Description
The global aquaponic and hydroponic systems and equipment market size is expected to grow from USD 1,202.8 million in 2020 to USD 2,753.2 million by 2027, at a CAGR of 14.8% from 2021 to 2027. High emphasis has been laid on the adverse effects of conventional agriculture on the environment. Some of these concerns include depletion of natural resources, misuse of synthetic chemical inputs into the soil, and contamination of water resources. With the excessive agricultural activities over the land, land fertility globally has declined. This has led to a great rise in alternative production systems for small growers and large-scale commercial productions.
Aquaponic is another system of growing plants without soil but is different from the hydroponic growing system. Instead of plants getting their nutrients from the soil, an aquatic solution is used to directly provide the essential nutrients needed for plant growth to the roots, where efficient nutrient uptake can occur. In place of adding fertilizers to the water to add nutrients, fish are grown simultaneously in the aquatic environment to create a symbiotic relationship that results in an incredibly efficient system. Aquaponic and hydroponic systems' major benefits include a longer growing season than conventional gardening, lessened negative environmental impact, faster plant growth, and higher yield.
Various aquaponic and hydroponic systems are available in the market, such as nutrient-film technique, deep water culture systems, media-filled grow bed, and Ebb and flow systems. The equipment used in aquaponic and hydroponic-based growing includes LED grow light, HVAC, irrigation system, and aeration system. A wide range of products can be developed with aquaponic and hydroponic systems such as vegetables, herbs, fruits, and fish. With the current global scenario, alternative farming systems are expected to grow exponentially in the coming years with increased demand for food and decreased availability of land.
Get a Sample PDF copy of the Report: - https://www.marketstatsville.com/request-sample/aquaponic-and-hydroponic-systems-and-equipment-market
COVID-19 Impact on the Global Aquaponic and Hydroponic Systems and Equipment
The COVID-19 pandemic has significantly impacted almost all major industries worldwide, including the agricultural sector. The pandemic has led to economic instability throughout the world, and the GDP for all countries declined in 2020. The alternative farming industry, vertical farming, aquaponics, hydroponic, and monoculture techniques, has also been vastly affected by the COVID-19 pandemic.
The agriculture sector plays a major role in many countries such as India, the U.S., Australia, and Indonesia. Countries with a well-established aquaponic and hydroponic setup have faced a major issue with the COVID-19. Due to the pandemic, supply chains of major equipment required to work an aquaponic and hydroponic growing setup got severely disturbed. These include an HVAC system, LED grow light, and aeration system. The unavailability of the equipment required for the working of an aquaponic farm has decreased the production and yield severely. This has affected the demand and supply ratio with the products developed through aquaponic and hydroponic techniques.
Global Aquaponic and Hydroponic Systems and Equipment Market Dynamics
Drivers: Increasing Global Food Demand
Global food safety and security is one of the most significant environmental issues. The global population has increased immensely since the 2000s and will further increase by 2030 and 2050. Such a large world population will be demanding more food and water in the future. In the last two decades, agricultural production has been higher than the rate of growth of the global population, which is 1% per year of the current value. Therefore, concerns have been raised whether the landmass of the world will be able to support its expanding population by 2030 and 2050 or not.
Increased food production will require greater inputs-land, water, manpower, or a combination of these inputs. Thus, an increase in food production will intensify competition for land, water, and energy. With the increased concerns over food security, growers worldwide have opted for various techniques for food production, such as aquaponics and hydroponic.
Challenges: High Cost of Operation
The primary reason for the slow and limited adoption of aquaponic and hydroponic systems globally is the high cost of operation and initial investment. Increased investment is required to set up a commercial aquaponics farm, which can be troublesome, especially for small and medium-scale growers. Thus, the cost of implementing the technology, expert cost, and maintenance cost somehow affect the market's growth. The high initial price for setting up an aquaponic and hydroponic system is considered a major challenge in developing aquaponic systems globally. Countries with less technological awareness and less knowledge might not invest a high amount in these systems.
Opportunities: Increasing Cultivation of Medicinal Plants
Medicinal plants are valuable natural resources. Unplanned growth and overexploitation of medicinal plants from non-managed, natural resources have resulted in the lack of different spices and the elimination of various species in the world. To fulfill the developing need for these plants, it becomes critical to moderate these plant species either by way of domestication and cultivation or by other ex-situ and in situ conservation measures for their maintainable use.
Medicinal plants are increasingly cultivated on a commercial scale to meet their growing demand for natural remedies. These plants are usually preferred to be developed away from their native climatic zones due to emergencies.
Buy an exclusive copy: - https://www.marketstatsville.com/buy-now/aquaponic-and-hydroponic-systems-and-equipment-market?opt=2950
Scope of the Report
The study categorizes the aquaponic and hydroponic systems and equipment market based on application, technique, equipment, and regions.
