March 03, 2021 06:29 ET | Source: Reports and Data Reports and Data
New York, New York, UNITED STATES
New York, March 03, 2021 (GLOBE NEWSWIRE) — Higher yield as compared to traditional agricultural practices is driving the industry.
Market Size – USD 9.5 Billion in 2020, Market Growth – at a CAGR of 11.3%, Market Trends –Growing veganism practice and rising consumption on salads among health-conscious population
The global hydroponics market is predicted to be valued at USD 22.2 Billion in 2028 from USD 9.5 Billion in 2020, occupying a CAGR of 11.3% throughout the forecast period. Hydroponics is a profitable technology, which is also environment-friendly. This technology is highly promoted by several governments and private firms for its numerous advantages in food security. Growing demand for supplying food against the considerable population is propelling the industry growth.
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Excessive cost of this technology is the major drawback in the hydroponics industry. However, a lot of research and development activity in this field is predicted to minimize the overall cost of this technology. Growing emphasis on food security, high profits, and rising consumption of exotic vegetables and salad are accelerating the sector’s growth.
The need for exotic fruits has been constantly elevating due to the rising purchasing power of a large base of consumers. These exotic products are costly, as such products are imported, and thus, various research universities and institutions are highly focusing on building simplified hydroponics systems, to accelerate the exotic vegetables’ production, meeting the population’s escalating demand. Growing awareness among consumers regarding the advantages of eating fresh vegetables is further contributing to the industry development.
Hydroponic production is getting popular among vegetable producers, since the method is not labor-intensive to manage huge production area, and it is an efficient method for controlling inputs and managing facilitates for pests and disease. Hydroponics reduce the soil fumigants’ requirement and can rise popular vegetables’ yields; farmers are adopting hydroponics. Rising hydroponics adoption as a preferred cultivation method is further supporting the sector growth.
Hydroponics Market Size, Share & Analysis, By Type (Aggregate Systems, Liquid Systems), By Crop Type (Vegetables, Fruits, Flowers), By Equipment (HVAC, LED Grow Lights, Irrigation Systems, Material Handling Equipment, Control Systems), By Region, And Forecast To 2028; To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/hydroponics-market
Further key findings in the report
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For the purpose of this report, Reports and Data has segmented the global dye sublimated apparel market on the basis of type, crop type, equipment, and region:
Type Outlook (Revenue, USD Billion, 2018 – 2028)
Equipment Outlook (Revenue, USD Billion, 2018 – 2028)
Input Outlook (Revenue, USD Billion, 2018 – 2028)
Crop Type (Revenue, USD Billion, 2018 – 2028)
Regional Outlook (Revenue, USD Billion, 2018 – 2028)
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