NEW YORK, Nov. 13, 2023 /PRNewswire/ — The hydroponics technologies market size is estimated to grow by USD 558.97 million from 2022 to 2027 at a CAGR of 15.4% according to Technavio. Facilitation in soil and space-saving is the major factor notably driving market growth. Globally, approximately 6 to 7 million hectares of agricultural land are lost due to urbanization, industrial development, soil degradation, and erosion. The rapid population increase poses a challenge to meeting food demand, given the limited agricultural land. In this context, vertical and indoor farming emerge as alternative solutions. Hydroponics technology enables intensified yields, requiring only about 10% of the land used in traditional agriculture to produce a comparable amount of fruits and vegetables. As a result, hydroponics technologies promote soil and space efficiency, contributing to market growth during the forecast period.
hydroponics technologies market insights –
- Vendors: 15+, Including AmHydro, Argus Control Systems Ltd., Brio Agri Producer Co. Ltd., Cox Enterprises Inc., Fork Farms, Greentech Organic Hydroponics Systems Mfrs., GrowLife Inc, Hawthorne Gardening Co., Heliospectra AB, Hortisystems UK Ltd., Hydrodynamics International Inc., Koninklijke Philips NV, KUBO TUINBOUWPROJECTEN BV, LOGIQS B.V., MSc on smArt Agriculture TECHnologies, Nutrifresh Farm Tech India Pvt. Ltd., Rise Hydroponics TM, Thanet Earth Ltd., Valoya Oy, and Village Farms International Inc., among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Technology (Environment and climate control systems, Grow lights, Farm management systems, and Material handling systems), Type (Aggregate system and Liquid system), and Geography (Europe, APAC, North America, South America, and Middle East and Africa)
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Hydroponics technologies market – Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –
- Key purchase criteria
- Adoption rates
- Adoption lifecycle
- Drivers of price sensitivity
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Hydroponics technologies market – Vendor Insights
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market’s competitive landscape and offers information on several market vendors including AmHydro, Argus Control Systems Ltd., Brio Agri Producer Co. Ltd., Cox Enterprises Inc., Fork Farms, Greentech Organic Hydroponics Systems Mfrs., GrowLife Inc, Hawthorne Gardening Co., Heliospectra AB, Hortisystems UK Ltd., Hydrodynamics International Inc., Koninklijke Philips NV, KUBO TUINBOUWPROJECTEN BV, LOGIQS B.V., MSc on smArt Agriculture TECHnologies, Nutrifresh Farm Tech India Pvt. Ltd., Rise Hydroponics TM, Thanet Earth Ltd., Valoya Oy, and Village Farms International Inc.
Hydroponics Technologies Market – Market Dynamics
Trends
An increase in the offering of advanced hydroponic growing systems is an emerging trend shaping market growth. Vendors are introducing a variety of hydroponic growing systems with higher yield rates, which can impact market growth. For example, SuperCloset offers the Bubble Flow Buckets system made from food-grade heavy-duty plastic, ensuring enhanced durability and hygiene standards for plant production. The system is equipped with an ECO Series pump featuring an oil-free high magnetic rotor, ceramic shaft, and bearings, ensuring reliable and quiet operations. Additionally, the company provides the model 32-Site Super Flow Hydroponic Grow System, which combines several hydroponic growing systems like ebb and flow, AeroPonics, and NFT into one, leading to significantly improved yields. These advancements may positively influence the growth of the global market during the forecast period.
Challenge
The high investment cost of hydroponics technologies is a major challenge hindering market growth. Hydroponics technologies are predominantly utilized in indoor farming or vertical farming, requiring various setups to operate effectively. However, compared to other agricultural options, the initial investment costs for these hydroponic technologies are considerably higher. For instance, setting up an indoor farm can cost around 10 to 15 times more than a greenhouse farm, which includes additional expenses for heaters, ventilators, thermal screens, and other equipment. Moreover, the return on investment to recoup the initial outlay typically takes around 5 to 7 years. Therefore, the high investment cost involved may pose a challenge to the demand for hydroponics technologies during the forecast period, potentially hindering the growth of the global market in focus.
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What are the key data covered in this Hydroponics Technologies Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the hydroponics technologies market between 2023 and 2027
- Precise estimation of the hydroponics technologies market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the hydroponics technologies market across Europe, APAC, North America, South America, and the Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of hydroponics technologies market vendors
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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