Soaring Demand Drives Aquaponics Market Growth during the Forecast Period, 2018 to 2026
Agritech to be the Top Revenue Pocket for Aquaponics Market
Small scale farming is widening its scope to include a key innovation – Aquaponics. The Aquaponics technology can be successfully incorporated into a business model for farmers as a cost saving and revenue generating strategy especially during the harsh, tropical summer months. Aquaponics is an amalgamation of fish farming and vegetable cultivation in a closed-loop water circulation system. This not only leads to considerable water savings but also increases crop yield during exceptionally dry weather.
New and advanced aquaponics systems are showcasing high-end scalability and adaptability through its prowess in turnkey, commercial farming systems. These systems are highly modular and can be uninstalled, packed, shipped and delivered at negligible costs thus enabling the aquaponics market to gain traction.
IoT based, sharp analytics are helping boost Aquaponics management. Advanced process control methodologies such as Enterprise Resource Planning (ERP), Manufacturing Execution System (MES) and Supervisory Control and Data Acquisition (SCADA) can work in conjunction with IoT to get better results. With IoT enabled predictive analysis, remote monitoring of the aquaponics systems, remote maintenance and optimum utilization of the plants becomes a real possibility.
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Aquaponics are also promoting the idea of ‘Green Space’ offices. Businesses and companies world-wide are showcasing their commitment to ‘sustainability’ by installing aquaponics systems in their offices. Their benefits within the office are myriad ranging from education, employee health and fresh produce like herbs for the office cafeteria. The use of organic farming in the workspace is all set to give a significant impetus to the aquaponics market.
Aquaponics is the integration of aquaculture and hydroponics in a reciprocally beneficial water-based system. This planning encompasses the growth of a variety of fishes, such as goldfish, carp, crappie, tilapia, brim, koi, and bass, as well as plants, such as chives and lettuce. The waste from fish litters that turn into nitrates and ammonia are harmful to the fish but are beneficial for plant growth as they help in supplementing essential required nutrients. This creates an extremely sustainable natural system as natural food is available to aquaculture and plants for growth and productivity.
Wide-variety of cultures are using this source of rearing fish and growing crops for food. Rice paddies in China and Thailand are grown with the focus on development that is based on aquaponic techniques since the last few years.
Modern aquaponics is technologically advanced and is an efficient and effective way of making natural food. Fishes are reared in large tanks, and plants are cultivated hydroponically. They are implanted in beds with a little gravel or clay, and their roots hang down into the water. The water is cycled through the system so that it collects the residual waste from the fish; then it is pumped to the plant beds, where it is gutted naturally by the plants and can then be returned to the fish tanks.
Investments in commercially large scale aquaponics projects are growing due to booming organic and natural food market and increasing urban farming techniques. Aquaponics market is relatively fragmented with the presence of few players at country level and lack of regional and global companies.
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Aquaponics Market Segmentation
Aquaponics market can be segmented by components, equipment, end users, produce, and regions. By components, aquaponics market is segmented into rearing tanks, settling basin, sump, biofilter, and hydroponics. Furthermore, by equipment, the aquaponics market is segmented into grow lights, water heaters, pumps and valves, and aeration systems. By produce, aquaponics market is segmented into fish, fruits and vegetables, and herb. Aquaponics market is further segmented by region into Latin America, North America, Europe, CIS & Russia, Asia Pacific excluding Japan, Japan, and Middle East and Africa. In regional segments, North America and Europe possess significant potential whereas Asia Pacific, and other developing markets, such as Latin America and MEA, possess growth opportunities for Aquaponics over the forecast period. Technological advancement, growing investment for natural produce, and increasing demand for organic products in Europe and North American region are promoting the growth of Aquaponics Market.
Aquaponics Global Market Trends and Market Drivers:
The growth of aquaponics market is mainly due to technological advancement. The key driver of aquaponics market is that it helps in enhancing the ultimate productivity with minimum inputs than traditional agriculture and aquaculture practices. Aquaponics is an advantageous technology as it helps in improving ultimate productivity in a cost effective manner. The productivity from aquaponics can be achieved in approximately 10% of the land area and 5% of the water volume required for producing vegetable production. Aquaponics is unified for the highly well-organized use of existing space or distinct applications like intensive urban gardening. Aquaponics helps in accelerating time for crop production. For example, butterhead lettuce varieties can be grown in about 30 days, instead of the typical 60-day growing period needed for conventional production. Production can occur year-round under a greenhouse or in a temperature-controlled enclosure. This allows producers to market fresh produce during seasons when trucked-in produce is at its highest seasonal prices.
The other important factor that drives the aquaponics market is the diversification of income streams. Aquaponics helps in the production of herbs with the high market, vegetables, and leafy greens, as well as fish, crayfish, worms and mushrooms. These systems allow agriculture to take significant innovative steps towards environmental sustainability. Since they are mostly-closed-loop systems, nutrient effluent leaving the facility is virtually non-existent. Additionally, fish, plant and other waste solids may be captured and converted into value-added fertilizer products for wholesale or retail sale.
The market also faces restraint that is closely tied to the relatively high price of initial system setup of aquaponics. The high cost of investment for technological system installation is a major hindrance in emerging economies.
Aquaponics Market Key Players:
Some of the key market player in aquaponics market includes Aquaponic Lynx LLC, Greenlife Aquaponics, Aqua Allotments, Backyard Aquaponics Pty Ltd, The Aquaponic Source, UrbanFarmers AG, ECF Farmsystems GmbH, Nelson and Pade Inc., My Aquaponics, and Ultrasonics Canada Corporation