Sarasota, FL -- (SBWIRE) -- 07/23/2018 -- Zion Market Research has published a new report titled "Aquaponics Market by Product (Fish, Herbs, Fruits, and Vegetables), by Components (Bio Filter, Rearing Tanks, Settling Basins, Hydroponics subsystem, and Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2015-2024". According to the report, the global aquaponics market was valued at around USD 0.49 billion in 2017 and is expected to reach approximately USD 1.3 billion by 2024, growing at a CAGR of around 10% between 2018 and 2024.

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Aquaponics is used for growing vegetables, fruits, herbs, and fishes together in one system. The material required for building the aquaponics is a big fish tank, grow bed, plumbing pipe and fittings, standpipes, water pump, aerator, airline and air stones, liner, grow lights heating elements, filtration system, etc. The technical instruments required to maintain system are water quality test kit, cycling kit, pH adjuster, and testing and monitoring equipment. In addition, the system requires fish food, fish care products, gardening supplies, pest management supplies, and seeds and seed starting supplies.

The aquaponics market is expected to witness substantial growth within the forecast period. The market is mainly driven by increasing demand for organic fruit and vegetables. Rising technological innovation and investment in aquaponics market in developed countries is expected to surge the market growth. Moreover, growth in the global population has increased the pressure to boost the yield of crops owing to the increasing demand for aquaponics market. However, high electricity consumption and high initial setup cost are expected to be restraining factors for the aquaponics market.

On the basis of the product, the market can be classified into fish, herbs, fruits, and vegetables. In terms of revenue, vegetable had the highest growth in 2017 and is expected to increase further in the near future.

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The market can be segmented on the basis of components into biofilter, rearing tanks, settling basins, hydroponics subsystem, and others. Increasing demand for aquaponics solution in order to cultivate the crop in a sustainable and organic manner without the use of harmful chemical fertilizer and pesticides is affecting the aquaponics market positively. Hydroponics subsystem is expected to witness noticeable growth on account of increasing demand for hydroponics crop.

In 2017, North America and Europe emerged as leading regions in the aquaponics market. The growth in this region is mainly due to the increase in technological innovation and increased investment in the field. Moreover increasing demand for organic fruits and vegetables and disposable income is expected to boost the demand in North America. The Asia Pacific is another key region market and is expected to show significant growth in near future on account of rapid urbanization, constant degradation of natural resources such as land and water, increasing food demand and depleting food resources.

The global aquaponics market is consolidated with some leading players accounting for a significant share of aquaponics market in 2017. Some of the major companies have been investing in product innovation, technology advancements and maintaining the quality of standards in order to retain their dominance in the market. Some of the key players in the aquaponics market are 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.

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This report segments the global aquaponics market as follows:

Global Aquaponics Market: Product Segment Analysis

Fish
Herbs
Fruits
Vegetables

Global Aquaponics Market: Component Segment Analysis

Bio Filter
Rearing Tanks
Settling Basins
Hydroponics subsystem
Others