Grow Lights to Register Highest CAGR in Aquaponics Market During Forecast Period

Rising demand for organic fruits & vegetables along with growing population to drive global aquaponics market through 2024

According to TechSci Research report, “Global Aquaponics Market By Equipment, By Method, By Application, By Region, Forecast & Opportunities, 2024”, the global aquaponics market is expected to grow at a CAGR of around 23% during the forecast period. Aquaponics is witnessing adoption since it is organic in nature and no pesticide or fertilizer is used in the entire process. Further, aquaponics utilizes least aquatic space for husbandry of vegetables, this is an imperative facet for aquaponics salability as arable lands are shrinking owing to rapid urbanization and industrialization. However, the high cost of initial set up of aquaponics system and the high investment for technological system installation are likely to hamper the growth of the market during forecast period. Additionally, other sustainable agriculture techniques such as vertical farming, organic arable farming, among others are witnessing growth owing to their increased adoption. This can obstruct the growth of aquaponics market.

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Global aquaponics market is segmented based on equipment, method, application, company and country. Based on equipment, the market can be segmented into pumps & valves, grow lights, water heaters, water quality testing, fish purge systems and aeration system. Of all, grow lights are expected to grow at the fast pace during the forecast period since they emit high efficiency light and heat which is required for the process of photosynthesis. Additionally, they find their use in a variety of applications.

Nelson and Pade Inc., Pentair Aquatic Eco-Systems, Inc., ECF Farmsystems GmbH, Backyard Aquaponics Pty Ltd., AquaCal AutoPilot, Inc., GrowUp Urban Farms Ltd., The aquaponik manufaktur GmbH, NutraPonics Canada Corporation, Aponic Ltd, and Blueplanet Urban Agro Services Pvt Ltd. are some of the leading players operating in global aquaponics market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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“Europe is expected to be the fastest growing market for aquaponics during the forecast period, owing to the rising demand for organic food along with technological innovations in this region. Additionally, funding provided by the European Union to promote adaptation of aquaponics technique are providing new opportunities for the market to grow at a rapid rate in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Aquaponics Market By Equipment, By Method, By Application, By Region, Forecast & Opportunities, 2024” has evaluated the future growth potential of global aquaponics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global aquaponics market.

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