Europe Precision Aquaculture Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Farm Type (Cage-based Aquaculture, Pond-based Aquaculture, Recirculating Aquaculture Systems (RAS), Land-based Aquaculture, and Offshore Aquaculture), By Species (Salmon, Trout, Seabass, Turbot, Tilapia, Carp, Catfish, and Other Species), By Application (Feed Optimization, Monitoring and Surveillance, Water Quality Management, Fish Health Monitoring, Yield Analysis & Optimization, and Other Applications), and By Country (UK, Germany, France, Italy, Spain, Russia, Netherlands, Denmark, Norway, Sweden, Finland, Iceland, and Rest of Europe), Industry Trend, Forecasts to 2033

Europe Precision Aquaculture Market Insights Forecasts to 2033

• The Market is growing at a CAGR of 12.2% from 2023 to 2033
• The Europe Precision Aquaculture Market Size is Expected to Hold a Significant Share by 2033

The Europe Precision Aquaculture Market is Anticipated to Hold a Significant Share by 2033, growing at a CAGR of 12.2% from 2023 to 2033.

Market Overview

Precision aquaculture relies on a range of sensors placed in the sea to oversee, analyze, understand, and offer guidance for farm activities. Recent advances in technology enable aquaculture to be integrated into the Internet of Things (IoT) - contemporary farms feature numerous interconnected sensors that collect and share data, communicate with other sensors and devices, and link with a fog and cloud network. Precision aquaculture technology has the capability to revolutionize the aquaculture sector by increasing the efficiency and cost-effectiveness of traditional aquaculture practices. Factors driving growth in the precision aquaculture market include increased investments in technology research and product innovation, the heightened utilization of advanced technologies like IoT, ROVs, and AI for monitoring aquaculture farms, growing demand for protein-rich seafood, and government support for aquaculture infrastructure development. Key components of precision aquaculture include automated feeding systems that provide the exact amount of feed needed for growth, remote monitoring using satellite technology to track environmental conditions and anticipate challenges, and data-driven decision support systems for effective farm management. The main objective of precision aquaculture is to enhance the overall efficiency, sustainability, and economic feasibility of aquaculture activities while reducing waste, environmental impacts, and dependence on the human workforce.   

Report Coverage

This research report categorizes the market for the Europe precision aquaculture market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Europe precision aquaculture market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Europe precision aquaculture market.

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Driving Factors

The aquaculture industry has seen significant progress in aquaculture tools, techniques, and technologies. The rising preference of people for protein-rich diets is a key reason for aquaculture farmers increasingly using advanced technologies like IoT, machine learning, ROVs, AI, automatic feeders, and acoustic telemetry systems. Utilizing these technologies in aquaculture farming boosts aquaculture production, improves production efficiency, reduces resource waste, enhances accuracy, precision, and repeatability in farming activities, and offers high profitability to farm owners.

Restraining Factors

Aquaculture species need consistent monitoring in order to thrive in a safe and conducive setting. Aquaculture gear like RAS systems and ROVs are intricate and need trained operators.

Market Segmentation

The Europe precision aquaculture market share is classified into component, farm type, species, and application.

• The hardware segment is expected to hold the largest market share through the forecast period.   

The Europe precision aquaculture market is segmented by component into hardware, software, and services. Among these, the hardware segment is expected to hold the largest market share through the forecast period. This is attributed to the widespread use of automation and control devices like robotic modules, sensors, smart feeding, and climate control systems. The hardware section consists of monitoring devices, camera systems, and other hardware. The increasing popularity of advanced HD and 4k camera systems is fueling a high demand for camera systems. There has been a notable increase in the demand for temperature and environmental control devices, as well as Ph and dissolved oxygen sensors.

• The recirculating aquaculture systems (RAS) segment dominates the market with the largest market share over the predicted period.

The Europe precision aquaculture market is segmented by farm type into cage-based aquaculture, pond-based aquaculture, recirculating aquaculture systems (RAS), land-based aquaculture, and offshore aquaculture. Among these, the recirculating aquaculture systems (RAS) segment dominates the market with the largest market share over the predicted period. This is attributed to the increasing recognition of the advantages of RAS aquaculture farming, such as lower water usage compared to traditional systems and environmentally friendly practices, which is driving market expansion in the projected timeframe.

• The salmon segment dominates the market with the largest market share over the predicted period.

The Europe precision aquaculture market is segmented by species into salmon, trout, seabass, turbot, tilapia, carp, catfish, and other species. Among these, the salmon segment dominates the market with the largest market share over the predicted period. Salmon aquaculture is firmly established in Europe, especially in nations such as Norway and Scotland, which have robust salmon farming infrastructure. The popularity and health benefits of salmon lead to its strong market position because of the high demand. Although other species such as trout and seabass play a significant role, salmon usually dominates in terms of both size and economic influence.

• The feed optimization segment dominates the market with the largest market share over the predicted period.

The Europe precision aquaculture market is segmented by application into feed optimization, monitoring and surveillance, water quality management, fish health monitoring, yield analysis & optimization, and other applications. Among these, the feed optimization segment dominates the market with the largest market share over the predicted period. This trend can be explained by the increasing demand for economical and productive methods of fish farming. By utilizing advanced technologies for optimizing feed, aquaculture operations can attain the ideal amount of feed, minimizing waste and improving productivity. Feed optimization ensures that fish receive the correct balance of nutrients by accurately determining their nutritional needs, which ultimately leads to improved growth and health. This helps farmers save money and increase their harvests, while also promoting sustainable and responsible aquaculture methods.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Europe precision aquaculture market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• AKVA Group ASA
• CageEye AS
• Xylem Inc.
• Aquabyte
• Eruvaka Technologies
• Innovasea Systems Inc.
• Pentair PLC
• Steinsvik
• Bluegrove AS
• Deep Trekker Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-added resellers (VARs)

Recent Developments

• In May 2023, Skretting Southern Europe introduced a system of 360+ to improve fish feeding procedures and production control. Skretting Southern Europe introduced the new precision fish farming concept Skretting 360+ to support the growth of Mediterranean aquaculture and decrease risk.

Market Segment

This study forecasts revenue at Europe, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Europe Precision Aquaculture Market based on the below-mentioned segments:

Europe Precision Aquaculture Market, By Component

• Hardware
• Software
• Services

Europe Precision Aquaculture Market, By Farm Type

• Cage-based Aquaculture
• Pond-based Aquaculture
• Recirculating Aquaculture Systems (RAS)
• Land-based Aquaculture
• Offshore Aquaculture

Europe Precision Aquaculture Market, By Species

• Salmon
• Trout
• Seabass
• Turbot
• Tilapia
• Carp
• Catfish
• Other Species

Europe Precision Aquaculture Market, By Application

• Feed Optimization
• Monitoring and Surveillance
• Water Quality Management
• Fish Health Monitoring
• Yield Analysis & Optimization
• Other Applications

Europe Precision Aquaculture Market, By Country

• UK
• Germany
• France
• Italy
• Spain
• Russia
• Netherlands
• Denmark
• Norway
• Sweden
• Finland,
• Iceland
• Rest of Europe