The global hydroponic market is accounted for USD 395.2 million by the year 2022 at a CAGR of 16.8%. Increasing demand for fresh nutritious fruits and vegetables and higher yields are the major factors which the driving the growth of the market for hydroponic market. Along with this increasing urban population with shrinking of rural population which are demanding for fresh and nutritious food are driving the hydroponic market globally. Along with these factors which are responsible for hindering the market of hydroponic. On the basis of geography Europe is leading the market and is expected to remain the same during the forecast period.
The global hydroponic market is segmented on the basis of the equipment, based upon the type, based upon the crop, based upon the input and based upon the geography. On the basis of equipment the hydroponic market is categorized by LED grow light, HVAC, irrigation systems, communication technology, material handling, control systems, and other equipments. On the basis of its type the hydroponic market is categorized by liquid hydroponic system, aggregate hydroponic system, open systems. Aggregate hydroponic system is further categorized into closed systems (EBB and flow system, water culture system, drip systems, the wick system). Liquid hydroponic system is further categorized in to floating hydroponic, aeroponics, and nutrient film technique. Lastly it is categorized on the basis of crop by Cucumber, strawberry, pepper, tomato, Lettuce and leafy vegetable and other crops.
On the basis of the geography the offshore support vessel market is mainly segmented into North America, Latin America, Europe, APAC and the rest of the world.
As in 2015, Europe had the largest market share and is expected to be the leader during the coming years. The factors which are responsible for hydroponic market are higher yields as compared to traditional agriculture, lack of arable land, and unfavorable climate conditions for agriculture are some of the reasons for fueling the market growth in this region.
Europe has traditionally been at the front for implementing highly advanced techniques in hydroponic smart greenhouse horticulture. European regions such as Spain, Netherlands, France have large areas for greenhouse cultivation. In European country like Netherland, growers mostly do their cultivation of plant in simple tunnel like greenhouse without using the technologies of climate control. Hydroponics have also been flourished in Scandinavian countries where techniques of traditional agriculture are almost impossible during winter season.
Regions like North America is also forecasted to be the fastest growing hydroponics market after Europe during the forecast period because of the legalization of medical marijuana, companies are jumping in to commercially manufacture the plant hydroponically in countries like US and other states of America.
The hydroponic market is dominated by some of the major key players such as Hydrodynamics International, Inc., Koninklijke Philips NV, General Hydroponics, Inc.,American Hydroponics, Inc., Greentech Agro, Llc, Argus Control Systems Ltd.these are the key player who dominate the world market with 50% share of global cement additivemarket.