The global precision
aquaculture market is estimated to grow from USD 407 million in 2021 to USD
794 million by 2026; growing at a CAGR of 14.3%. Precision aquaculture
technology has the potential to transform the aquaculture industry, making
traditional aquaculture activities more efficient and economical. The growth of
the precision aquaculture market is driven by factors such as growing
investments in technological research and product innovation, the surging
adoption of advanced technologies such as IoT, ROVs, and AI for the real-time
monitoring of aquaculture farms, the rising demand for protein-rich aqua food,
and increasing support by worldwide governments for infrastructure development
in aquaculture.
RAS-based
aquaculture segment is expected to register the highest CAGR during the
forecast period
The precision
aquaculture market for RAS-based aquaculture farms is projected to register the
highest CAGR during the forecast period. The market for RAS-based aquaculture
farms is expected to grow at a higher rate during the forecast period.
Currently, RAS-based aquaculture farms constitute around 5% to 8% of the total
farms in the world, which is expected to reach ~30% by 2030 (As per the Food
and Agriculture Organization of United Nations). Growing awareness about the
benefits of RAS-based aquaculture farming such as the requirement for less
water as compared to conventional systems and environment-friendly systems is
fueling the growth of the market during the forecast period.
Underwater
remotely-operated vehicles is expected to witness higher CAGR growth during the
forecast period
The precision aquaculture
market for underwater remotely-operated vehicles is projected to register the
highest CAGR during the forecast period, by system type. The adoption trend of
underwater ROVs in Western Europe and North America has gained significant
traction in recent years. Currently, countries such as the US, Canada, Norway,
and Chile account for more than 60% of the installed base of underwater ROVs.
Services
segment for precision aquaculture market is expected to witness higher CAGR
growth during the forecast period
The market for
services is estimated to grow at the highest CAGR during the forecast period,
by offering. The increasing installation of aquaculture equipment in fish farms
across the world and the rising popularity of recirculation aquaculture system
(RAS)-based aquaculture farming in developing regions are the major factors
contributing to the growth of the market for services.
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South
America is projected to register highest CAGR growth during the forecast period
South America is
expected to witness the highest CAGR in the precision aquaculture market during
the forecast period due to the increasing adoption of automated solutions
including underwater ROVs and smart camera systems in aquaculture farms and the
growing focus on the deployment of IoT-based monitoring devices in aquaculture
farms owing to various advantages such as increased productivity and the early
detection of diseases among aquatic species offered by these monitoring
devices.
Key Market
Players
The precision
aquaculture market is dominated by a few globally established players such as
AKVA group (Norway), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), Deep
Trekker (Canada), Aquabyte (US), and Eruvaka Technologies (India).
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