Market Overview: —
Aquaponics refers to a system wherein both plants and fish are farmed together in a mutually beneficial series. This form of agriculture is sustainable in nature and combines traditional aquaculture (raising fish and other aquatic animals) with hydroponics (the cultivation of plant in water). It forms a symbolic environment and offers unmatched wellness and nutritional benefits. The waste produced by fish comprises of various beneficial ammonia and nitrates, one which is not entirely good for the aquatic animals living in large quantity. At the same time, the nitrates and ammonia containing wastes are essential fertilizers for plants which can purify the water by consuming all these nutrients.
This sustainable method of farming is garnering widespread acceptance and is increasing in popularity with time and development. It is becoming extremely popular among entrepreneurs, individuals, educators, governments, etc. It is being used for the production of high-quality crops and to nurture and aid the fishes with additional source of food. Aquaponics is one fine example of indoor farming. It can be performed anywhere to attain fresh local food free from pesticides, chemical fertilizers, and herbicides. The process is safe, secure, easy, and fresh.
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Market Research Future (MRFR) mentions in a report that the global aquaponics market is expected to witness proliferating growth during the forecast period between 2016 and 2022. The efficiency and popularity of aquaponics systems is ameliorating with the emergence of new and innovative technologies. It is becoming a cost-effective and proficient method for producing food. The surging demand for vegetables and fruits is stimulating a positive growth of the global aquaponics market in recent years.
The global aquaponics market hosts a number of key and prominent players who are developing new and innovative solutions to edge past their competition and attain market dominance. Some of the companies reported by MRFR are ECF Farmsystems GmbH (Germany), Urban Farms AG (Switzerland), Backyard Aquaponics Pty Ltd (Australia), My Aquaponics (South Africa), Greenlife Aquaponics (U.S.), Nelson & Pade Inc. (U.S.), Colorado Aquaponics (U.S.), and others.
April 22nd, 2019, students from the Pittsburg State University announced that they are developing a sustainable food production project, by the Students for Sustainability platform, in a greenhouse roottop of the Heckert-Wells Hall.
The global aquaponics market segmentation is divided on the basis of equipment, production type, application, and component.
By equipment, the market includes grow lights, valves, water heaters, water quality testing, aeration systems, fish purge systems, and others.
By component, the market segments into rearing tanks, settling basin, biofilter, hydronics subsystem, and others.
By production type, the market includes herbs, fish, fruits & vegetables, and others.
By application, the market comprises home food production, commercial, education and research, and others.
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The global aquaponics market is regionally segmented into the following key regions: Asia Pacific, Europe, North America, and the Rest of the World (RoW). The regional segmentation gives us a brief overview over how the market is diversified and how it influences the overall growth of the market.
North America holds a major share of the global market and is expected to further expand and strengthen its dominance in the near future. The region is projected to hold a striking importance in pushing the overall aquaponics market globally during the forecast period. In North America, the US accounts for the maximum share and contributes significantly to the region’s globular standing.
North America is followed up by Asia Pacific, which stands as the second-largest region in the global aquaponics market in terms of market share. Increasing population rate and growing demand for organic food products is strikingly aiding the regional market herein. Furthermore, it is projected that the region will garner growth in the coming years at the highest CAGR.
Both in North America and Europe, the developing and consistent innovations in technology to improve the efficiency of the aquaponics system is a key factor driving growth in these regions.
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