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acquire the market value of USD 1.34 billion, thriving at a CAGR of 13.4% during the forecast period from 2019 to 2024. Aquaponics is the combination of aquaculture (raising aquatic animals in tanks) and hydroponics (cultivating plants in water) in a symbiotic environment.
Benefits of aquaponics, such as; no usage of pesticides, less amount of water required, and others are projected to be vital factors driving the global aquaponics market 2020. The aquaponics method demands less space for husbandry of vegetables which is anticipated to be an essential factor steering the market. Further, increasing urbanization and industrialization have resulted in shrinkage of arable lands, which are recognized as other imperative facets for the surge in demand for aquaponics. Growing health concerns owing to consumption of pesticides ridden vegetable and the rising need to meet the agricultural demand for the increasing human populace are further predicted boost the aquaponics market.
Market Segmentation
The segment analysis of the global aquaponics market is done by components, produce, application, and equipment.
The components-based segments of the global aquaponics market are settling basins, rearing tank, bio-filters, sump tanks, and others.
The produce-based segments of the global aquaponics market are fruits & vegetables, fish, and others.
The application-based segments of the global aquaponics market are home food products, commercial, and others.
The equipment-based segments of the global aquaponics market are grow lights, pumps and valves, water heaters, fish purge systems, water quality testing, aeration systems, and others.
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