Precision Aquaculture Market

Precision Aquaculture Market generated a revenue of USD 312 Million in 2019, exhibiting a CAGR of 14.3% during forecast period (2020-2027), owing to its ability to help farmers control, supervise, and interpret the biological processes in fish farms.

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Key Drivers

The strong demand for protein-rich aqua food, followed by the increasing income of the middle-class population, is driving the global precision aquaculture market. Rising adoption of advanced technology IoT, feeding robots, artificial intelligence, and underwater remotely operated vehicles will boost the demand for the global precision aquaculture market. The increasing number of aquaculture farms and a rise in the production of aquaculture is bringing innumerable growth opportunities to the market. In addition, the augmenting deployment of precision aquaculture system to improve the staff safety by minimizing the reliance on physical operations, driving the market growth. For example, aquaculture is expected to provide almost 62% of fish till 2030 for human consumption, offering leading players to precision aquaculture market. A significant surge in the protein-rich aqua food, followed by the augmenting adoption of advanced technology IoT, artificial intelligence, feeding robots, and underwater remotely operated vehicles will fuel the market growth.

Additionally, the increasing focus on the deployment of large-scale offshore aquaculture projects and rising various government initiatives will positively impact the potential growth of the market. The rising popularity of aquaculture is offering substantial opportunities for the implementation of land-based recirculating aquaculture systems. Expansion of retail industry and the easy availability of aquaculture products through different channels has propelled the market growth. Continuous growth of aquaculture across various leading countries, such as Norway, China, India, and Indonesia, is strengthening the market growth. The significant factors hindering the growth of the global precision aquaculture market include high monitoring cost of aquaculture farms, the requirement of large capital expenditure, limited availability of skilled operators, system complexity, and lack of technological awareness among farmers across the globe. Factors like increasing operational costs of vessels and environmental hazardous in seawater has inclined aquaculture farmers to shift toward cage-based aquaculture farming, restricting the market growth.

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Offering Segment Analysis

Based on the offering, the hardware segment is anticipated to dominate the market during the forecast period due to the high adoption rate of automation and control devices, such as robotic components, sensors, smart feeding, and climate control systems. The hardware segment is divided into monitoring devices, camera system, and others. The strong demand for camera systems is driven by the accelerated adoption of smart Hd and 4k enabled camera systems. Monitoring devices illustrates a drastic increase in demand because of the temperature & environmental monitoring devices and Ph & dissolved oxygen sensors.

System Type Segment Analysis

Based on the system type, the Smart Feeding Systems segment is predicted to grow at a higher CAGR over the forecast period due to its lower cost of operations. It offers various advantages over the conventional and traditional feeding techniques. Moreover, smart feeding systems are also used to determine and detect the appetite of the fish to evade underfeeding or overfeeding, which will further enhance the market growth of smart feeding systems during the forecast period.

Application Segment Analysis

Based on the application, the monitoring, control & surveillance application is anticipated to dominate the market over the forecast period owing to the rising adoption of automated aquaculture farm monitoring devices, smart camera systems, and underwater remotely operated vehicles. In addition to this, the increasing demand for protein-rich aqua products among consumers and the growing focus of aquaculture farmers for increasing the yield will boost the demand of the segment in the market. The fluctuation in water supply due to different rainfall patterns or higher temperatures during summer, is expected to strengthen the segment’s growth.

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Regional Analysis

Based on the region, the Asia-Pacific is anticipated to dominate the market during the forecast period owing to the increase in the number of aquaculture farms and the high adoption of aquaculture technology in countries such as China, Indonesia, India, and Japan. Moreover, widespread automation of aquaculture farms will boost the precision aquaculture market in this region. Existence of leading aquaculture farms in the region is expected to strengthen the regional growth. Hence, the increase in aquaculture production and the emergence of advanced fish and shrimp farming devices like monitoring, smart feeding system and underwater ROV is expected to drive the regional market growth.

Various notable players operating in the market, include AKVA Group, InnovaSea Systems, Deep Trekker, Eruvaka Technology, Steinsvik, Aquabyte, Inc., Lifegard Aquatics, Imenco AS, Observe Technology, MonitorFish, and Aqualine AS, among others.

