Pune, India -- (SBWIRE) -- 12/13/2019 -- Market Insight
Global Aquaponics Market is expected to register a CAGR of 13.4% from 2019 to 2024 and reach USD 1.34 billion by the end of 2024. Food scarcity is a significant factor in boosting the popularity and demand for the aquaponics market globally. The emerging economies around the world are the primary motivators in the growth of the aquaponics market. The home food production application of the aquaponics is quickly gaining traction to increase the market size significantly. The scarcity of resources especially land resources is the boosting the development of the market at a breakthrough pace. The organic food source in the aquaponics system is a critical factor contributing to the growth of the market in a significant way. Emerging trends for urban farming and organic food product will contribute to the development of the market in the forecast period.

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Aquaponics Market Key Players
By ensuring supply and demand are in balance, the competitors can capture new opportunities for growth. The noticeable trends and players have led to a positive tone for development. The contenders in the market have been stimulated to ideate strategic roadmaps that exploit on the constructive market cues. The forecast for growth and innovation has improved at a prompt pace changing the market. The important trends and players have established a positive tone for development. The inducement for the market's growth has improved the competitive backdrop of the market. The ideal opportunities are being engaged and converted to modifying the growth pace of the market substantially.

The strategic competitors profiled in the Aquaponics Market are Nelson & Pade Inc. (U.S.), Colorado Aquaponics (U.S.) Urban Farms AG (Switzerland), Backyard Aquaponics Pty Ltd (Australia), My Aquaponics (South Africa), ECF Farmsystems GmbH (Germany), and Greenlife Aquaponics (U.S.) to name a few.

Industry Updates
Feb 2018 Stars Hollow Co., which is an Aquaponics startup will generate 156 jobs and spend approximately $12.3 million to construct a new facility in Cambridge. The company, which plans to construct the 164,000-square-foot warehouse, office and production facility in the Cam-bridge Opportunity Industrial Park, has stated that it will raise koi fish and cultivate organic produce, fruits, and herbs. The new jobs will be generated within three years and pay wages close to $21.17 an hour. The Minnesota Department of Employment and Economic Development (DEED) is backing up the project with an $812,960 grant from the Job Creation Fund. The company will collect the funding once it has completed its hiring and investment commitments.

Aquaponics Market Segments
The global aquaponics market is divided based on equipment, component, production type, application, and region. Based on production type, the segment includes herbs, fish, vegetables & fruits, and others. the equipment-based segmentation of the market includes pumps & valves, grow lights, water quality testing, fish purge systems, water heaters, aeration systems and others. The segmentation based on component comprises of rearing tanks, sump, biofilter, hydroponics subsystem, settling basin, and others. The application segmentation of the market comprises of home commercial, food production, education & research and others. The regions included in the market are Europe, North America, Asia Pacific and ROW.

Aquaponics Market Regional Analysis
The Aquaponics Market is segmented into APAC, North America, Europe, and rest of the world (ROW). The North American region has the key market share in the aquaponics market. Demand for organic food products and growing population is backing the aquaponics market growth in the Asia Pacific region which is anticipated to develop at an encouraging CAGR rate. Improvement in technology to enrich the efficiency of an aquaponics system is stimulating the market growth in the North American and European region.

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