Indoor Farming Technology Fueled by Hydroponics Market Set to Surge, Projected to Reach $35.4 Billion by 2030

[Redding, California] - Meticulous Research®, a leading provider of market research reports, has released its latest publication projecting the global hydroponics market to achieve substantial growth, with a valuation of $35.4 billion by the year 2030. The forecast period from 2023 to 2030 anticipates a remarkable Compound Annual Growth Rate (CAGR) of 15.6%. This surge is attributed to several factors including population growth, dwindling arable land, changing climate conditions, and the increasing demand for chemical-free produce, particularly among urban consumers.

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Additionally, technological advancements within the hydroponics sector and the growing trend of urban farming, particularly employing vertical hydroponics systems, present lucrative opportunities for stakeholders operating in this space.

However, challenges such as critical management requirements, limited knowledge and expertise in developing nations, and high capital investments for large-scale farms are anticipated to slightly impede market growth.

The global hydroponics market study offers comprehensive insights, including historical market data for 2021 and 2022, estimated current data for 2023, and forecasts spanning from 2023 to 2030. Market segmentation includes types such as non-aggregate systems (deep water culture, nutrient film technique, aeroponics system, among others) and aggregate systems (ebb and flow system, drip system, wick system, etc.). Additionally, it delves into equipment types (HVAC system, LED grow lights, irrigation system, control system, etc.), inputs (nutrients and growth media), and crop types (vegetables, fruits, flowers, etc.).

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3-4 years. The key players operating in the hydroponics market are Argus Control Systems Ltd. (Canada), Signify Holding B.V. (Netherlands), The Scotts Miracle-Gro Company (U.S.), Hydroponic Systems International (Spain), Hydrodynamics International Inc (U.S.), AmHydro (U.S.), Emerald Harvest (U.S.), Heliospectra AB (Sweden), Freight Farms, Inc. (U.S.), Logiqs BV (Netherlands), AirLogix (U.S.), and Nutriculture Grow Systems (U.K), among others.

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The report also evaluates industry competitors and conducts regional and country-level analyses.

According to the segmentation, in 2023, the non-aggregate systems (liquid systems) segment is projected to dominate the hydroponics market due to its ease of cultivation and enhanced yields. Similarly, HVAC systems are anticipated to hold the largest share in the hydroponics equipment market owing to their crucial role in maintaining optimal growing conditions.

Furthermore, the study reveals that Europe is poised to lead the global hydroponics market, driven by factors such as technological advancements, governmental support, and the increasing demand for fresh, chemical-free food.

Changing Climatic Conditions Fuel the Growth of the Global Hydroponics Market

Hydroponic farming has strong potential to mitigate the threats these issues pose to the current agricultural system. Growing crops in near-optimal conditions using controlled environment agriculture (CEA) technology is one of the biggest benefits of hydroponic farming. Crops grown hydroponically can be grown anywhere on earth at any time of the year, regardless of weather conditions, availability of cultivable land, or soil quality. Hydroponic farming has the potential to provide fresh, local food for areas with extreme droughts and low soil quality, such as in sub-Saharan Africa, where access to leafy green vegetables is often limited. Thus, all these factors are expected to drive the demand for alternative sustainable crop production systems across the globe, such as hydroponics systems.

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In addition, hydroponics farming allows a plant to grow 50% faster than the conventional method. It eliminates the need for pesticides and herbicides. In hydroponic gardening, recycled and reused water reduces the need for fresh water and requires less space. It is considered that hydroponics consumes 20 times less water than conventional agriculture. All these factors are further expected to boost the demand for hydroponics systems in the near future.

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This release was published on openPR.