The global hydroponics market is estimated to account for a value of USD 9.5 billion in 2020 and is projected to grow at a CAGR 11.3% from 2020, to reach a value of USD 17.9 billion by 2026. The hydroponic system market is projected to witness significant growth due to the increasing need for components installed for crop cultivation, the input nutrient and grow media for hydroponic systems, and the value of crop cultivated from these systems. Based on the system model, the hydroponic systems market can be classified into aggregate and liquid systems, wherein aggregate systems utilize a grow media for plant growth support and nutrition, while liquid hydroponic systems do not require a grow media. Owing to the higher efficiency and productivity obtained, liquid systems have been in high demand amongst growers for vegetable cultivation. The European hydroponic systems market is driven by the growing adoption of CEA for horticultural crops and increasing development of new innovative technologies that target specific crop needs.
By type, the hydroponic systems market is segmented into aggregate systems and liquid systems. Aggregate systems are further divided into Ebb and flow system, drip system and wick system. Liquid systems are further divided into deep water culture technique, Nutrient-film technique, and aeroponics system. The Nutrient-film technique segment accounted for the largest share. the high productivity from Nutrient-film technique (NFT) and deep water culture (DWC) techniques have attracted growers to opt for these systems. The advent of aeroponics technology in recent times has further fueled the demand for liquid hydroponic systems. According to industry experts and multiple use cases, NFT systems are mostly preferred for vegetable cultivation, majorly lettuce and tomatoes, while DWC systems have been used for tomatoes, cucumbers, peppers, and fruit cultivation.
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Based on crop type, the hydroponic crops market is segmented into vegetables, fruits, flowers, and other crops (cannabis, fodder crops and herbs). Hydroponic systems are majorly used for vegetable crops at the commercial scale, owing to the vast difference in yield obtained from this technology. Across the globe, tomatoes are the most widely produced vegetable through hydroponic technology, followed by leafy greens, mainly lettuce. Other vegetables such as cucumbers and peppers have been gradually gaining pace in the European and North American countries.
Some of the major players in the hydroponics system market are Signify Holdings (Netherlands), Argus Control Systems (Canada), Heliospectra AB (Sweden), Scotts Miracle Gro (US), American Hydroponics (US), and LumiGrow (US). Expansions & investments, mergers & acquisitions, and partnerships were some of the core strengths of the leading players in the hydroponics system market. These strategies were adopted by the key players to enhance their market presence. It also helped them diversify their businesses geographically, strengthen their distribution networks, and expand their product portfolios.