Hydroponics Market CAGR of 11.5% From 2019–2024: Global Industry Analysis, Size, Share, Trends, Growth, Demand, Top Key Player are American Hydroponics, Scotts Miracle Gro, Heliospectra AB, Village Farms, Iron Ox, Argus Control Systems

Market Scenario

The global Hydroponics Market is expected to garner a revenue of USD 17 billion by 2024, with a CAGR of approximately 11.5% during the forecast period, 2019–2024. Hydroponics refers to an agricultural technique used to grow plants in a soil-less medium, such as a mineral nutrient and water solution. Hydroponics is gaining momentum in the global agriculture industry owing to the higher yield obtained through hydroponics. Additionally, cultivation of crops through hydroponics reduces the effects of external environmental factors on crop growth as it provides controlled environment conditions. Adoption of hydroponics also reduces the burden on natural resources such as land and water, as it requires little indoor space and water used in the nutrient solution can be recycled and reused. However, the global market is witnessing hindrance in its growth due to the high capital investment required to set up a large-scale hydroponics plant.

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Segmentation

The global hydroponics market has been segmented based on type, input, equipment, crop type, and region.

By type, the global market has been divided into aggregate system and liquid hydroponics. The aggregate system segment is further classified into water culture system, EBB and flow system, drip system, and others. The liquid hydroponics segment is further segregated into nutrient film technique, aeroponics, and others.

The global market has also been segregated, based on input, into growth media, nutrients, and others. The growth media segment is further classified into clay, rockwool, coco coir, and others.

Based on equipment, the global market is segregated into, HVAC, irrigation system, LED growing lights, and others.

By crop type, the global market has been classified as vegetables, fruits, flowers, and others. The vegetable segment is further segmented into leafy, cucumber, tomato, and others.

The global hydroponics market has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.

The North American hydroponics industry has further been segmented into the US, Canada, and Mexico. The European hydroponics industry has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The hydroponics market in Asia-Pacific has been segmented into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The hydroponics industry in the rest of the world has been segmented into South America, the Middle East, and Africa.

Key Players in the Global Hydroponics Market

Heliospectra AB (Sweden)
Scotts Miracle Gro (US)
Village Farms (Canada)
Argus Control Systems (Canada)
Iron Ox (US)
American Hydroponics (US)
Terra Tech Corp (US)
Hydroponic Farms (UAE)

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Regional Market

Asia-Pacific is expected to dominate the hydroponics market throughout the forecast period owing to the high adoption of advanced agricultural technologies amongst the farmers in the region. In Europe, countries such as the Netherlands, France, and Spain are the prominent markets contributing to the region’s growth. However, North America is expected to register the highest CAGR during the forecast period owing to the increasing penetration of market players in the region and rising need to cultivate high quality and quantity of crop production in a smaller area.

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