Hydroponics is a method of growing plants by using mineral nutrient solutions in water without soil. Hydroponics provides numerous advantages over conventional soil-based agriculture as it uses less water and land area, and allows higher crop yields. While traditional agriculture depends heavily on arable land, hydroponics offers the ability to maximize crop yields using limited space in urban areas.
The global Hydroponics Market is estimated to be valued at US$ 467.17 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased rate of urbanization across major economies is expected to drive the growth of the hydroponics market over the forecast period. Rapid urbanization has limited the availability of arable land for conventional farming. Moreover, less space availability in urban areas necessitates efficient utilization of vertical farming techniques like hydroponics. Hydroponic vertical farming provides 4-6 times more yields compared to traditional agriculture using the same space. Thus, growing urban population has accelerated the adoption of hydroponics as a substitute to traditional agriculture methods, thereby boosting the market growth.
Segment Analysis
The global hydroponics market is segmented by equipment into HVAC, LED Grow Light, Communication Technology Equipment, Irrigation Systems, Material Handling, and pH and CO2 sensors. The LED grow light segment dominates the market and is expected to witness growth during the forecast period. LED grow lights provide more efficient lighting with low electricity usage for indoor farming. These lights can simulate natural sunlight and are essential components of hydroponic systems.
Key Takeaways
The Global Hydroponics Market Demand is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis shows that North America dominates the market currently due to growing demand for organic food and increasing indoor farming. The Asia Pacific region is expected to be the fastest growing market driven by rising population and increasing focus on technologies in agriculture.
Key players operating in the hydroponics market are Johnson Health Tech, ICON Health & Fitness, Technogym, Precor, Nautilus, Cybex, True Fitness, Amer Sports, Sole Fitness and Life Fitness. Johnson Health Tech offers home exercise equipment and products that allow consumers to meet health and fitness goals easily in the comfort of their homes. ICON Health & Fitness produces a range of exercise equipments for home, institutional and commercial use from treadmills to elliptical to group fitness equipment.
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