Global Hydroponics Technologies Market to Grow by $450.18 Million During 2020-2024 | Featuring Advanced LED Grow Lights, American Hydroponics, and CropKing Inc. among others | Technavio
LONDON--(BUSINESS WIRE)--Dec 15, 2020--
Technavio estimates the global hydroponics technologies market to grow by USD 450.18 million, progressing at a CAGR of almost 15% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Hydroponics Technologies Market 2020-2024. (Graphic: Business Wire)
The market is driven by facilitation in soil and space-saving. However, the high investment cost of hydroponic technologies might challenge growth.
Hydroponics Technologies Market: Technology Landscape
Based on technology, the market witnessed maximum growth in the environment and climate control systems segment. The segment is expected to offer several growth opportunities for vendors over the forecast period.
Hydroponics Technologies Market: Geography Landscape
34% of the market’s growth originated from Europe in 2019. Factors such as the rising adoption of controlled environment agriculture for horticultural crops and the increasing development of new advanced technologies that target specific crop needs are fueling the growth of the hydroponics technologies market in Europe.
The Netherlands is the key market for hydroponics technologies in Europe. Market growth in this region will be slower than the growth of the market in APAC and North America.
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Major Three Hydroponics Technologies Market Vendors:
Advanced LED Grow Lights
Advanced LED Grow Lights operates its business through the Unified business segment. The company offers ARC LED Light Series 2.0 can grow any plant from seed to full harvest. The product has a slim design, no fans, and draws less power. The company also offers high quality, durability, low cost indoor grow tents and grow tent kits, such as LightHouse Grow Tent 4ft X 8ft, LightHouse Grow Tent 4ft X 4ft, 4 Ft X 4 Ft Gorilla Grow Tent For Indoor Gardening, and others.
American Hydroponics operates its business through segments such as Systems, NFT, Vine Crop, Propagation, Medical, and Others. The company offers various models of NFT systems such as AmHydro NFT 1200 System Kit and Get Growing NFT 10K Commercial Bundle. These models are equipped with features such as high horsepower pumps, drip caps, environmental controller, and CO2 burner. The company also offers AmHydro VC 20 System Kit, which is designed to produce tomatoes, cucumbers, or peppers. The product is equipped with features such as 30-gallon reservoir and custom steel table frame.
CropKing Inc. operates its business through segments such as Greenhouses, Greenhouse supplies, NFT systems & supplies, Bato bucket systems & supplies, Fodders and microgreens, Aquaculture & Aquaponics, and Others. The company offers various models such as NFT 4-6, NFT 8-4, and NFT 8-25. These models are enclosed with top covers, and end caps to minimize algae growth, and the materials used are of food grade and UV stabilized. The company also offers 10 bucket Bato system and 24 bucket Bato system, which are equipped with features such as square aluminum stand, electronic timer, and feed pump.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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SOURCE: Technavio Research
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PUB: 12/15/2020 04:30 AM/DISC: 12/15/2020 04:31 AM