Key Developments:

• • In 2020, Innovasea Systems launched latest V3 acoustic telemetry transmitters, which is the smallest in its industry-leading lineup of fish tracking tags, offering researchers and scientists the ability to study smaller species of fish and larger species that are at earlier stages of their lifecycle
  • In 2020, AKVA group entered into a strategic partnership with Nordic Aqua Ningbo to offer a full RAS facility outside Shanghai. The project has a planned production volume of 8,000 tons in 2026.
  • In 2020, Bluegrove and its subsidiary CageEye AS acquired fellow aquatech company SEALAB to incorporate sensor technologies and create an open platform for integration with other suppliers. This acquisition will help the company to expand the Bluegrove’s ability to shape the Internet of Species (IoS), with the potency to help with an ecological revolution, not only in aquaculture but in agriculture and forestry too.
  • In 2020, Newfoundland Aqua Service Ltd (NAS), a major fish farming services supplier in Newfoundland and Labrador was acquired by AKVA group. NAS produces fish cages, docks, boats and barges, and nets and provides different services including on-land net washing and disinfection, net manufacturing, testing, mending/repair, and antifoulant treatment. This acquisition will help the company to expand its international presence in this region.
  • In 2018, Aquabyte, Inc. announced a partnership with Imenco AS to introduce an underwater camera for the aquaculture industry. Auquabyte, Inc. focus on building algothrims and Imenco AS building cameras for aquaculture.

The global precision aquaculture market has been segmented on the basis of system type, application, offering and regions. Based on offering, the market is segmented into hardware, software and services. Based on hardware, the market is segmented into monitoring devices, camera systems and others. Based on software, the market is segmented into on-cloud and on-premises. Based on system type, the market is segmented into smart feeding systems, monitoring & control systems, underwater Rov Systems and others. Based on application, the market is segmented into feeding management, monitoring, control & surveillance and others.

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Key questions answered in this research report:

• • At what pace is global precision aquaculture market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global precision aquaculture market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global precision aquaculture market?
  • Which Offering generated maximum revenues in 2019 and identify the most promising Offering during the forecast period?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
  • What are the various application areas of global precision aquaculture market and how they are poised to grow?

Market Segmentation

Global Precision Aquaculture Market by Offering

• • Hardware
    • Monitoring Devices
      • Temperature and Environmental Monitoring Devices
      • PH and Dissolved Oxygen Sensors
      • Others
    • Camera Systems
    • Others
  • Software
    • On-Cloud
    • On-Premises
  • Services

Global Precision Aquaculture Market by System Type

• • Smart Feeding Systems
  • Monitoring & Control Systems
  • Underwater Rov Systems
  • Others

Global Precision Aquaculture Market by Application

• • Feeding Management
  • Monitoring, Control & Surveillance
  • Others

Global Precision Aquaculture Market by Region

• • North America Precision Aquaculture Market (Option 1: As a part of the free 25% customization)

• • • North America Precision Aquaculture Market by Offering
    • North America Precision Aquaculture Market by System Type
    • North America Precision Aquaculture Market by Application
    • US Precision Aquaculture Market All-Up
    • Canada Precision Aquaculture Market All-Up

• • Europe Precision Aquaculture Market (Option 2: As a part of the free 25% customization)

• • • Europe Precision Aquaculture Market by Offering
    • Europe Precision Aquaculture Market by System Type
    • Europe Precision Aquaculture Market by Application
    • UK Precision Aquaculture Market All-Up
    • Germany Precision Aquaculture Market All-Up
    • France Precision Aquaculture Market All-Up
    • Spain Precision Aquaculture Market All-Up
    • Rest of Europe Precision Aquaculture Market All-Up

• • Asia-Pacific Precision Aquaculture Market (Option 3: As a part of the free 25% customization)

• • • Asia-Pacific Precision Aquaculture Market by Offering
    • Asia-Pacific Precision Aquaculture Market by System Type
    • Asia-Pacific Precision Aquaculture Market by Application
    • China Precision Aquaculture Market All-Up
    • India Precision Aquaculture Market All-Up
    • Japan Precision Aquaculture Market All-Up
    • Rest of APAC Precision Aquaculture Market All-Up

• • RoW Precision Aquaculture Market (Option 4: As a part of the free 25% customization)

• • • RoW Precision Aquaculture Market by Offering
    • RoW Precision Aquaculture Market by System Type
    • RoW Precision Aquaculture Market by Application
    • Brazil Precision Aquaculture Market All-Up
    • South Africa Precision Aquaculture Market All-Up
    • Saudi Arabia Precision Aquaculture Market All-Up
    • UAE Precision Aquaculture Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Precision Aquaculture Market All-Up

Major Players Operating the Precision Aquaculture (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • AKVA Group
  • InnovaSea Systems
  • Deep Trekker
  • Eruvaka Technology
  • Steinsvik, Aquabyte, Inc.
  • Lifegard Aquatics
  • Imenco AS
  • Observe Technology
  • MonitorFish
  • Aqualine AS