Aquaponics and Hydroponics Systems and Equipment Market Size, Share, Growth, And Industry Analysis, By Type (LED Grow Lights, HVAC, Irrigation Systems, Aeration Systems, Others), By Application (Vegetables, Herbs, Fruits, Fish, Others), Regional Forecast to 2028

Updated On: 13 March 2023

Report Overview

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The global aquaponics and hydroponics systems and equipment market size was USD 1277.1 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with aquaponics & hydroponics systems & equipment experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 2141.7 million in 2028, exhibiting a CAGR of 9.0% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Fish and plants are grown simultaneously in the exact similar environment using the growth technique known as aquaponics. When using this growing technique, the bacteria in the area directly transform the excrement from the fish into nitrates. The nitrogen cycle, which results in an efficient and effective growth phase known as the nitrogen cycle, is created whenever these nitrates are utilized as food for the vegetation before the leftover water is given to the fishes free of dangerous toxins. Both aquaponics and hydroponics systems and equipment look after the healthy growth of the vegetation.

Hydroponics is a prevalent method of cultivating plants that requires chemical minerals and water, implying that plants are grown without the usage of soil. This is the primary method for cultivating basil, lettuce, and tomatoes throughout the United States. While there are numerous advantages to utilizing hydroponics to promote plant growth, hydroponics is most typically employed because the results are predictable and can create significant yields.

COVID-19 Impact: Interruption in Supply Chains to Deplete Market Growth

The eruption of COVID-19 has done act as a substantial restraint on some market in 2020, as businesses have been disrupted due to global government lockdowns. COVID-19 is a contagious disease that causes flu-like symptoms such as fever, coughing, and difficulty breathing. All the agricultural were set on halt due to the pandemic. National governments' efforts to limit transfer have led to a decrease in business growth and confined trade in goods and services, with nations entering a 'lock down' state. Businesses suffered as a result of the outbreak in 2020 and 2021. Many markets were been affected from this because the main focus was on the respiratory issues. The aquaponics and hydroponics systems and equipment market growth are expected to rebound from the shock over the forecast period.

Latest Trends

"Increasing Demand for Cutting-Edge Systems to Intensify Market Magnification"

Additionally, increasing demand for food has significantly increased as a result of the growing world population. Because conventional farming methods have not been able to keep up with this increasing demand, industry participants are looking into alternative farming methods notably aquaponics and hydroponics to boost productivity and improve profitability. This has led to a significant increase in the demand for cutting-edge systems and equipment, which is fueling the global aquaponics and hydroponic systems and equipment market growth.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into LED grow lights, HVAC, irrigation systems, aeration systems, others

LED grow lights are the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into vegetables, herbs, fruits, fish, others

Vegetables are the leading part of the application segment

Driving Factors

"Elevation in Initiatives to Boost Market Share "

The productivity of aquaponics and hydroponic systems and equipment farming techniques is higher than that of conventional farming, and they may effectively address a number of problems, including food security. As a result, their use is spreading across the globe. Similar to this, these methods offer a substitute for nations whose agricultural methods are heavily dependent on rainfall in order to guarantee food security. The aquaponics and hydroponics systems and equipment market share has exploded as a result. Moreover, an increase in the number of new start-ups and businesses that offer technical knowledge and strategies for the betterment of aquaponics and hydroponics systems and equipment had also led to a further diversification of sophisticated equipment, mediums, in addition to new cost-effective and groundbreaking solutions to scale productions to meet the growing demand and popularity of aquaponics and hydroponics systems and equipment globally.

"Nutrient Film Technique to Expand Market Forwarding"

The deep-water culture system, ebb and flow system, media-field grow bed, wick system, and nutrient film technique are the technique-based divisions of aquaponics and hydroponic systems and equipment market. During the anticipated period, the aquaponics and hydroponics systems and equipment market is anticipated to be led by the nutrient film technique in terms of sales contribution. The ease of installation and low initial expense of this technology are the main factors contributing to the segment's growth. Better root monitoring is made possible by a nutrient film approach, allowing for the early detection and treatment of illnesses. Additionally, the modular architecture makes it possible for someone to scale up the system for better yields and to make it appropriate for use in commercial agriculture.

Restraining Factors

"Lack of Knowledge in Developing Nations to Deplete Market Advancement"

However, installing an aquaponics and hydroponic systems and equipment costs substantially more than using conventional farming methods and also requires technical expertise.

Understanding the crucial nutrients needed for growth of the plant is necessary in order to supply fertilizers in the water. Another significant barrier impeding the expansion of aquaponics and hydroponic systems and equipment market is a lack of knowledge about alternative agricultural techniques, particularly in developing nations.

Regional Insights

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"Fluctuating Rainfall Pattern to Foster Market Growth in Asia Pacific "

During the projection period, the aquaponics and hydroponics systems and equipment market in Asia Pacific is anticipated to grow rapidly due to the region's growing population and fluctuating rainfall patterns, both of which have a direct impact on agricultural production. As a result, there is a rise in the need for alternative farming methods in the area. The convenience and efficiency with aquaponics and hydroponic agriculture, which allow for the cultivation of both fish and plants, has led to a movement in preference toward these alternative farming methods. Asia Pacific is also the region with the highest fish production. Additionally, there are more new enterprises in the area that offer the appropriate equipment and technical expertise due to the increased demand for modern equipment and technical solutions. It has resulted in an increase in the use of aquaponics and hydroponics systems and equipment in this region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• M Hydro (U.S.)
• Aquaponic Lynx (U.S.)
• Argus Controls System (U.S.)
• Backyard Aquaponics (Australia)
•  Better Grow Hydro (U.S.)
• Colorado Aquaponics (U.S.)
• ECF Farmsystems (Germany)
• GreenTech Agro (U.S.)
• Hydrofarm (U.S.)
• General Hydroponics (U.S.)
• Hydrodynamics International (U.S.)
• LivinGreen (India)
• My Aquaponics (U.S.)
• Nelson & Pade (U.S.)
• Perth Aquaponics (Australia)
• UrbanFarmers (Switzerland)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.