Global Precision Aquaculture Market Insights Forecasts to 2033

• The Global Precision Aquaculture Market Size was Valued at USD 527.22 Million in 2023
• The Market Size is Growing at a CAGR of 14.10% from 2023 to 2033
• The Worldwide Precision Aquaculture Market Size is Expected to Reach USD 1971.01 Million by 2033
• Europe is Expected to Grow the fastest during the forecast period.

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The Global Precision Aquaculture Market Size is Anticipated to Exceed USD 1971.01 Million by 2033, Growing at a CAGR of 14.10% from 2023 to 2033.

 

Market Overview

Precision aquaculture involves a variety of sensors used to gain insight into the farm environment, make decisions that optimize fish health, growth, and economic return, and reduce environmental risk. This trend parallels developments in agriculture sensors and other observing technologies leading to enhanced insight into crop health and animal welfare. The aquaculture market has experienced remarkable growth and diversification, with a wide range of species cultivated worldwide. Salmon, shrimp, tilapia, and catfish are among the most commonly farmed species. Aquaculture practices vary depending on the type of species, production system, and geographic location. Several factors have contributed to the increase of the aquaculture market trends. These include enhancements in technology, such as improved breeding techniques, disease management, and water quality monitoring systems. Additionally, the development of sustainable feed options and the implementation of eco-friendly practices have further fueled the aquaculture market growth.

 

Report Coverage

This research report categorizes the market for the global 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 global 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 global precision aquaculture market.

 

Driving Factors

The demand for marine products has increased due to changes in dietary choices and the growing worldwide population. Due to this, aquaculture offers a sustainable and controlled supply of fish and shellfish, it is a dependable source to fulfill this increasing need. In several regions, wild fish stocks have been reduced due to overfishing and environmental causes. By reducing pressure on wild fish populations and offering a substitute seafood source, aquaculture presents a sustainable option. Technological developments in aquaculture have enhanced feed use, disease control, and production efficiency. The production and profitability of aquaculture have increased due to innovations like genetic enhancement, recirculating aquaculture systems, and monitoring instruments.

 

Restraining Factors

Regularly strict monitoring is required for aquaculture species to develop in a safe and healthy environment. Remotely operated vehicles (ROVs) and RAS systems are examples of complex aquaculture equipment that needs to be operated by professionals. The larger an aquaculture project is, the more difficult it becomes. Due to recirculating aquaculture systems (RAS) being a relatively new technology, there will undoubtedly be unanticipated design and engineering issues with these systems. As a result, modifications will be needed regularly to produce the ideal environment for higher and more stable aquaculture production.

 

Market Segmentation

The global precision aquaculture market share is segmented into components, systems, and applications.

• The software segment dominates the market with the largest market share through the forecast period.

Based on the components, the global precision aquaculture market is segmented into hardware, software, and services. Among these, the software segment dominates the market with the largest market share through the forecast period. Software elements to deliver the most accurate, up-to-date data regarding the bodies of water (successful aquafarming or aquaculture). Although aquaculture is still in its beginnings, the FAO projects that aquafarming will feed a significant portion of the world's population in the years to come. To this end, modern sensors, cameras, and analytics software have been used in aquaculture operations.

 

• The monitoring and control systems segment is anticipated to grow at the fastest CAGR growth through the forecast period.

Based on the system, the global precision aquaculture market is segmented into smart feeding systems, monitoring and control systems, and underwater ROV systems. Among these, the monitoring and control systems segment is anticipated to grow at the fastest CAGR growth through the forecast period. Various sensors and advanced cameras are used in precision aquaculture monitoring and control systems to display images and gather data on the health of farms, seas, and fish. Changing climatic variables, such as differing water supplies due to varied rainfall patterns or increased summer temperatures, are among the most crucial ones that affect fish farming generally. The monitoring and control systems are used to overcome such problems and thus it is projected to grow at the fastest growth.

 

• The monitoring & surveillance segment accounted for the largest revenue share through the forecast period.

Based on the application, the global precision aquaculture market is segmented into feed optimization, monitoring & surveillance, and yield analysis. Among these, the monitoring & surveillance segment accounted for the largest revenue share through the forecast period. Increasing adoption of loT, ROVs, and Al is increasing to monitor and surveillance of aquaculture for the well-being and growth of aquaculture in the forecast period.

 

Regional Segment Analysis of the Global Precision Aquaculture Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific is anticipated to hold the largest share of the global precision aquaculture market over the predicted timeframe.

 

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Asia Pacific is projected to hold the largest share of the global precision aquaculture market over the forecast period. Thus, the Asia Pacific region is home to a significant number of aqua farms. Since about 80% of the world's aquaculture production occurs in Asia-Pacific alone, there is a growing need for precision aquaculture solutions in this region. Additionally, the spread of cutting-edge fish farming tools like underwater ROVs, smart feeding systems, and loT-based monitoring devices, as well as rising awareness of the advantages of precision aquaculture in developing nations, are driving the precision aquaculture market's expansion is projected during the forecast period.

 

Europe is expected to grow at the fastest CAGR growth in the global precision aquaculture market during the forecast period. Due to the growing popularity of automated precision agriculture solutions like remote-operated vehicles (ROVs) and smart cameras, among other things, the need for precision aquaculture solutions is growing in the European market as a result of the growing demand for Internet of Things (IoT)-based precision devices due to the numerous advantages they provide.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global 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
• InnovaSea Systems
• Steinsvik
• Deeptracker
• Aquabyte
• Eruvaka Technologies
• Lifeguard aquatics
• Maritech systems
• Bluegrove
• CPI Equipment
• Aquamaof Aquaculture Technologies
• 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, Precision farming launched for Med aquaculture. Skretting Southern Europe introduces 360+ to optimize fish feeding protocols and production management. Skretting Southern Europe has launched a new precision fish farming concept Skretting 360+ as part of its commitment to grow Mediterranean aquaculture while reducing its risk exposure.

 

• In May 2022, Merck Animal Health released the DNA TRACEBACK Fisheries platform to enable governments and fishery authorities to determine the sustainable yield of wild fish stocks and clients to more precisely determine the total authorized take for fishermen in their region

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global precision aquaculture market based on the below-mentioned segments: 

 

Global Precision Aquaculture Market, By Component

• Hardware
• Software
• Services

 

Global Precision Aquaculture Market, By System

• Smart Feeding Systems
• Monitoring and Control Systems
• Underwater ROV Systems

 

Global Precision Aquaculture Market, By Application

• Feed optimization
• Monitoring & Surveillance
• Yield Analysis

 

Global Precision Aquaculture Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa