The global Hydroponics market is expected to reach a value of $16.8 billion by 2026, growing at a CAGR of 14.2% during the forecast period from 2020 to 2026. The increasing global population, rising demand for fresh and healthy food, and the need for sustainable and efficient agricultural practices drive the market’s growth.

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Market by Segment

The crop type segment is expected to dominate the market, with the vegetable segment holding the largest share, followed by fruits and flowers. The vegetable segment is expected to grow at a CAGR of 14.5% during the forecast period. The system type segment is also expected to grow at a CAGR of 14.5% during the forecast period, with the water culture segment holding the largest share, followed by drip irrigation and aeroponics. The component segment is expected to grow at a CAGR of 14.6% during the forecast period, with the hardware segment holding the largest share, followed by software and services.

Market by Geography

Geographically, the global hydroponics market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to dominate the market, with a share of 30.5% in 2020, followed by Europe and Asia-Pacific. The market in North America is driven by factors such as the increasing demand for fresh and healthy food, the need for sustainable and efficient agricultural practices, and the presence of key players in the region. The European market is driven by factors such as the increasing awareness about the benefits of hydroponics, the need for sustainable and efficient agricultural practices, and the presence of key players in the region. The market in Asia-Pacific is driven by factors such as the increasing population, the rising demand for fresh and healthy food, and the need for sustainable and efficient agricultural practices.

Key Players

Some of the key players operating in the global hydroponics market include General Hydroponics, Heliospectra AB, Illumitex, Inc., LumiGrow, Inc., Nexus Corporation, Paul Boers Plantenkwekerij BV, Signify Holding, and Others. These players are focusing on strategic partnerships and collaborations to expand their market presence and increase their share in the global hydroponics market.

In conclusion, the global hydroponics market is expected to witness significant growth during the forecast period, due to the increasing global population, rising demand for fresh and healthy food, and the need for sustainable and efficient agricultural practices. The increasing awareness about the benefits of hydroponics and the presence of key players in the market are also expected to drive the market’s growth.

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