The global aquaponic and hydroponic systems and equipment market size was US$ 1.6 billion in 2021. The global aquaponic and hydroponic systems and equipment market is forecast to grow to US$ 3.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Increasing food demand and rising concerns over food security will benefit the global aquaponic and hydroponic systems and equipment market. In addition, the growing world population and rising agricultural practices will escalate the growth of the aquaponic and hydroponic systems and equipment market.
The negative environmental effects of conventional agriculture and depletion of natural resources will drive the global aquaponic and hydroponic systems and equipment market forward. Further, the improper use of synthetic chemical inputs into the soil and the contamination of water resources will significantly increase the demand for alternative production systems.
Natural resources such as medicinal plants are extremely valuable. The growing demand for these plants will increase the adoption of aquaponic and hydroponic systems and equipment.
COVID-19 Impact Analysis
Agriculture is important in numerous countries, including India, the United States, Australia, and Indonesia. Countries with a well-established aquaponic and hydroponic setup have encountered significant challenges due to the COVID-19 pandemic. Because of the pandemic, supply chains for major equipment used in aquaponic and hydroponic growing setups were severely disrupted. HVAC systems, LED grow light, and aeration systems were among them. In addition, the lack of equipment required for the operation of an aquaponic farm has severely reduced production and yield. Thus, it led to a negative impact on the global aquaponic and hydroponic systems and equipment market.
Regional Analysis
Asia-Pacific comprises the countries with the highest population densities. China and India have higher food demand, which is expected to drive the Asia-Pacific aquaponic and hydroponic systems and equipment market. Agriculture is a major source of income for a large portion of the population in these countries. Food demand in countries such as India and China, is expected to rise as their populations grow. Aquaponic and hydroponic techniques would aid in increasing these countries' agricultural productivity. As a result, rising food demand is expected to fuel the growth of the Asia-Pacific aquaponic and hydroponic systems and equipment market. In addition, favorable policies by government organizations and beneficial incentives will benefit the regional aquaponic and hydroponic systems and equipment market in the coming years.
Competitors in the Market
Market Segmentation
The global aquaponic and hydroponic systems and equipment market segmentation focuses on Application, Technique, Equipment, and Region.
By Application Outlook
By Technique Outlook
By Equipment Outlook
By Region
