The global precision
aquaculture market is estimated to grow from USD 372 million in 2020 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.
Who are the
key players in the global precision aquaculture market?
Companies such as
AKVA group (Norway), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), Deep
Trekker (Canada), Aquabyte (US), and Eruvaka Technologies (India). These
companies cater to the requirements of their customers by providing advanced
precision aquaculture with a presence in multiple countries.
What is the
COVID-19 impact on precision aquaculture suppliers?
The shutdown of
manufacturing facilities globally combined with strict restrictions over social
movement in various COVID-19 affected countries impacted the operations of
precision aquaculture and related components manufacturing facilities.
Additionally, COVID-19 is expected to have led to a delay in the upcoming
launches and developments in precision aquaculture products. All these factors
resulted in marginal dip of market size of precision aquaculture. The supply
chain disruptions have led to the procurement of raw materials or commodities
from localized sources to ensure their continuous supply.
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What are the
opportunities for the existing players and for those who are planning to enter
various stages of the precision aquaculture value chain?
There are various
opportunities for the existing players to enter at the different stages of
value chain in precision aquaculture industry. Some of these include developing
smart devices and robotic solutions for various applications in aquaculture
farms and offering big data analytics and software solutions to effective
management of aquaculture farms. .
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