The global precision aquaculture market was expected to be valued at USD 531.72 million in 2023 and is anticipated to reach USD 607.76 million in 2024 from USD 1770.51 million by 2032, growing at a CAGR of 14.3% from 2024 to 2032.
Precision aquaculture has a variety of sensors that are used to get insight into the aquaculture farm environment for making decisions in order to have proper fish health, growth, and economic return of the farm, along with reducing risk to the environment.
The sensors measure a large number of variables such as temperature, current, velocity, current velocity, dissolved oxygen, chlorophyll salinity, etc. Precision aquaculture helps to improve accuracy, precision, and repeatability, especially in farming operations. It facilitates more autonomous and continuous aqua animal monitoring and provides more reliable decisions. Autonomous precision solutions reduce dependency on manual labor and subjective assessment and, therefore, improve staff safety. Precision aquaculture farming improves animal health and welfare along with increasing productivity, yield, and environmental sustainability in large commercial aquaculture. Precision aquaculture includes many types of systems such as Feeding Systems, Monitoring & Control, Underwater remote-operated vehicle Systems, and others to monitor the aqua animal welfare. The technological advancement in aquaculture precision is fueling the growth of the market during the period between 2022 and 2027
The driving force of the precision aquaculture market is the increasing demand for protein-rich food and the increasing income of the middle-class population.
The population has started focusing on the consumption of protein-rich food with omega-3 fatty acids in order to reduce health problems. The demand for aqua animals in the market further fuels the growth of precision aquaculture. Also, the middle class's population is high, and the income of this population is growing, which further propels the demand for precision aquaculture market growth.
The growing awareness among farmers about precision aquaculture in developing countries and the presence of well-established aqua farmers in developed countries are boosting the growth of precision aquaculture in the market. Additionally, governments of various nations are supporting and investing in aquaculture farming, increasing the demand for precision aquaculture solutions. Furthermore, technological advances and automated solutions for providing more precise, accurate, and efficient monitoring are increasing the demand for precision solutions in the aquaculture industry in the near future.
The high monitoring cost of aquaculture farms, along with the limited availability of skilled operators, is hampering the growth of the precision aquaculture market.
The global precision aquaculture market has been significantly impacted by the COVID-19 outbreak. Installation of new projects has halted throughout the world, which in turn, led to a decline in demand for precision aquaculture solutions. Due to the pandemic, the decline in consumption of marine food has caused economic loss to aquaculture farmers and has resulted in a decrease in the adoption of precision aquaculture, which has negatively impacted the global precision market growth. However, by the 3rd quarter of 2020, consumption of fish and other marine life has again increased, which further boosts the precision aquaculture market growth in the near future.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
14.3% |
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Segments Covered |
By System Type, Offerings, Farm Type, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
AKVA group, Aquabyte, Inc., Aquamaof Aquaculture Technologies Ltd., Bluegrove, CPI Equipment, Inc., Eruvaka Technologies Private Limited, InnovaSea Systems Inc., Lifegard Aquatics, Maritech Systems AS and Others. |
Based on System type, the global precision aquaculture market is segmented into feeding systems, Monitoring & Control, Underwater Remotely-Operated Vehicles Systems, and Others. The underwater ROV segment is expected to dominate the market during the forecast period due to the high adoption trend of underwater ROVs in Western Europe and North America. Presently, countries like the U.S, Canada, Chile, and Norway have the largest share of install base underwater ROVs, which are major contributors to the growth of the precision aquaculture market.
Based on offerings, the global precision aquaculture market is segmented into Hardware, Software, and Services. The service segment is projected to register the highest growth rate during the forecast period due to the increasing installation of aquaculture equipment in fish farms globally and RAS based aquaculture farming is gaining popularity in developing regions fuels the growth of the Precision Aquaculture Market.
Based on Farm type, the global precision aquaculture market is segmented into Cage-based, RAS Farms. RAS-based aquaculture farming is going to dominate the market in the projected period because RAS-based aquaculture farms presently contribute 5 to 8% of total farms in the world and are anticipated to reach around 305 of total farms by 2030, As per FAO statistics. Additionally, the benefits of RAS-based aquaculture farming, such as less water requirement, environment-friendly systems, etc, are increasing, which further fuels the market growth.
Based on Application, the global precision aquaculture market is segmented into Feed Optimization, Monitoring & Surveillance, Yield Analysis and Measurements, and others. The monitoring and Surveillance segment is projected to have a significant market share in the precision aquaculture market as the adoption of IoT, ROVs, and AI is increasing in order to monitor and monitor aquaculture for the well-being and growth of aqua animals.
Asia-Pacific region holds the largest market share of the precision aquaculture market due to the presence of a large number of aqua farms in this region. Asia-Pacific alone contributes to almost 80% of global aquaculture production, which fuels the demand for precision aquaculture solutions in this region. Additionally, the proliferation of advanced fish farming equipment such as IoT-based monitoring devices, smart feeding systems, and underwater ROVs and increasing awareness about the benefits of precision aquaculture in developing countries is fueling the growth of the precision aquaculture market during the forecast period between 2022 and 2027.
Europe is expected to witness the highest growth rate during the forecast period owing to the increasing adoption of automated solutions for precision agriculture, such as ROVs, smart cameras, etc. The increasing adoption of IoT-based precision devices due to their huge benefits is fueling the demand for precision aquaculture solutions in the market, which further boosts market growth.
North American region also shows a significant growth rate during this period because, being an urbanized region, the farmers in this region increasingly rely on smartphones and other intelligent mediums to remain updated about the recent developments in the agriculture sector, which propels the growth of precision aquaculture market in coming years. Moreover, the rising consumption of seafood and well-established farmers in this region are driving the demand for precision aquaculture in the near future.
AVKA Group had the largest share of the world’s precision aquaculture market in terms of sales revenue in 2020.
Some of the leading companies operating in the Global Precision Aquaculture Market are AKVA group, Aquabyte, Inc., Aquamaof Aquaculture Technologies Ltd., Bluegrove, CPI Equipment, Inc., Eruvaka Technologies Private Limited, InnovaSea Systems Inc., Lifegard Aquatics, Maritech Systems AS.
By System Type
By Offerings
By Farm type
By Application
By Region
Frequently Asked Questions
The precision aquaculture market size was estimated at USD$ 407 million in 2021 and estimated to reach USD$ 465.2 million in 2022
These various opportunities includes developing of smart devices and autonomous aquaculture solutions for variety of applications in aquaculture farming along with big data analytics and software solutions for effective management of aquaculture farms.
The growing demand of protein-rich foods, rising income of middle –class population and the awareness among farmers about aquaculture precision solutions, government support and investment for aquaculture farming etc are the key drivers fueling the growth of the market.
The major player includes AKVA group (Norway), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), Deep Trekker (Canada), Aqua byte (US), and Eruvaka Technologies (India).
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