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The global market for hydroponics is being driven by the rising awareness regarding its benefits and the increasing global demand for food and agricultural produce, as a result of the rising population. In addition, the increased investments in the agricultural sector in order to promote the concept of sustainable cultivation are also expected to bolster the market growth in the coming years. Moreover, the demand for offseason cultivation of fruits and vegetables is also expected to contribute to the market development. The rising demand for high crop yield, coupled with the increasing inclination towards sustainable farming with reduced pollution as well as improved quality produce is expected to positively impact the market growth in the forecast period.
The market players are increasingly investing in the development of quality cultivation mechanism in order to enhance the cultivation of crops. In September 2021, GrowGeneration Corp (NASDAQ: GRWG) opened two new hydroponic garden centres to serve the largest hydroponic market in Los Angeles County, California. Furthermore, another leading vendor of hydroponics equipment, Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM), in March 2021, announced the launch of new indoor sustainable farming equipment to expand the company’s portfolio of innovative products in the lighting, nutrients, climate control, and growing media segment. Such developments are expected to positively impact the growth of the hydroponics industry in the forecast period.
Market Breakup by Product Type, Equipment, Crop Type, and Region:
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The major players in the global hydroponics market are Argus Control Systems Limited, AeroFarms, LLC, Heliospectra AB, Freight Farms, Inc., and Triton Foodworks Pvt. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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