By Application Outlook (Sales/Revenue, USD Million, 2017-2027)
- Vegetables
- Herbs
- Fruits
- Fish
- Others
By Technique Outlook (Sales/Revenue, USD Million, 2017-2027)
- Nutrient-Film Technique
- Deep-Water Culture System
- Media-Filled Grow Bed
- Ebb and Flow System
- Others
By Equipment Outlook (Sales/Revenue, USD Million, 2017-2027)
- HVAC
- LED Grow Light
- Irrigation Systems
- Aeration System
By Region Outlook (Sales/Revenue, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The vegetable segment is projected to account for the largest market share by application
The global aquaponic and hydroponic systems and equipment market is divided into vegetables, herbs, fruits, fish, and others based on application. In 2020, vegetables accounted for the largest market share of 34.5% in the global aquaponic and hydroponic systems and equipment market. Aquaponic and hydroponic techniques are primarily used for the cultivation of vegetables. Through aquaponic and hydroponic growing systems, fish and vegetables are grown together. The vegetables and the fish both reap the benefits from each other through the aquaponic system. This circulating water contains fish excrement, rich in beneficial bacteria and nutrients, and can provide nutrients to plants without fertilizers.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global aquaponic and hydroponic systems and equipment market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 15.8% in the global aquaponic and hydroponic systems and equipment market during the forecast period. The Asia-Pacific includes countries such as India, Japan, Thailand, Indonesia, and South Korea. Countries such as India have the highest populations globally, which creates a higher food demand in these regions. This is expected to drive the aquaponic and hydroponic systems and equipment market in the Asia-Pacific region. The aquaponic and hydroponic market in the Asia-Pacific region is huge, considering countries' dependence on agriculture. Agriculture is a major occupation for a large population in the countries located in this region.
Countries such as India and China have a high food demand expected to increase with their growing population. Aquaponic and hydroponic techniques would help in increasing the agricultural productivity of these countries. Thus, growing food demand is expected to boot the aquaponic and hydroponic systems and equipment market in the Asia-Pacific region. India is one of the largest agricultural crop producers globally, with agriculture contributing 20% to the country’s GDP.
Request for Report TOC, Table of Figure, Chart, etc:- https://www.marketstatsville.com/table-of-content/aquaponic-and-hydroponic-systems-and-equipment-market
Key Market Players
The aquaponic and hydroponic systems and equipment market is mildly concentrated in nature with few numbers of global players operating in the market such as BetterGrow Hydro, Colorado Aquaponics, ECF Farm systems, AmHydro, Aquaponic Lynx LLC, Endless Food Systems, Hydrodynamics International, Hydrofarm LLC, LivinGreen, Nelson & Pade Aquaponics, General Hydroponics, GreenTech Agro LLC, Pegasus Agriculture, PentairAES, Perth Aquaponics, Argus Control Systems Limited, and UrbanFarmers AG.
Recent Developments
- In November 2020, New Town Kolkata Development Authority (NKDA) launched an urban gardening project using LED grow light technology to commercial tuberose and chrysanthemum plants on a two-acre land.
- In May 2018, LumiGrow launched SmartPAR. Lumigrow’s control platform lets researchers and growers schedule light levels and wavelength spectra. The program itself works with other LED fixtures and controls red, blue, and white spectral ranges.
- In January 2021, AmHydro partnered with Farms2050 to start a hydroponic farm with advanced infrastructure and processes. It aimed to provide efficient and world-class hydroponics technology to aspiring hydroponic entrepreneurs at competitive pricing to adopt climate-controlled farming and hydroponic systems faster.
- In February 2021, General Hydroponics recently launched its advanced nutrient system, the Flora Series. Flora Series was the original 3-part hydroponic-based nutrient system consisting of FloraGro, FloraBloom, and FloraMicro.
Key Issues Addressed
- What is the market size by various segmentation of the aquaponic and hydroponic systems and equipment by region and its respective countries?
- What are the customer buying behavior, key takeaways, and Porter's 5 forces of the aquaponic and hydroponic systems and equipment market?
- What are the key opportunities and trends for manufacturers involved in the aquaponic and hydroponic systems and equipment supply chain?
- What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
- What and how regulations, schemes, patents, and policies are impacting the growth of the market?
- What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
- The market player positioning, top winning strategies by years, company product developments, and launches will be?
- How has COVID-19 impacted the demand and sales of aquaponic and hydroponic systems and equipment in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
- Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.
Request For Report Analysis: - https://www.marketstatsville.com/aquaponic-and-hydroponic-systems-and-equipment-market
