The hydroponics market is estimated at USD 9.5 billion in 2020; it is projected to grow at a CAGR of 11.3% to reach USD 17.9 billion by 2026. The pressure on the agriculture industry to meet the growing demand for grains and food leads to the search for high-yielding farming techniques, such as precision farming and urban farming. Hydroponics thus is looked upon as a potential solution for the growing concern about food security in the coming years.

COVID-19 Impact on the Global Hydroponics Market

Amid the spread of Covid-19 pandemic, many individuals have developed a critical point of view towards outdoor food. With health and food safety becoming the key focus, the populations around the globe have showed an inclination towards home cooking and self-made/homemade meals. This has put the food and hotel industry into jeopardy. After the devastating outbreak of coronavirus pandemic, the adoption rate of urban hydroponic farming systems around the world are estimated to rise sharply. The agriculture industry faced challenges during the initial phases of the spread of the pandemic. There were huge labour shortages on the farm, some farmers missed their window of opportunity for harvesting for seasonal crops, the falling prices of agricultural products and the disruption of logistics. Many countries also realized their over dependence on imports of food materials and hence began emphasizing on internal and domestic productions.

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Asia Pacific is projected to grow at the highest CAGR during the forecast period

Asia has the largest greenhouse vegetable growing area of 224,974 ha across the globe, followed by Europe with 173,561 ha as per the report on protected horticulture by FAO in 2017. Thus, with the high number of greenhouses in Asia Pacific, the growth opportunity for hydroponic market is the highest and hence, the region is expected to grow at the highest rate during the forecast period.

Key Players in the Market:

• Signify Holdings (Netherlands)
• Argus Control Systems (Canada)
• Heliospectra AB (Sweden)
• Scotts Miracle Gro (US)
• Logiqs B.V (Netherlands)
• Grobo (US)
• American Hydroponics (US)

The vegetables segment, on the basis of crop type, is estimated to hold the largest share in the hydroponics market, in terms of value

The vegetables segment is projected to hold the largest market share in the hydroponic crops market in 2020. Vegetables that can be grown hydroponically include tomatoes, leafy greens, cucumbers, and peppers, which include microgreens and baby greens. Considering the use of the proper system, a wide variety of plants can be grown hydroponically. Vegetables that are grown using hydroponics are known to grow faster and stronger compared to traditional farming as the right nutrients are delivered directly to the plants roots.

By equipment, the HVAC segment is estimated to account for a larger market share, in terms of value, in 2020

By equipment, the HVAC segment is projected to hold the largest market share in the hydroponic systems market in 2020. Heating, Ventilation & Air Conditioning or HVAC plays a key role in the development of indoor growers, as the system is responsible for cooling, dehumidification, and maintaining the optimum temperature inside the facility. HVAC systems are essential for the operation of hydroponic and aeroponic farms and should be reliable and well-controlled.

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The nutrient segment, on the basis of input, is estimated to hold the largest share in the hydroponic inputs market, in terms of value

The nutrient segment is projected to hold the largest market share in the hydroponic inputs market in 2020. Nutrients are one of the basics of hydroponic systems as it caters to the nutritional requirement of the plant. There are two major types of nutrients used in hydroponics, macronutrients, and micronutrients. Hydroponics helps the grower to take complete control over the implementation of fertilizers, in terms of type and concentration. During the application of nutrients, nutrient concentration to suffice plant needs at every growth phase and EC strength at the stage of growth must be monitored.