Global Aquaponic & Hydroponic Systems & Equipment Market Research Report: Forecast (2023-2028)

Market Definition

Hydroponic & Aquaponic Systems can be described as equipment associated with the growing of plants, along with aquatic animals. Hydroponic, in this context, refers to cultivating plants by utilizing adding other nutrients & no soil. On the other hand, Aquaponic refers to the merging of plants & aquatic animals, such as crayfish, fish, prawns, etc., in which plants are supplied the essential nutrients through waste produced by aquatic animals. In favor, plants help in purifying the water for these marine species that are grown alongside.

Market Insights & Analysis: Global Aquaponic & Hydroponic Systems & Equipment Market (2023-28):

The Global Aquaponic & Hydroponic Systems & Equipment Market size is estimated to grow at a CAGR of around 13.8% during the forecast period, i.e., 2023-28. The growth of the market is propelling due to an increment in the number of farmers inclining towards hydroponic & aquaponic farming owing to their multitude of benefits, such as the minimized need for water for cultivation, reduced arable lands, heightened productivity as compared to other traditional practices of farming. The other reason anticipated for the market expansion relates to the ever-evolving prominence of these systems, as they aid in mitigating the time & cost required for producing crops, notably off-season crops. For instance:

• In 2023, Aquatech Co., Ltd., a prominent organization dealing in plumbing & sanitary equipment, in alliance with ordinary market players & companies, announced the launch of the largest hybrid aquaponic farm in Japan, which goes by the name Akuponi Co., Ltd. The farm is established to sufficiently fulfill the demand for grown local foods & employment opportunities.

Moreover, the other attributed growth stimulator accountable for accelerating the Global Aquaponic & Hydroponic Systems & Equipment Market is the exponential increase in the worldwide population, which is actively contributing to raising the demand for food production that seems unachievable through traditional farming practices, thus promoting Hydroponic & Aquaponic farming to take the lead forwards. This is where the supply of these systems & equipment is destined to proliferate in the forthcoming period.

Global Aquaponic & Hydroponic Systems & Equipment Market Driver:

Rising Demand for Well-cultivated Crops to Uplift the Market Growth – The growing prevalence of cultivated crops, especially off-season crops, is turning out to be the main driving force behind the expansion of the market at a faster rate. This is due to the utmost efficiency & productivity offered by the hydroponic & aquaponic farming practices compared to other ordinary methods. Moreover, these farming techniques are also delving deeper to offer more food products enriched with high amounts of nutrients since the cultivation process is performed under a well-monitored environment.

Additionally, it also aims to provide a higher yield in contrast to traditional methods & is rapidly fulfilling the mounting demand for food generated by the ever-growing global population. Hence, with the boom in the adoption of these technologies, the Global Aquaponic & Hydroponic Systems & Equipment Market is presumed to drive in the following years. 

Global Aquaponic & Hydroponic Systems & Equipment Market Opportunity:

Mounting Integration of Modern Advancements & Technologies – The market is on an urge to upscale in the forthcoming years due to the mounting integration of modern advancements & technologies such as automated growing systems & AI-based systems that have promising offerings to modify the entire landscape of the hydroponic & aquaponic farming technique. The sensors incorporated in automated growing systems hold the potential to supervise & actively control environmental conditions, including the adequate management of temperature, humidity, light, pH, and nutrient levels, thus eliminating the involvement of laborious processes.

Furthermore, AI-based systems take into consideration the use of the latest algorithms to spot differences or rectify the problems occurring in the plants' growth & fix them promptly, hence aiding in thriving the Aquaponic & Hydroponic Systems & Equipment Market globally. However, several R&Ds, coupled with more enhanced technological advancements, are being performed by professionals to strengthen the latest farming practices. This, in turn, is more likely to deliver futuristic opportunities for the leading market players. 

