PUBLISHER: The Business Research Company | PRODUCT CODE: 1608814
PUBLISHER: The Business Research Company | PRODUCT CODE: 1608814
Precision aquaculture involves leveraging advanced technologies and data-driven methods to optimize fish farming practices. It incorporates real-time monitoring, automated systems, and data analytics to promote fish health, improve feeding efficiency, and ensure sustainable, efficient aquaculture operations.
The key components of precision aquaculture include hardware, software, and services. Hardware refers to the physical devices and equipment used in fish farming. The different farm types include open aquaculture farms and recirculatory aquaculture systems (RAS) farms. These systems are applied in areas such as feed optimization, monitoring and surveillance, yield analysis and measurement, among others.
The precision aquaculture market research report is one of a series of new reports from The Business Research Company that provides precision aquaculture market statistics, including precision aquaculture industry global market size, regional shares, competitors with a precision aquaculture market share, detailed precision aquaculture market segments, market trends, and opportunities, and any further data you may need to thrive in the precision aquaculture industry. This precision aquaculture products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The precision aquaculture market size has grown rapidly in recent years. It will grow from $0.47 billion in 2023 to $0.53 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth during the historic period can be attributed to the increasing demand for seafood, heightened awareness of environmental impacts, government support and regulations, rising operational costs, and improvements in fish health management.
The precision aquaculture market size is expected to see rapid growth in the next few years. It will grow to $0.87 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth is expected to be driven by a stronger emphasis on food safety and quality, increased investments in aquaculture innovations, the expansion of aquaculture operations, a growing population, and a rising middle-class income. Key trends for the forecast period include the adoption of artificial intelligence (AI) and machine learning, advancements in remote sensing technologies, the integration of blockchain for traceability, the development of advanced data analytics platforms, and improvements in farm management software.
The rising global demand for seafood is expected to drive the growth of the precision aquaculture market in the coming years. Seafood, which includes any edible marine life harvested from oceans, rivers, lakes, or other bodies of water, is in high demand due to its health benefits, such as being rich in proteins and omega-3 fatty acids, as well as increased consumer interest in sustainable and nutritious food options. Precision aquaculture boosts seafood production by optimizing farming practices, ensuring sustainable resource management, and improving the health and quality of aquatic species. For example, the Department of Agriculture, Fisheries, and Forestry reported that Australians consumed around 350,000 tons of seafood in 2021-22, averaging 13.8 kilograms per person. The value of fishery and aquaculture imports also increased by 2% to $2.19 billion, largely driven by a rise in prawn imports. As a result, the growing demand for seafood globally is fueling the expansion of the precision aquaculture market.
Companies in the precision aquaculture sector are focusing on developing innovative products, such as AI-based aquaculture cameras, to maintain a competitive edge. These AI-based aquaculture cameras are advanced imaging systems equipped with artificial intelligence (AI) algorithms specifically designed for monitoring and managing aquaculture environments. In July 2024, ReelData AI, a Canada-based software company, launched ReelVision, an AI camera system designed for aquaculture applications such as behavioral analysis, feeding rates, and fish health monitoring. ReelVision's data-driven approach enables farmers to make better decisions regarding feeding, stocking density, and health management, helping to optimize production, reduce waste, and lower environmental impact.
In July 2024, AKVA Group, a Norway-based aquaculture service provider, acquired Observe Technologies Ltd. for an undisclosed amount. This acquisition allows AKVA Group to leverage advanced AI technologies, enhancing operational efficiency and sustainability in aquaculture while strengthening its digital services and solidifying its leadership in precision fish farming. Observe Technologies Ltd. is a UK-based company specializing in AI-driven aquaculture monitoring solutions aimed at optimizing fish farms.
Major companies operating in the precision aquaculture market are Signify N.V., Pentair PLC, Nofima AS, Cermaq Group AS, Skretting, Grieg Seafood ASA, AKVA Group ASA, ScaleAQ, Benchmark Holdings PLC, In-Situ Inc., InnovaSea Systems Inc., Biomar Group, INVE Aquaculture, Eruvaka Technologies, BioFishency Ltd., Ace Aquatec, OxyGuard International A/S, Planet Lighting Ltd., AquaMaof Aquaculture Technologies Ltd., SNRAS Systems Private Ltd.
Asia-Pacific was the largest region in the precision aquaculture market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the precision aquaculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the precision aquaculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The precision aquaculture market consists of revenues earned by entities by providing services such as consulting services, maintenance and support, system upgrades, and enhancements. The market value includes the value of related goods sold by the service provider or included within the service offering. The precision aquaculture market also includes sales of artificial intelligence (AI)-powered cameras, smart feeding systems, aquaculture sensors, fish tracking, and biometrics systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Precision Aquaculture Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on precision aquaculture market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for precision aquaculture ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The precision aquaculture market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.