Precision Aquaculture Market

The Precision Aquaculture Market was estimated around USD 312 million in 2019 and is projected to grow at a CAGR of 14.3% over the forecast period (2020-2027).

The factors driving the growth of Precision Aquaculture Market includes rise in the consumption of fish and seafood related products, growing demand for protein-rich aqua food and increase in the number of aquaculture farms across the globe. According to the report published by Statista, the Global Fish Seafood Market is projected to reach USD 544.20 billion by the end of 2022, expanding at a CAGR of 7.44% over the forecast period (2022-2027), which will boost the Global Precision Aquaculture Market in the approaching years. Moreover, the growing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Feeding Robots by the farmers and Government schemes regarding the production of fish, are some of the additional factors supplementing the Precision Aquaculture Market share. As per the Press Information Bureau, the Ministry of Fisheries, Animal Husbandry Dairying in India, has planning to increase the fish production in India from 137.58 lakh metric tons in 2018-19 to 220 lakh metric tons by 2024-25, rising by annual growth of 9%, which will push the Precision Aquaculture Market size in India in the coming years.

However, the growth of Precision Aquaculture Market is hindered due to high cost of monitoring aqua farms.

The major players operating in the market are Lifegard Aquatics, Imenco AS, Observe Technology, InnovaSea Systems, Deep Trekker, Eruvaka Technology, MonitorFish, Steinsvik, Aquabyte, Inc., AKVA Group, and Aqualine AS, among others.

Application: Segment Analysis

Based on Application, the Monitoring, Control Surveillance segment is estimated to hold the highest market share during the forecast period owing to increasing demand for automated aquaculture farm monitoring devices and smart camera systems.

System Type: Segment Analysis

As per the Precision Aquaculture Market Research Report, the Smart Feeding Systems segment is predicted to expand at a significant CAGR over the forecast period because the smart feeding systems helps to monitor the appetite of the fish.

Regional: Segment Analysis

Based on Region, the Asia-Pacific region is estimated to capture the largest market share over the forecast period. Rise in the number of aquafarms, growing adoption of advanced technologies by the farmers, increasing use of fish in the local cuisines, rising per capita incomes, rapid urbanization and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific

Market Segmentation

Global Precision Aquaculture Market by Offering

• Hardware
  • Monitoring Devices
    • Temperature and Environmental Monitoring Devices
    • PH and Dissolved Oxygen Sensors
    • Others
  • Camera Systems
  • Others
• Software
  • On-Cloud
  • On-Premises
• Services

Global Precision Aquaculture Market by System Type

• Smart Feeding Systems
• Monitoring Control Systems
• Underwater Rov Systems
• Others

Global Precision Aquaculture Market by Application

• Feeding Management
• Monitoring, Control Surveillance
• Others

Global Precision Aquaculture Market by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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