According to latest market research
report "Precision
Aquaculture Market by System Type (Smart Feeding Systems,
Monitoring & Control Systems, Underwater ROVS), Application (Feeding
Management, Monitoring); Offering (Hardware, Software, Services), and Geography
- Global Forecast to 2024", the
precision aquaculture market is estimated to be worth USD 398 million in 2019
and is projected to reach USD 764 million by 2024; it is expected to grow at a
CAGR of 14.0% from 2019 to 2024.
The
rapid growth of the precision aquaculture market can be attributed to the
rising demand for protein rich aqua food across the world, rapid adoption of
advanced technologies–IoT, artificial intelligence (AI), feeding robots, and
underwater remotely operated vehicles (ROVs) on aquaculture farms; increasing
investment and rising R&D expenditure in aquaculture technology across the
world; and growing popularity of land-based recirculating aquaculture systems.
Smart feeding systems expected to hold
largest market share during forecast period
Smart
feeding systems held the largest market size owing to substantial operating
cost savings associated with them. Smart feeding systems offer a substantial
cost advantage over traditional and conventional feeding techniques. The smart
feeding system with the combination of water vibration-based sensor, and
machine learning; detects and determines the appetite of the fish to avoid
overfeeding or underfeeding and saves a substantial amount of operating cost.
The growing use of computerized feeding management systems combined with
sensors and other aquaculture monitoring devices integrated with automated
feeding systems opens new opportunities for the monitoring of fish ponds and
aquaculture farms.
Monitoring, control, and surveillance
application accounted for largest share of precision aquaculture market in 2019
Major
factors contributing to the growth of the monitoring, control, and surveillance
application includes the increasing adoption of automated aquaculture farm
monitoring devices–IoT, underwater remotely operated vehicles, and smart camera
systems; the focus of aquaculture farmers toward increasing the yield, and
growing demand for protein rich aqua products worldwide. The automation of
aquaculture farms reduces labor costs, increases operational efficiency, and
leads to higher farm yields. The IoT-based monitoring of aquaculture farms has
gained tremendous popularity in recent years due to various advantages, which
include increased productivity, the early detection of diseases among aquatic
species, and maintaining the water quality of fish pond, and aquaculture farms.
APAC to account for largest market share
from 2019 to 2024.
APAC
is expected to hold the largest market size from 2019 to 2024 owing to the
widespread automation of livestock farms in Western Europe. Increasing herd
size, rising labor costs due to a severe shortage of labor force are the major
factors for the high adoption of livestock technology in this region. The
growing replacement of older milking systems with advanced and sophisticated
ones in the European countries is further expected to boost the growth of the
market in this region.
The
report profiles key players, including AKVA Group (Norway), InnovaSea Systems
(US), Deep Trekker (Canada), Eruvaka Technology (India), Steinsvik (Norway),
Pentair AES (US), Aquabyte (US), Akuakare (Turkey), CPI Equipment (Canada),
Lifegard Aquatics (US), Imenco AS (Norway), In-Situ (US), Vemco (US), Observe
Technology, JALA Tech (Indonesia), MonitorFish (Germany), Imenco Aquaculture
(Norway), Omso Systems (US), and Aqualine AS (Norway)
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