The global hydroponics market is valued at USD 12.1 billion in 2022 and is projected to reach USD 25.1 billion by 2027. The global hydroponics crop market is estimated to be valued at USD 37.7 billion in 2022 and is projected to reach USD 53.4 billion by 2027, recording a CAGR of 7.2%. The emergence of indoor farming led to the evolution of artificial lighting technology to assist plant growth. LED technology has proved to be more energy-efficient and long-lasting in general lighting applications. This is anticipated to drive the market.

Based on types, the liquid systems segment gained the largest market share in the hydroponics market. Liquid system consists of different hydroponic systems such as deep water culture, NFT, and aeroponics. NFT systems is becoming widely popular across the globe. Some key benefits of NFT include low water and nutrient consumption, avoiding the need to use a lot of growing media, easy-to-disinfect roots and setup, easy-to-see root quality and health, and recirculating minimal groundwater contamination.

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Based on equipment, the LED grow light segment accounted for the largest market share in the hydroponics market. Grow lights of different types are available in the market, including high-pressure sodium lights (HPS), metal halide bulbs (MH), and fluorescent bulbs. The types of grow lights are based on the spectrum of light emitted by the equipment, which can stimulate and increase plant growth. The emergence of grow light technology in plant breeding has created market opportunities for the majority of indoor farming systems.

The vegetables segment gained the largest share in the hydroponics market based on crop type during the review period. Producing vegetables like tomatoes, leafy greens, cucumbers, among others, in hydroponic systems protects crops from harsh conditions such as cold, wind, pests, drought, etc. Growing vegetables in such systems also allow for creating the most suitable condition for crops owing to the controlling factors available, such as moisture, light, temperature, fertilization, humidity, and irrigation.

Greenhouse agriculture in European region supported the growth of hydroponics in Europe. Many European players such as General Hydroponics and Hydroponic system international entered the market with hydroponic tools and technologies, along with growth mediums and nutrients to grow crops hydroponically; this encouraged the growers to use such technologies. Europe is followed by North America in terms of market share due to availability of required infrastructure to run a hydroponic farm and adoption of modern farming technique. Asia Pacific region is experiencing high growth in the market due to increasing demand for fresh food among urban population and government support in establishing hydroponic farms by means of subsidies.