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- Covid Impact on Precision Aquaculture Market, growth/decline
in product type/use cases of Precision Aquaculture Market due to
cascaded impact of Covid on Extended Ecosystem..
- How top 50 companies in Precision Aquaculture Market are
making rapid shifts in their strategies as we speak here...
- Outside-in view of top 50 companies client and client's clients
shifting short-term priorities
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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.
Major factors driving the growth of the market include 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 worldwide; and the
growing popularity of land-based recirculating aquaculture systems.
“Market
for hardware required in aquaculture systems expected to hold largest size
during forecast period.”
Based on offering, the precision aquaculture
market has been classified into hardware, software, and services. Hardware held
the largest market share owing to the high adoption of automation and control
devices, such as sensors, robotic components, smart feeding, underwater
remotely operated vehicles (ROVs), and climate control systems.
“Smart
feeding systems expected to hold largest market share from 2019 to 2024.”
Smart feeding systems held the largest market
size owing to substantial operating cost savings associated with it. 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 to hold largest market share from 2019 to
2024.”
Major factors contributing toward the growth
of the market for the monitoring, control, and surveillance application include
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 across the world. 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.
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“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 aquaculture farms
in countries such as China, Japan, Indonesia, and India. The increasing number
of aquaculture farms, rising labor costs due to a severe shortage of labor
force are the major factors for the high adoption of aquaculture technology in
this region. The growing replacement of conventional feeding systems with
advanced and sophisticated ones in Eastern Asian countries is further expected
to boost the growth of the market in this region.
Key
Market Players
Key players in the precision aquaculture
market are 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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