EDINA, Minnesota, May 4, 2018 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled 'Global Aquaponics and Hydroponics Systems and Equipment Market-Analysis & Forecast 2017-2022', the global aquaponics and hydroponics systems and equipment market is expected to reach $1.98 billion by 2022, growing at a CAGR of 15.4% from 2017 to 2022. This growth is attributed to the high yield produced results from both hydroponic and aquaponic systems as compared to the traditional farming. These systems enhance the productivity with minimum inputs as compared to the traditional agricultural practices, which are driving the growth of the market.
Browse more than 52 Data Tables and 129 Figures spread across 223 Pages and in-depth TOC on "Global Aquaponics and Hydroponics Systems and Equipment Market-Analysis & Forecast 2017-2022"
Soil-less culture or hydroponics is the method of growing crops without the soil, either on a substrate (growing media) or in an aqueous medium with plain roots. The growing media provides nutrient support and moisture retention to the plants. Various irrigation systems are joined with these growing media to assist the nutrient solution reaches to the plant's root zone directly. Apart from the high yield benefit as compared to traditional farming, soil-less farming is also gaining traction because of its low fertilizer use efficiency which makes it a suitable farming technique across regions which are dry or nutrient dispersion.
On the other hand, Aquaponics is an upcoming vertical farming technology which is still at a nascent stage but is gaining a lot of traction. The plants can be cultivated with water (hydroponic technique), and the same water can be used for aquaponics (fish farming technique). Another technique is aeroponics, which includes the growing of plants by spraying the roots with a nutrient-rich water solution which is still a nascent technology.
Both aquaponic and hydroponic techniques have many advantages over the conventional farming methods. Hydroponics and aeroponics are modern agriculture systems that utilize nutrient-rich water rather than soil for plant growth. These do not require fertile land and require less space and 70% less water when compared with the conventional farming. These techniques support crop production all year round when practiced in a controlled environment. This consequently assists the farmers to have greater control over the production and the ability to increase yields with more flexibility during unfavorable climatic conditions.
The aquaponic and hydroponic techniques require the use of various equipment to perform the farming operations. Some of these grow lights, HVAC, irrigations systems, water heaters, and aeration system. Majority of the equipment used in aquaponics and hydroponics industry is quite similar in products such as growing media, solutions for adjusting pH and building materials. In today's scenario, commercial food production exists mainly in controlled environments, such as greenhouses or outdoor locations, providing the crops with customized and favorable climatic conditions, using methods and equipment that are suitable for production by both the hydroponics and aquaculture techniques.
According to Sonal Rawat, an analyst at BIS Research, "LED grow lights holds the majority of the share in the aquaponics and hydroponics systems and equipment market. These accounted for 31.1% share in 2017 in the global hydroponics and aquaponics systems & equipment market and is projected to reach 31.8% by 2022, registering a CAGR of 14.8% between 2017 and 2022. The growing demand for energy efficient light and prolonged technology is the reason for the growth of this market. LED lighting has a long life of 50,000 more hours as compared to the traditional incandescent lamp which only works for 2000 hours. These lights have a life of 8-10 years with the usage of 14-18 hours daily. LED when compared with others consume 50-85% less electricity which is the reason for the increasing demand of these lights."
Driven by the growing awareness concerning food safety risks and sustainable farming, global demand for crops and vegetables that are cultivated in a safe and controlled environment is rising. Hydroponic and aquaponic plants are an ideal choice in this scenario as lack of soil in hydroponic systems eliminates the chances of pathogen incubation. Both aquaponic and hydroponic systems consist of various types of inputs, apart from the equipment used in the same. These inputs are categorized into two, namely, nutrients and mediums. These system and mediums are technologically advanced and are an efficient and effective way of producing natural food.
The trends of the aquaponic and hydroponic systems and equipment market vary across different geographical regions. Regional market growth is majorly attributed to the increasing technical expertise, proper research and development institutes and consumers demanding transparency in their food products, among others. Both aquaponics and hydroponics technique fill the demand-supply gap perfectly due to their ability to provide high quality nutritious, fresh food nearby the urban centers so that the highly perishable items are sent to the market immediately.
Asia Pacific is expected to be the fastest-growing region from the forecast period 2017 to 2021, accounting for $185.2 million in 2017 and is projected to reach $390.6 million by 2022, registering a CAGR of 16.1% between 2017 and 2022, due to its large market base for the agriculture industry in the region. The APAC region includes countries such as China, India, Japan, Indonesia, Thailand, Australia, New Zealand (ANZ) and Vietnam, among others. Rising population along with the increasing agricultural yield is expected to increase the demand for aquaponic and hydroponic systems in the region. The region's government supporting indoor farming industry ranging from beneficial policies to subsidies is another key factor supporting growth in this region. China is the flag bearer of the market in the Asia-Pacific region, which recorded the highest usage of aquaponic and hydroponic techniques.
Presently, North America is at the forefront of the aquaponic and hydroponic produce and equipment market, with high market penetration in the countries such as the U.S., Canada, and Mexico. The region accounted for the largest market share in 2017 and is projected to reach $832.8 million by 2022, registering a CAGR of 15.8% between 2017 and 2022 due to the increasing technological advancements, and increasing government investments pertaining to the agriculture industry. Moreover, the region serves as one of the most important regions from where the leading companies in the aquaponics and hydroponics systems and equipment market generate their revenue.
Limited availability of arable land and water scarcity is compelling the Middle Eastern countries to adopt aquaponic and hydroponic techniques in the region. The European region is a stagnant market, but countries, such as the Netherlands, Belgium, Germany and the U.K., among others are actively opting for both hydroponic and aquaponic techniques and contributing to the market's growth in the region.
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This report is a meticulous compilation of research on market players in the aquaponics and hydroponics systems and equipment ecosystem and draws upon the insights from in-depth interviews with the key opinion leaders of more than 20 leading companies, market participants, and vendors. The report also profiles 18 companies which include Aquaponics LLC, Nelson and Pade Inc., Backyard Aquaponics, My Aquaponics, AMCO produce, American Hydroponics, General Hydroponics, GreenTech Agro LLC, and BetterGrow Hydro among others.
Key questions answered in the report:
- What was the size, in terms of value ($million) of the aquaponics and hydroponics systems and equipment market in 2017, and what will be the growth rate during the forecast period, 2017-2022?
- What is the aquaponics and hydroponics systems and equipment market size for different regions, on the basis of equipment and systems?
- What are the key trends and opportunities in the market, pertaining to the countries included in different geographical regions?
- How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of the aquaponics and hydroponics systems and equipment market?
- What are the major driving forces that tend to increase the demand for aquaponics and hydroponics systems and equipment market during the forecast period?
- What are the major challenges inhibiting the growth of the global aquaponics and hydroponics systems and equipment market?
- What kind of new strategies is being adopted by the existing market players to expand their footprint in the industry?
- What is the competitive strength of the key players in the aquaponics and hydroponics systems and equipment market by market share analysis?
- Who are the key market players in the market, along with their detailed analysis and profiles (including company snapshots, their financials, key products & services, and SWOT analysis)?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on Healthcare, Automotive, Aerospace and Agriculture and other key industries that are seeing rapid technological disruption.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
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