Science and Technology

Hydroponics Technologies Market Soars as Urban Agriculture Takes Root Globally

NEW YORK, March 19, 2024 — Today, Technavio, a forerunner in market research reports, unveiled soaring projections for the global hydroponics technologies market. From 2023 to 2027, the sector is expected to burgeon by an impressive USD 558.97 million, maintaining a compound annual growth rate (CAGR) of nearly 15.4%. This staggering rise underscores the burgeoning role that hydroponic technologies increasingly play in contemporary agricultural practices, catering to both urban and rural communities devoid of arable land.

Employing this cutting-edge approach, growers are successfully nurturing crops like tomatoes, various leafy greens, microgreens, and cherry tomatoes with substantially reduced needs for water and agricultural chemicals. Highlights from the USDA/ERS report indicate a substantial uptick in hydroponic imports, especially for cool-season crops like salads and exotic vegetables. With the global population on an upswing, consumers are gravitating towards healthy, locally sourced hydroponic products, thus shifting purchasing power away from traditional farming methods laden with environmental drawbacks.

Technavio’s Analysis: Turning the Tide in Agriculture

Technavio has presented its latest insights into the hydroponics market, paving the way for innovative agricultural methodologies.

To delve deeper into the ascendancy of hydroponic systems, Technavio's comprehensive research breaks down the market's trajectory across various segments. Those seeking further elucidation can access a thorough sample report here.

Hydroponics Technologies Market Scope: A Glimpse into the Future

Technavio paints a vivid market scope, tabulating critical data across several years, spanning the historic period from 2017 to 2021. They maintain that the market's vitality during the forecast period from 2023 to 2027 will be augmented by an acceleration at a CAGR of 15.4%. This remarkable growth of USD 558.97 million signifies a fragmented market structure with a 12.4% year-over-year growth from 2022 to 2023. From a regional perspective, Europe, APAC (Asia-Pacific), North America, South America, and the Middle East and Africa constitute the pivotal areas of analysis. APAC, in particular, promises to contribute a solid 34% to the market, with key nations including the US, Canada, Japan, China, and The Netherlands driving forward this sector.

Drivers of Growth: Feeding a Booming Population

In the face of dwindling arable land, a concern exacerbated by urbanization and industrial development that gobbles up 6-7 million hectares of farmland annually, hydroponics technologies rise as an avant-garde solution. Modern indoor and vertical farming techniques champion the cause by yielding bumper crops typically produced on a tenth of the land required by traditional farming. This space-efficient strategy is a blessing for landless communities residing in crowded urban areas allowing them to cultivate leafy vegetables and various specialty crops with ease. To corroborate the burgeoning market potential, a spike in the imports of hydroponic tomatoes has been recorded, setting the stage for the technologies' accelerated adoption.

Competitive Landscape and Major Industry Players

The Hydroponics Technologies Market is characterized by fragmentation, a scenario where numerous companies jostle for market prominence. They vie with competitors, seeking not only to heighten market shares but to present themselves as beacons of innovation in their respective areas. In a growing market where the possibility of new entrants looms large, established companies leverage their economies of scale and market presence to cement their positions.

Among the prestigious roster of major industry players are AmHydro, Argus Control Systems Ltd., Brio Agri Producer Co. Ltd., Cox Enterprises Inc., and many more. For a comprehensive list of key companies and their strategies, view the sample report.

Unveiling Advantages for Companies

Technavio's report is no mere collection of statistics. It acts as an invaluable resource, providing in-depth insights into vendor analysis both qualitatively and quantitatively. It identifies critical areas such as R&D, capital expenditure, and technology, that determine a vendor’s clout in the industry. The competitive landscape undergoes a rigorous dissection, and vendors' product portfolios are put under the microscope to bestow stakeholders with clarity on the prevailing business milieu. Moreover, it classifies vendors across categories such as pure play, category-focused, and diversified, assigning them a stature ranging from dominant to weak.

Market Segmentation by Technology: Tailoring Solutions for Diverse Needs

Hydroponics, the cultivation of plants without soil, is an industry that spawns high yields and revenue due to improved productivity and efficiencies. Market segments are specially designed to cater to a myriad of farming methodologies. Among these are the nutrient film technique, deep water culture, and aeroponics. Key equipment spans across greenhouse structures, intricate irrigation systems, and solutions for nutrient delivery. Strides in innovation such as the integration of automation and precision farming techniques, continue to propel the market forward, promising a brighter future for this dynamic sector.

For a segmented analysis with a comprehensive regional outlook, stakeholders can access the report sample.

Technavio: Pioneering Research and Advisory for Tomorrow's Marketplace

Technavio stands as a global authority in technology research and advisory. Their work underpins emerging market trends, delivering impactful insights to aid businesses in pinpointing opportunities and devising robust market strategies. Technavio’s team comprises over 500 seasoned analysts, contributing to a vast repository of over 17,000 reports that span 800 technologies across 50 countries. The clientele is just as diverse, inclusive of small enterprises as well as more than 100 Fortune 500 giants, all of which look towards Technavio for end-to-end coverage, exhaustive research, and comprehensive market insights.

Connecting with Technavio

For further information or inquiries, Jesse Maida, a Media & Marketing Executive at Technavio, can be reached for comment. With a US presence at +1 844 364 1100 and a UK contact at +44 203 893 3200, the company extends its expertise across borders. You can also send an email to Jesse Maida or visit Technavio's website for more information.

In conclusion, the hydroponics technologies market is on a steady ascent, driven by necessity, innovation, and environmental considerations. From urban rooftops to rural landscapes, hydroponic systems are revolutionizing the ways we grow and consume produce. As we strive to feed an expanding population on shrinking farmable land, sustainable practices like hydroponics offer tangible hope for a greener, more food-secure future.

(SOURCE Technavio)

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