July 2, 2019

Hydroponics Market is poised to touch USD 629.57 million by 2023

Hydroponics Market Size and Market Growth:

Hydroponics Market was worth USD 289.62 million in 2018 and is expected to reach USD 629.57 million by 2023 with a CAGR of 16.8 %.

Hydroponics Market Overview:

Hydroponics is a soilless cultivating technique used to create high return crops. It is a part of hydroculture, which utilizes mineral arrangements and supplements to develop different plants. Hydroponics utilizes two fundamental mediums to develop crops and they are selection culture and strong medium culture. This strategy is a compelling substitute, which defeats the defects of typical agribusiness method to a superior degree.

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Hydroponics Market Drivers and Restraints:

Hydroponics gives higher yield compared with conventional agricultural techniques. It additionally gives farmers the advantage to develop crops in regions that can't support crops in soil. Moreover, hydroponics removes the use of counterfeit maturing operators and pesticides, which helps in making nutritiously superior vegetable items. These are some of the major factors driving the market. Lack of awareness about the hydroponic agriculture system and high investment required are some of the factors restraining the market growth to an extent.

Report segmented as

By Equipment:

  • HVAC
  • LED Grow Light
  • Communication Technology
  • Irrigation Systems
  • Material Handling
  • Control Systems

By Type:

  • Aggregate (Closed Systems (The Water Culture System, The EBB And Flow System, Drip Systems, And The Wick System), Open Systems)
  • Liquid (Nutrient Film Technique (NFT))
  • Floating Hydroponics
  • Aeroponics

By Crop Type:

  • Tomato
  • Lettuce & Leafy Vegetables
  • Cucumber
  • Pepper & Strawberry

Hydroponics Market Geographical Analysis:

Geographically, market is further segmented into Asia-Pacific, Europe, Latin America, Middle East and Africa, and North America. Europe dominates the global market with the highest share while North America is projected to be the fastest growing market during the forecast period.

Hydroponics Market Key Players:

Major Players dominating the market are Argus Control Systems, Koninklijke Philips NV, Greentech Agro LLC, Logiqs B.V., Lumigrow, Inc. and General Hydroponics, Inc.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

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