The global hydroponics market size was valued at USD 2.1 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 20.7% from 2021 to 2028. This high growth rate is attributed to the increasing use of hydroponic systems for the indoor farming of vegetables. Also, the adoption of alternative farming methods for cannabis cultivation is rapidly rising, owing to the legalization of marijuana in countries like Canada, the Czech Republic, South Africa, and others. Increasing awareness among consumers regarding the effects of pesticides and artificial ripening agents on their health is expected to drive the demand for hydroponics, as the method eliminates the need for such products, thereby providing nutritionally superior vegetables.
Hydroponic farming is a method of growing plants without soil, where the soil is replaced by a mineral solution inserted around the plant roots. Herein, the plant roots are submerged under the chemical solution and checked periodically to ensure that appropriate chemical composition is maintained for growth. As such, the hydroponics method removes the risk of diseases that are caused by soil organisms. Additionally, the hydroponically grown plants produce a higher yield than similar plants grown in soil because of proper control over the nutrients.
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Key Player Mentioned:
- AeroFarms
- AmHydro
- Argus Control Systems Ltd.
- Emirates Hydroponics Farms
- Freight Farms
- Green Sense Farms Holdings, Inc.
- Heliospectra AB
- LumiGrow
- Signify Holding
- Terra Tech Corp.
Product Segment Analysis:
- Aggregate Systems
- Liquid Systems
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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The rising population is increasing the demand for food across the world. According to the Food and Agriculture Organization (FAO) of the United Nations (UN), the world population is expected to reach up to 9.1 billion by 2050, for which food production is expected to increase from between 25% to 70%. This is anticipated to drive the demand for alternative farming technologies that give high yields in less time. The regions, such as the Asia Pacific and Europe, where the arable land and water are becoming scarce, are witnessing the increasing adoption of alternative high-yield farming technologies, which in turn is expected to boost the market growth.
Advancements in climate control, nutrient film techniques, and sensing technologies among others are expected to bode well for market growth in the near future. Hydroponics farming solution providers offer consumers various ways to monitor and manage their crops with numerous sensors, web platforms, software, and mobile applications. For instance, the company SmartBee Technology, Inc. offers irrigation controls, water, and nutrient sensors, environmental sensors, as well as software that provides real-time control to the farmers. The advanced approach of using IoT is enabling automatic and remote data collection and monitoring.
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