Dublin, Oct. 11, 2024 (GLOBE NEWSWIRE) -- The "Hydroponics Market Report by Type, Crop Type, Equipment, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global hydroponics market size reached US$ 13.3 billion in 2023. Looking forward, the market is expected to reach US$ 32.5 billion by 2032, exhibiting a growth rate (CAGR) of 10.4% during 2023-2032. The increasing water scarcity concerns, the rising trend toward urban living, the growing concerns about the environmental impact of traditional agriculture, and the supportive government policies are some of the factors propelling the market.
The global market is majorly driven by the increasing food demand. Hydroponics, with its ability to produce crops year-round in controlled environments, offers a solution to this challenge by significantly increasing crop yields. Furthermore, the rising awareness of food safety and the demand for pesticide-free, organic produce are propelling the adoption of hydroponic systems, which inherently minimize the need for chemical inputs. Moreover, climate change and diminishing arable land also play pivotal roles in market expansion. Hydroponics' ability to mitigate the impact of adverse weather conditions, reduce water usage, and enable cultivation in non-arable regions positions it as a resilient alternative to traditional farming methods.
Besides, urbanization trends are driving the need for localized food production, making hydroponics an ideal choice for vertical and rooftop farming in urban settings, thereby reducing food miles and environmental impact. Additionally, rapid technological innovations, including advanced nutrient delivery systems and automation, enhance the efficiency and scalability of hydroponic operations, attracting commercial growers and investors. Regulatory support and incentives for sustainable agriculture practices further promote market growth.
Hydroponics Market Trends/Drivers
- Increasing food shortage
- Reducing arable land area
- Development of efficient indoor and outdoor hydroponic gardening methods
Hydroponics Industry Segmentation
This report provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional and country levels from 2024-2032. The report has categorized the market based on type, crop type and equipment.
Breakup by Type:
- Aggregate Hydroponic System
- Closed System
- Open System
- Liquid Hydroponic System
Aggregate hydroponic system dominate the market
Aggregate Hydroponic Systems represent a crucial choice for modern agriculture as they offer numerous advantages. Closed systems, characterized by their controlled environment and efficient nutrient recirculation, minimize resource wastage, reduce water consumption, and mitigate the risk of pests and diseases. On the other hand, open systems provide flexibility, simplicity, and cost-effectiveness, making hydroponic farming accessible to a broader range of growers.
The dynamic duality of Aggregate Hydroponic Systems caters to a wide spectrum of agricultural needs, from large-scale commercial farms to small-scale urban growers. This diversity encourages more farmers to adopt hydroponics, particularly in regions with scarcity or challenging climates. As sustainability and food security become paramount concerns, the adaptability and efficiency offered by these systems continue to drive market growth, revolutionizing modern agriculture by offering a resource-efficient and productive alternative to conventional soil-based farming practices.
Breakup by Crop Type:
- Tomato
- Lettuce and Leafy Vegetables
- Pepper
- Cucumber
- Microgreens
- Others
Tomato dominates the market
When examining the hydroponics market, the cultivation of tomatoes stands out as a significant driver for its growth. Tomatoes are a widely consumed and versatile crop, and hydroponic systems have proven exceptionally well-suited for their cultivation. Hydroponic tomato farming offers several advantages, including precise control over nutrient levels, water usage, and environmental conditions. This level of control results in higher yields, faster growth, and consistent quality, making hydroponic tomatoes appealing to both growers and consumers.
Moreover, hydroponics allows for year-round tomato production, eliminating the limitations imposed by seasonal changes in traditional soil-based farming. This steady supply meets the demands of consumers and commercial users, including restaurants and supermarkets, contributing to the market's expansion. The cultivation of hydroponic tomatoes also aligns with the growing emphasis on sustainable agriculture by minimizing soil degradation, reducing water consumption, and decreasing the need for chemical pesticides.
Breakup by Equipment:
- HVAC
- LED Grow Light
- Irrigation Systems
- Material Handling
- Control Systems
- Others
HVAC dominates the market
HVAC systems are essential in controlled indoor hydroponic environments, providing precise climate control crucial for optimal plant growth. Hydroponic farms require specific temperature and humidity levels and adequate ventilation to ensure healthy plant development and prevent the growth of mold or pathogens.
HVAC systems create the ideal growing conditions and contribute to energy efficiency, reducing operational costs for hydroponic growers. These systems help maintain stable temperatures year-round, regardless of external weather conditions, enabling consistent crop production and reducing the risk of crop loss due to extreme weather events.
As the hydroponics industry continues to expand to meet the demands of sustainable and high-yield agriculture, the importance of efficient HVAC equipment becomes increasingly evident. Growers rely on these systems to optimize crop growth, quality, and yield, making HVAC a significant driving factor behind the market's continued growth.
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
North America exhibits a clear dominance, accounting for the largest market share
Several factors contribute to this strong market presence. There is a growing emphasis on sustainable agriculture and food security in North America, leading to increased adoption of hydroponic farming methods. These methods enable year-round crop cultivation, helping to mitigate the seasonal limitations of traditional soil-based farming. Furthermore, the region has witnessed a rise in urban and indoor farming initiatives driven by the desire for locally sourced, fresh produce. Hydroponics offers an efficient solution for urban agriculture, allowing growing crops in controlled environments within city limits. This trend aligns with the region's focus on reducing food miles and supporting environmentally friendly practices.
Moreover, the region's technological advancements, research, development, and robust infrastructure for hydroponics further boost market growth. In addition, government incentives and initiatives supporting sustainable agriculture contribute to North America's growing hydroponics industry.
Competitive Landscape
Top companies are pivotal in bolstering market growth through innovation, research, and industry leadership. These companies continually invest in research and development, pushing the boundaries of hydroponic technology to enhance efficiency, reduce resource usage, and optimize crop yields. Their commitment to sustainability and eco-friendly practices resonates with a global audience increasingly concerned about food security and environmental impact, spurring the adoption of hydroponics.
Furthermore, top players actively engage in educational initiatives and partnerships to promote awareness about hydroponic solutions among growers, communities, and governments, fostering broader acceptance and adoption of this agricultural method. By pioneering cutting-edge systems, driving sustainable practices, and promoting knowledge dissemination, these top hydroponics firms strengthen their market presence and contribute significantly to the industry's growth and its vital role in shaping the future of agriculture.
The report has provided a comprehensive analysis of the competitive landscape in the hydroponics market. Detailed profiles of all major companies have also been provided.
- AeroFarms
- Argus Control Systems Limited (Controlled Environments Limited)
- BrightFarms
- General Hydroponics Inc.
- GreenTech Agro LLC
- GrowLife Inc.
- Hydrodynamics International
- Hydrofarm LLC
- Logiqs B.V.
- LumiGrow Inc.
- Thanet Earth Limited
- Village Farms International Inc.
Industry Developments:
- In July 2023, AeroFarms agreed with an existing group of its investors to provide $10 million in debtor-in-possession ("DIP") financing as part of a larger round of financing that includes those investors.
- In September 2023, BrightFarms entered an exclusive licensing deal with Partner Element Farms.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $13.3 Billion |
| Forecasted Market Value (USD) by 2032 | $32.5 Billion |
| Compound Annual Growth Rate | 10.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/99v0b3
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