The primary source of livelihood for a majority of the global population is agriculture. Agriculture is also the main source of national income for most developing countries. However, for developed countries, agriculture contributes a smaller percentage to their national income. In recent times, agriculture has come under scrutiny due to its adverse effects on the environment, which include depletion of natural resources, contamination of water sources, and misuse of synthetic chemical inputs. There is less land available for crops, and growers are constantly looking for alternative and safer ways to grow plants using less space. This has led to an increased emphasis on soilless production systems for small and large-scale commercial production of crops. At the forefront of the soilless system are hydroponics and aquaponics, which provide growers with many important benefits for plant growth and minimize potentially dangerous environmental impacts.
Read Report Overview: Aquaponic and Hydroponic Systems and Equipment Market
Hydroponics is a method of growing plants without soil. At first, it seems counterintuitive to grow plants without soil, but hydroponics is a diverse system that works better than conventional methods of growing plants in soil. In the hydroponic growing system, the nutrient-rich aquatic solution is flushed through the plant root to provide the plant with the necessary resources for optimal growth. Using a hydroponic planting system has many advantages: it consumes fewer resources, does not require arable land, and the quality of harvestable plants is higher than that of conventional planting methods.
Global Aquaponic and Hydroponic Systems and Equipment Industry Overview
The global aquaponic and hydroponic systems and equipment market is expected to reach $2.74 billion by 2026, with a CAGR of 14.80% during the forecast period 2021–2026. High growth in the market is expected to be driven by the benefits that aquaponic and hydroponic growing techniques provide over conventional farming. With alternative farming techniques such as aquaponics and hydroponics, food production can be maximized with year-round production. With these techniques, products grown are more nutrient rich as compared to products grown through conventional farming. Products grown through aquaponic and hydroponic techniques are grown in a controlled environment and monitored at all times. With increased production, increasing global food demand can also be managed through these techniques.
Impact of COVID-19 on Aquaponic and Hydroponic Systems and Equipment Market
The supply chain of the majority of the industries across the globe got impacted due to the COVID-19 pandemic, including the aquaponic and hydroponic equipment industry. A significant impact was witnessed on the global aquaponic and hydroponic systems and equipment market as equipment manufacturers were unable to provide equipment to set up an aquaponic farm due to government measures to prevent the spread of the COVID-19.
Key Market Players and Competition Synopsis
AmHydro, Aquaponic Lynx LLC, Argus Control Systems Limited, BetterGrow Hydro, Colorado Aquaponics, ECF Farmsystems, Endless Food Systems, General Hydroponics, GreenTech Agro LLC, Hydrodynamics International, Hydrofarm LLC, LivinGreen, Nelson & Pade Aquaponics, Pegasus Agriculture, PentairAES, Perth Aquaponics, and UrbanFarmers AG
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The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (which holds 50–60% of the market) and mid-segment players (comprise of 30–40% share), and small and emerging companies (holds the balance 10–20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the aquaponic and hydroponic systems and equipment industry.