The report "Precision
Aquaculture Market with Covid-19 Impact Analysis by System Type
(Feeding Systems, Monitoring & Control, Underwater ROVs), Offering (Hardware,
Software, Services), Farm Type (Cage-based, RAS), Application, and Geography -
Global Forecast to 2026" 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.
The hardware
segment to hold the largest market share in 2026
The hardware segment
of the precision aquaculture market is estimated to register largest market
share in 2026, by offering. Hardware components such as sensors, monitoring and
control devices, smart feeding systems, underwater remotely-operated vehicles
(ROVs), and climate control systems are expected to continue to account for the
largest market share during the forecast year owing to the high adoption of
automated aquaculture farm monitoring devices by aquaculture farm owners for
increasing farm productivity and the efficient management of the farm.
The
RAS-based aquaculture farms segment to register higher CAGR during the forecast
period
The precision
aquaculture market for RAS-based aquaculture farms is projected to register the
higher CAGR during the forecast period, by aquaculture farm type. 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.
The feed
optimization segment to hold the largest market share in 2026
The feed
optimization segment of the precision aquaculture market is estimated to
register largest market share in 2026, by application. Factors contributing
toward the predominance of feed optimization application over others are the
increasing adoption of advanced technologies such as AI and machine learning in
aquaculture equipment and tools, and the growing demand for protein-rich aqua
food.
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The
underwater remotely-operated vehicles segment to register higher CAGR during
the forecast period
The precision
aquaculture market for underwater remotely-operated vehicles is projected to
register the higher 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.
APAC to hold
the largest market share in precision aquaculture market between 2021 and 2026
APAC held the
largest size of the precision aquaculture market in 2020 owing to the presence
of a large number of aquaculture farms in the region, the rapid expansion of
aquaculture production, and the proliferation of advanced fish farming
equipment such as IoT-based monitoring devices, smart feeding systems, and
underwater ROVs. The region is expected to dominate the market during the
forecast period.
Key players in the
precision aquaculture market are AKVA group (Norway), InnovaSea Systems (US),
Steinsvik (ScaleAQ) (Norway), Deep Trekker (Canada), Aquabyte (US), Eruvaka
Technologies (India), Akuakare (Turkey), CPI Equipment (Canada), Lifegard
Aquatics (US), Bluegrove (Norway), Imenco AS (Norway), In-Situ (US), Signify
(Netherlands), Jala Tech (Indonesia), Planet Lighting (Australia), Maritech
Systems (Norway), OxyGaurd (Denmark), Aquaconnect (India), AquaMaof (Israel),
MonitorFish (Germany), Observe Technologies (UK), Omso Systems (US), Optimar AS
(Norway), and Sensorex (Norway). These players are increasingly undertaking
strategies such as product launches and development, expansions,
partnerships, and acquisitions to
increase their market share.
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