Hydroponics farming allows a plant to grow 50% faster than the conventional method. It removes the need for pesticides and herbicides. In hydroponic gardening, any type of water that can be recycled and reused can be used, reducing the need for fresh water and taking up less space. The rising consumption of salad crops and vegetables is predicted to promote the growth of the hydroponics market over the forecast period. Furthermore, the higher yield of hydroponic crops compared to conventional soil crops, the increasing need for food security with an increasing population, the increased cultivation of medicinal plants, and the increasing adoption of environmentally friendly techniques such as farming and agriculture are some of the growth drivers of the hydroponics market. Different types of equipment including fans, irrigation systems, ventilation, control systems, rails, lights, and HVAC systems are the key cost factors in a hydroponic farm. On average, a 500 sq. ft. hydroponic farm can cost up to US$ 110,000 for a base level system that is not completely automated. This huge cost for the initial setup of the system is the main factor refraining farmers from investing in these systems. However, the yield from these systems is higher, and the produce can also be labelled as premium, increasing the rate of return (ROI) for growers.
According to Coherent Market Insights, the Hydroponics Market is expected to surpass US$ 770.7 Million by the end of 2028, in terms of revenue, and exhibit a CAGR of 10.53% during the forecast period (2021 to 2028).
Major Players in the Hydroponics Industry:
1. Argus Control System (Canada)
Manufacturer and suppliers of plant-centric environmental controls and automation systems used in greenhouse and indoor growing facilities. The company is engaged in the design and supply of automated monitoring and control systems to clients in the plant science research, commercial horticulture, and plant-derived pharma industry, enabling clients to monitor, control and assess their greenhouse or indoor facility in real-time. The company was founded in 1984, headquartered in British Columbia.
2. Koninklijke Philips NV (The Netherlands)
Koninklijke Philips N.V. operates as a health technology company in North America, the Greater China, and internationally. It operates through Diagnosis & Treatment Businesses, Connected Care Businesses, and Personal Health Businesses segments. Koninklijke Philips N.V. was founded in 1891 and is headquartered in Amsterdam, the Netherlands.
3. Greentech Agro LLC (U.S.)
GreenTech Agro produces and sells highly engineered modular growing systems in different sizes of shipping containers (known as Growtainer). The company has production facilities in Dallas, Texas and Rotterdam, Netherlands. Growtainer’s containers can be customized according to clients’ needs and they are stackable as well as mobile. The growing System is suitable to grow microgreens. The company was founded in 2010.
4. Biodynamic LLC.
The company was founded in 2009, headquartered in U.S. It is Provider of innovative renewable energy and controlled environment agriculture (CEA) business services designed to provides highest-quality products and services at the meeting point of food, energy and the environment. The company's consultancy, project management, construction, system installation and maintenance services and supplies and equipment for growing hydroponic crops enables professional commercial growers to protect crops from environmental elements.
5. Lumigrow, Inc. (U.S.)
In 2007, LumiGrow emerged to offer smart lighting and adjustable spectrum LEDs as the newest in horticultural lighting technology. The company was founded in 2007.
6. Hydrofarm Inc.
Hydrofarms is a hydroponics Industry that helps in increasing production. The company was founded in 2012, headuqaurtered in Egypt.
7. Heliospectra AB
Heliospectra AB (publ) provides light control systems and related services for greenhouse and controlled plant growth environments worldwide. It offers MITRA, a modular cooling solution for indoor and greenhouse; ELIXIA, an essential tool for greenhouse or indoor operation; and DYNA, a flexible LED grow light. Heliospectra AB (publ) was incorporated in 2005 and is based in Gothenburg, Sweden.
8. Village Farms International, Inc.
Village Farms International, Inc., together with its subsidiaries, produces, markets, and sells greenhouse-grown tomatoes, bell peppers, and cucumbers in North America. It operates through four segments: Produce, Cannabis-Canada, Cannabis-U.S., and Energy. Village Farms International, Inc. was founded in 1989 and is headquartered in Delta, Canada.
9. Soave Enterprises LLC (United states)
It is Provider of diversified business services in the United States. The company's business services include metal recycling, industrial services, automotive retailing, transportation, warehousing and logistics, enabling customers to have access to an improved entrepreneurial culture. The company is headquartered in Detroit, U.S., founded in 1961.
*Defintion- Hydroponics is a way of growing plants in a mineral-rich water solution without utilising soil or dirt-less gardening.
