Chicago, July 26, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the "Hydroponics Market by Type (Aggregate Systems, Liquid Systems), Crop Type (Vegetables, Fruits, Flowers), Equipment (HVAC, LED Grow Lights, Irrigation Systems, Material Handling Equipment, Control Systems), Input Type, and Region - Global Forecast to 2026", size is estimated to account for a value of USD 9.5 billion in 2020 and is projected to grow at a CAGR 11.3% from 2020, to reach a value of USD 17.9 billion by 2026.
Hydroponics is a technique of growing plants in water and nutrients without using soil as a base. This technique is gaining rapid popularity as growers can obtain higher yields with each harvest. Hydroponic systems have been a combination of multiple technologies and hence encompass a specific set of system models. Based on the system model, the hydroponic systems market can be classified into aggregate and liquid systems, wherein aggregate systems utilize a grow media for plant growth support and nutrition. In contrast, liquid hydroponic systems do not require grow media. Owing to the higher efficiency and productivity obtained, liquid systems have been in high demand amongst growers for vegetable cultivation.
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The Aggregate system by type is estimated to account for the largest share in the Hydroponics Market.
These systems are widely used for crop production since the growing media helps support the roots, thereby driving the growth of this segment. Aggregate systems in hydroponics farming include models such as wick systems, drip systems, and Ebb & flow systems. Since the medium provides good support for heavy plants, aggregate systems work well for variety of vegetables and fruits with deep roots, such as chicory, comfrey, and beets, or those that are top-heavier and need support, such as beans, squash, tomatoes, and cucumbers their demands are growing in the market.
The LED Grow Lights by equipment segment is projected to attain the fastest growth in the Hydroponics Market.
The light spectrum emitted by LED lights has proven to be effective in stimulating plant growth and is witnessing increased demand from hydroponic growers. Plants such as tomatoes, lettuce, spinach, kale, strawberries, peppers, and beets can be grown with LED grow lights. The increasing adoption and demand for LED grow lights have resulted in the ban of older and inefficient halogen units in the European Union from September 2018. These factors are further projected to drive the demand for LED grow lights.
The nutrients segment by input is estimated to account for the largest market share of the Hydroponics Market over the forecast period.
Nutrients are one of the basics of hydroponic systems as they cater to the nutritional requirement of the plant. Nutrients are used in both aggregate and liquid hydroponic systems, and the adoption of both these systems is high globally. With the growing adoption of Nutrient Film Technique (NFT) and Deep-Water Culture (DWC) in the global markets, the amount of nutrient use is also expected to be strong.
The Fruits sub-segment by crop type is projected to achieve the fastest growth in the Hydroponics Market during the forecast period.
Fruits grown using hydroponics can be grown and harvested throughout the year due to the interior conditions of the greenhouse or indoor farming unit. Water-adaptable fruits such as watermelons, cantaloupes, and tomatoes are among the ideal choice for farmers as they are easier to grow using hydroponic methods. Fruit trees often require more upkeep as compared to other hydroponically grown plants, as certain trees such as the banana tree require support to supplement growth in hydroponic conditions. Different types of berries can be grown using hydroponics; strawberries are among the most common berries grown using hydroponic methods. Thus, the preference of hydroponics for high value crops and fruits is expected to grow.
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Europe is estimated to be the largest market.
Europe has traditionally been at the forefront of implementing advanced techniques in hydroponic smart greenhouse horticulture. Countries such as the Netherlands, Spain, and France have large areas under greenhouse cultivation. However, in the Netherlands, the growers mostly cultivate their plants in simple tunnel-like greenhouses without the use of climate control technologies. Advancement in greenhouse farming has supported the growth of hydroponics in Europe. Greenhouse agriculture in the region supported the growth of this technique. Many European players such as General Hydroponics and Hydroponic system international entered the market with hydroponic tools and technologies, along with growth mediums and nutrients to grow crops hydroponically; this encouraged the growers to use such technologies.
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