Global Aquaponic & Hydroponic Systems & Equipment Market Challenge:

Mitigating Implementation Due to Excessive Operational Cost – One of the primary hindrances for the Hydroponic is the excessive operational & investment cost that is slowing down the worldwide implementation of hydroponic & aquaponics systems. In most cases, the small-scale owners or farmers look toward it as a roadblock during implementation, owing to the excessive investments demanded by such systems. Rather than this, other major factors impeding the expansion of the market remain the high cost incurred on frequent maintenance sessions, lack of awareness, and trained professionals, specifically in underdeveloped nations.  

Global Aquaponic & Hydroponic Systems & Equipment Market Trend:

High Demand for Medicinal Plants to be the Trending Force – The rising demand for medicinal plants is emerging as a prominent key trend in the market. Owing to the well-managed & closed environment offered by the hydroponic & aquaponic systems, end-users are achieving more medicinal plants that are high in delivering therapeutic properties. This is because these systems are monitored routinely & offer an entirely closed environment, leaving no space for exposure to diseases or pests, thus assisting the consumers to grow medicinal plants at any temperature & given climatic conditions. All these factors contribute to aiding the Global Aquaponic & Hydroponic Systems & Equipment Market to gain colossal momentum in the forthcoming years.

Global Aquaponic & Hydroponic Systems & Equipment Market (2023-28): Segmentation Analysis

The Global Aquaponic & Hydroponic Systems & Equipment Market size, share study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

By Application

• Vegetables
• Fruits
• Herbs
• Fish

The Vegetables sector has been considered the most prominent application in the Global Aquaponic & Hydroponic Systems & Equipment Market since the historical years & is presumed to grasp a strong footprint in the forecast years as well. As this technique is principally deployed to have more efficient & productive vegetation. While cultivating various types of vegetables using the hydroponic method, the waste extracted by fish in the circulating water becomes the source of protein for these vegetative plants as their excretion is enriched with valuable nutrients & other beneficial bacteria.

This, in turn, aids in the better growth of the plants, providing them with essential nutrients & eliminating the entire usage of soil, hence eventually upscaling the demand for hydroponic & aquaponic systems & equipment during the following years.  Moreover, the demand for herbs cultivation is equally gaining significant momentum, owing to traditional farming practices falling behind flourishing herbs with rich aromas & enhanced flavors that can be easily achieved through aquaponic & hydroponic farming methods, thus snowballing the market more than ever before.

By Equipment:

• LED Grow Lights
• HVAC
• Irrigation Systems
• Aeration Systems
• Others (Spare Parts, etc.)

HVAC systems, over the years, have been renowned for propelling the entire landscape of the Global Aquaponic & Hydroponic Systems & Equipment Market due to their constant ability to deliver sufficient amounts of heating, ventilation, and air conditioning that are required for actively regulating & controlling temperature & heat to stimulate the precise food production in the aquaponic farming. Hence, these systems bear in mind the evolving fluctuations of the installed hydroponic & aquaponic systems, whether indoor or outdoor.

Global Aquaponic & Hydroponic Systems & Equipment Market Regional Projections:

Geographically, the Global Aquaponic & Hydroponic Systems & Equipment Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Europe is the leading region in the Global Aquaponic & Hydroponic Systems & Equipment Market. This is because it possesses the lion's share of the market & is thriving in terms of revenue at an astounding pace. The other contributing factor remains the regional adoption of the modern techniques & equipment employed in the hydroponic & aquaponic farming industry since this farming technique can be performed indoors or vertically. Furthermore, Europe's rapidly rising concerns about food safety & security are another prominent reason why the market is smoothly operating & fueling in the European region.

On the contrary, North America is yet another region that is following the footprints of growth during the forecast period. The growing prevalence of modern-based farming practices & modern advancements performed in the agriculture sector are upscaling the Global Aquaponic & Hydroponic Systems & Equipment Market exponentially. In addition, the leading players in the region are simultaneously multiplying their operations to supply more robust systems & equipment associated with hydroponic & aquaponic to their end-users to promote the prominence & leverage of this farming method to their regional population, hence impetus the rise of the market.

Global Aquaponic & Hydroponic Systems & Equipment Industry Recent Development:

• 2023: Hydrofarm Holdings Group, Inc. announced that it would be participating in the 25^th Annual ICR Conference that would take place in Orlando, Florida.

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