The global Aquaponics Market Statistics has been projected to grow past a valuation of USD 1.34 billion by 2024, with an impressive 13.4% CAGR during the forecast period of 2019 to 2024. Market Research Future (MRFR), in its report, dealt with several factors that can boost the outcome for the market.
Growing demand for sustainable methods in the urban areas to counter environmental crisis and space crunch is expected to boost the global Aquaponics Market. Governments are investing much to boost this sector to profit from its cost-effective measures. Reduced technical complexities, low water usage, and dual raising activity are expected to boost the market outcome. Hike in demand for organic food can also boost the market forward.
The global Aquaponics Market report reveals various segments that have been studied by experts to bring out details on factors and boost the strategic measures with figures and charts. These segments are produce, components, equipment, and application. The impacts of these segments during the strategy-developing procedures would be immense.
The global market report on the aquaponics has been segmented on the basis of product, as fish, fruits & vegetables, and others. Both these sectors are getting good traction in the urban areas where there is a huge space crunch.
By components, the global Aquaponics Market can be segmented into settling sump tanks, basins, bio-filters, rearing tanks, and others. The rearing tank is getting good traction from the market as it helps in culturing products.
By equipment, the study on the global market includes a detailed discussion of grow lights, water heaters, pumps and valves, fish purge systems, water quality testing, aeration systems, and others. Specific applications of these tools are expected to impact the market on a holistic level.
By application, the report containing details of the global Aquaponics Market has been segmented into home food products, commercial, and others. The commercial segment is expected to boost the global market as it would fetch revenues and create better opportunities for the market.
North America has a provision in terms of infrastructural scope and investment to lead the global market. It is incorporating all the modern farming technologies to boost the procedure. The Asia Pacific region has the chance to grow with the fastest speed, and it will benefit from the rising urbanization. However, COVI-19 impact can stall the growth to some extent.
The global Aquaponics Market Statistics is eyeing on the strategic moves launched by companies like Colorado Aquaponics (US), Backyard Aquaponics Pty Ltd (Australia), Nelson & Pade Inc. (US), Greenlife Aquaponics (US), Urban Farms AG (Switzerland), Red Ewald Inc. (US), Ichthys Aquaponics (South Africa), Aponic Ltd (UK), Pentair Aquatic Eco-Systems Inc. (US), My Aquaponics (South Africa), Hapa Farms (US), ECF Farmsystems GmbH (Germany), NutraPonics Canada Corporation (Canada), Lucky Clays Fresh (US), and Japan Aquaponics (Japan) for better growth opportunities. Companies are building their portfolio through mergers, acquisitions, and collaborative efforts, which MRFR has profiled to understand the market movement. Other marketing strategies like branding, launching, and innovation can help companies stay abreast and edge out peers. MRFR also included a COVID-19 analysis to make it more reliable.
In May 2020, researchers from the Leibniz-Institute of Freshwater Ecology and Inland Fisheries (IGB) revealed in a report that the aquaponics with dual options of farming vegetables and fishes could be profitable if good agricultural practices are followed and proper conditions are maintained. The process would be beneficial in terms of environment and costing.
In May 2020, researchers at Shepherd University’s Agricultural Innovation Center at Tabler Farm announced that they had received a $6,000 grant from the Home Depot Foundation that would help them in buying materials and building an aquaponics laboratory. The process will enhance the Veterans to Agriculture Program.
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