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 precision
aquaculture market include rising demand for protein rich aqua food across the
world, the 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.
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)
AKVA Group (Norway)
is a global leader in aquaculture technology and it is recognized as a pioneer
in the global aquaculture industry. Its major strategies for growth in the
precision aquaculture market include mergers and acquisitions; partnerships,
and innovative product launches. The company acquired Egersund Net AS in 2018
to strengthen its leadership position in the precision aquaculture market and
to broaden its product portfolio and service offering. The company has recently
strengthened its position for aquaculture technology products in the Americas
with a strong share in the markets in Canada and Chile. The company plans to
strengthen its position in Australia and APAC in the coming years through
partnerships and alliances. It is also planning to develop a new generation
Polar Circle Cage Solution and fully electric power work boat for the
aquaculture industry. The company is also investing in remotely operated
vehicles(ROVs) and the automation of the aquaculture industry.
InnovaSea (US) is
the global leader in developing and implementing leading-edge, sustainable, and
proven solutions for growing fish in an open ocean environment. The company has
dedicated significant resources to developing and commercialising innovative,
fully integrated sustainable fish farming solutions for open ocean aquaculture.
The company is recognised as a leading designer and manufacturer of acoustic
telemetry equipment used by researchers worldwide and focuses on developing the
next wave of open-ocean products and services to support the growing
aquaculture industry. InnovaSea uses acquisitions as a major growth strategy
for the expansion of its business operations across the world. Innovasea
Systems has acquired Amirix Systems, whose subsidiaries Vemco and HTI-Vemco are
leaders in fish tracking and monitoring solutions for fisheries researchers
worldwide. The combination of InnovaSea’s aquaculture instrumentation with
Amirix’s sensors, architecture, and established products will provide a
complete integrated solution for monitoring aquaculture farms.
Steinsvik (Norway)
is a world-leading technology supplier to the global aquaculture industry. The
company is a market leader in camera systems for the aquaculture industry since
1985. It has a strong presence in the Western European region in countries such
as Norway, Ireland, and Scotland. The company can explore new opportunities in developing
regions such as South America and APAC through partnerships and alliances with
local distributors. The company can also focus on the increasing penetration of
its HD and 4K camera systems globally in the coming years.
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Aquabyte (US)
develops cutting edge computer vision technology software and tools to monitor
the real time data of aquaculture farms. The software platform offered by the
company provides an unprecedented level of industry optimization, resulting in
increased yields and greater profits for farm owners. Aquabyte is expected to
accelerate the product development program in 2020 by doubling its team and
expand into new geographies including Scotland, Canada,
and Chile. The company is also expected to grow its product line to
include estimating fish appetite and quality, predicting sea lice outbreaks,
and automating the feeding process. Aquabyte has a strong presence in countries
such as the US and Norway and generates a major chunk of its revenue from these
two countries. The company needs to focus on expanding its business operations
in regions such as South America, Europe, and APAC to explore new
opportunities.
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