Precision Aquaculture Market is expected to reach US$ 1,209.96 million by 2028

Surging Adoption of Advanced Technologies in Precision Aquaculture Industry to Provide Growth Opportunities for Precision Aquaculture Market

According to our latest market study on “Precision Aquaculture Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by component and system” the market was valued at US$ 422.43 million in 2020 and it is projected to reach US$ 1,209.96 million by 2028; it is expected to grow at a CAGR of 14.5% from 2021 to 2028.

The advancements in technologies are facilitating the transformation of traditional farming into automated aquaculture. Automated systems allow companies to minimize the labor costs and enhance productivity in farming. The rising government investments in technology-related research and infrastructure development is accelerating global market growth. The Internet of Things (IoT), Big Data, artificial intelligence (AI), cloud computing, and other smart technologies are supporting intelligent aquaculture. Advancements in smart feeding technologies and farming practices to enhance feed utilization efficiency are crucial for the sustainability of aquaculture. Thus, companies across the world are highly inclined toward designing smart feeding systems that detect the appetite of the fish to avoid underfeeding or overfeeding. However, lack of skilled workers and technology infrastructure, and high maintenance requirements of the equipment hinder the market growth. 

The growing efforts of investors and startups driving the aquaculture industry toward greater sustainability. Hence, with better investment opportunities available, the health of the industry will be enhanced with the integration of next-generation technologies, government initiatives, and smart solutions. AI plays an important role in the digitalization and transformation of the advanced business process. The technology provides the ability to learn from recorded data and experiences, as it comprises algorithms, patterns, and predictive insights. It can help estimate the production and demand by altering program parameters, further enhancing farm efficiency and monitoring ability. Apart from AI, the IoT, cloud computing, and other smart technologies are also gaining popularity in the global aquaculture industry.

Impact of COVID-19 Pandemic on Precision Aquaculture Market

COVID-19 has negatively impacted businesses in the region in four critical areas, such as supply chain/operations, workforce, 2020 investments, and product offering. In the first nine months, overhead costs, including expenses for sales, R&D, and administration of various providers fell adversely, due to severe measures taken in the course of the pandemic. Despite the effects of the global outbreak, earnings were improved, primarily due to continuous optimization of the cost structure.

The global pandemic badly affected the conventional fishing activities in the US, and as per the Trump government, aquaculture is one of the best means of protecting the country’s future seafood supply chain and food security. The government signed an order to surge the US competitiveness in the seafood sector, which instructed agencies to develop and boost sustainable production, including increased efficiency of aquaculture processes. Trump's government announced the availability of US$ 300 million to help seafood.

AKVA group ASA; Chetu, Inc.; Deep Trekker Inc.; Innovasea Systems Inc.; Scale Aquaculture AS; PentairAES; Xylem Inc.; Eruvaka Technologies Private Limited; Aquabyte; and Imenco AS are the key players profiled in the precision aquaculture market report.

Precision Aquaculture Market — by Geography (% Share)

The Report Segments the Global Precision Aquaculture Market as Follows:

By Component

• Hardware
  • Monitoring  and Controlling Devices  (largely sensors)
  • Camera System 
• Services
• Software

By System

• Smart Feeding System
• Monitoring and Control System
• Underwater ROV System

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM