Precision Aquaculture Market

Global Precision Aquaculture Market Size (2022 - 2027)

The Global Precision Aquaculture Market was worth US$ 407 million in 2021, and it is estimated to reach a valuation of US$ 907.6 million by the end of 2027, expanding at an annual growth rate of 14.3% between 2022 and 2027.

Precision aquaculture has variety of sensors which are used to get insight into the aquaculture farm environment for making decisions in order to have proper fish health as well as growth, and economic return of farm along with reduce risk to the environment.

The sensors measures large number of variables such as temperature, current, velocity, current, velocity, dissolved, oxygen, chlorophyll and 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 provide more reliable decision. Due to autonomous precision solution, it reduces dependency on manual labor and subjective assessment and therefore improves staff safety. Precision aquaculture farming improves in animal health and welfare along with increasing productivity, yield and environmental sustainability in large commercial aquaculture. Precision aquaculture includes much type of systems such as Feeding Systems, Monitoring & Control, Underwater Remotely-Operated-Vehicles System and other in 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                                                                                    

Market Drivers:

The driving force of the Precision Aquaculture Market is increasing demand of protein rich food and increasing income of middle class population.

The population has started focusing on consumption of protein rich food with omega3 fatty acids in order to reduce health problems is rising the demand of aqua animals in market which further fuels the growth of precision aquaculture in market. Also the population of middle class is high and also the income of this population is growing which further propels the demand precision aquaculture market growth.

The growing awareness among farmers about precision aquaculture in developing countries and presence of well established aqua farmers in developed countries is boosting the growth of precision aquaculture market growth. Additionally, governments of various nations are supporting and investing on aquaculture farming is increasing demand of precision aquaculture solutions. Furthermore, with technological advanced and automated solutions for providing more precise, accurate and efficient monitoring is increasing the demand of precision solutions in aquaculture industry in near future.

Restraints:

High monitoring cost of aquaculture farm along with limited availability of skilled operators is hampering the growth of the precision aquaculture market.

GLOBAL PRECISION AQUACULTURE MARKET REPORT COVERAGE:

Market Segmentation:

Global Precision Aquaculture Market - By System Type:

• Feeding Systems
• Monitoring & Control
• Underwater Remotely-Operated-Vehicles System
• Other

Based on System type, the Global Precision Aquaculture Market is segmented into Feeding Systems, Monitoring & Control, Underwater Remotely-Operated-Vehicles System and Other. The underwater ROVs segment is expected to dominate the market during the forecast period due to high adoption trend of Underwater ROVs in Western Europe and North America. Presently, countries like U.S, Canada, Chile, Norway has largest share of install base underwater ROVs who are major contributors to the growth of precision aquaculture market.

Global Precision Aquaculture Market - By Offerings:

• Hardware
• Software
• Services

Based on offerings, the Global Precision Aquaculture Market is segmented into Hardware, Software, and Services. The service segment is projected to register highest growth rate during forecast period due to increasing installation of aquaculture equipment in fish farms globally and RAS based aquaculture farming is gaining popularity in developing regions that fuels the growth of Precision Aquaculture Market.

Global Precision Aquaculture Market - By Farm type:

• Cage-based
• RAS Farms

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 projected period because  RAS based aquaculture farms presently contributes 5 to 8% of total farms in the world and is anticipate to reach around 305 of total farm till 2030 As per FAO statistics. Additionally, the benefits of RAS based aquaculture farming such as less water requirement, environment-friendly systems etc is increasing which further fuels the market growth.

Global Precision Aquaculture Market - By Application:

• Feed Optimization
• Monitoring & Surveillance
• Yield Analysis and Measurements
• Others

Based on Application, the Global Precision Aquaculture Market is segmented into Feed Optimization, Monitoring & Surveillance, Yield Analysis and Measurements and others. Monitoring and Surveillance segment is projected to have significant market share of precision aquaculture market as increasing adoption of IoT, ROVs and AI is increasing in order to monitor and surveillance of aquaculture for wellbeing and growth of aqua animals.

Regional Analysis:

The Global Precision Aquaculture Market has been categorized in four regions:

• North America
• Europe
• Asia-Pacific
• RoW (Rest of the World). 

Asia-Pacific region hold the largest market share of the precision aquaculture market due to presence of large number of aqua farms in this region. Asia-Pacific alone contributes to almost 80% of global aquaculture production which fuels the demand of precision aquaculture solution in this region. Additionally, the proliferation of advanced fish farming equipments such as IoT based monitoring devices, smart feeding systems, and under water ROVs and increasing awareness about the benefits of precision aquaculture in developing countries is fueling the growth of precision aquaculture market during the forecast period between 2022 and 2027.

Europe is expected to witness highest growth rate during the forecast period owing to increasing adoption of automated solution for precision agriculture such as ROVs, smart camera etc.  The increasing adoption of IoT based precision devices due to its huge benefits is fueling the demand of precision aquaculture solutions into the market which further boosts the market growth.

North America region also shows the significant growth rate during this period because being an urbanized region, the farmers in this region is increasing rely on smart phones and other intelligent medium to remain updated about the recent development in agriculture sector which propels the growth of precision aquaculture market in coming years. Moreover, the rising consumption of sea food and well established farmers in this region is driving the demand of precision aquaculture in near future.

Leading Company:

AVKA Group had the largest share of the world’s precision aquaculture market in terms of sales revenue in 2020.

Covid-19 Impact on Global 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 pandemic, the decline in consumption of marine food has caused economic loss to the aquaculture farmers that have resulted to decrease in adoption of precision aquaculture that has negatively impacted the global precision market growth. However, by the 3^rd quarter of 2020, consumption of fish and other marine life has again increased which further boosts the precision aquaculture market growth in near future.

Key Players:

Some of the leading companies operating in the Global Precision Aquaculture Market are 

1. AKVA group
2. Aquabyte, Inc.
3. Aquamaof Aquaculture Technologies Ltd.
4. Bluegrove
5. CPI Equipment, Inc.
6. Eruvaka Technologies Private Limited
7. InnovaSea Systems Inc.
8. Lifegard Aquatics
9. Maritech Systems AS

Recent Developments:

• In August 2021, AKVA extends Aqua Nor which has rolling stand with a virtual control room with exciting, upgraded control and monitoring system.
• In April 2020, SS&C Technologies has announced that it has entered in an definite agreement with Innovest Systems.
• In April 2020, AquaMaof has announced the launch of  new RAS facility in France so as to produce Atlantic Salmon. This new facility is going to joined under new projects with a combined capacity of 60 tons of Atlantic Salmon annual production.