2016. This is owing to its ability to support roots, unlike liquid hydroponic systems that offers no supporting medium for the plant roots. The tomato crop type segment accounted for the largest revenue share in 2016, owing to its ability to extend and control production of crop coupled with extending supply of natural sugars and other components used by plants.
Key Takeaways of the Market:
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