[Research Report] In terms of revenue, the global Precision Aquaculture market was valued at US$ 422.43 million in 2020 and is projected to reach US$ 1,209.96 million by 2028; it is expected to grow at a CAGR of 14.5% during the forecast period from 2021 to 2028.

Precision aquaculture involves various hardware and software components interconnected with each other. Sensors installed in the marine environment form a key part of these components as they monitor, interpret, analyze, and offer decision support for farm operations. A wide variety of sensors, such as acoustic, optical, and biological sensors, are used to gain insights into the farm environment, which assist in making decisions to enhance fish health and economic return, along with mitigating risk to the environment. The precision aquaculture benefits through farming operation repeatability, improving accuracy, facilitating autonomous and continuous monitoring, and offering reliable decision support. Moreover, it helps reduce dependency on manual operations and subjective assessments, thereby enhancing the staff safety. As per IEEE Xplore, aquaculture is likely to supply ~62% of fish for human consumption by 2030. Thus, the increase in yields of aquaculture across the world offers significant growth opportunities to the precision aquaculture market players.

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Precision Aquaculture Market: Strategic Insights

Precision Aquaculture Market

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  CAGR (2020 - 2028)

  14.5%
• Market Size 2020
  US$ 422.43 Million
• Market Size 2028
  US$ 1,209.96 Million

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• AKVA GROUP
• Scale AQ
• CHETU INC
• DEEP TREKKER
• INNOVASEA SYSTEMS
• PENTAIR AES
• SOLVAY
• STEINSVIK
• XYLEM INC

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component

• Hardware
• Software
• Service

System

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

Application

• Feeding Management
• Monitoring
• Control and Surveillance
• Others

Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South and Central America

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Impact of COVID-19 Pandemic on the Market

According to the latest situation report from the World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Spain, and Italy are among the worst affected countries due to the COVID-19 outbreak. The outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the world. As of 24th March 2021, 123,902,242 confirmed COVID-19 cases registered globally, with 2,727,837 total deaths, and the number is growing at varying rates in different countries. The COVID-19 crisis affects the industries worldwide, and the global economy adversely affected in 2020 and likely in 2021. The pandemic has disturbed precision aquaculture businesses and suppliers around the globe. Market players experienced disruptions to their operations, and it’s likely to have consequences till mid-2021. The factory shutdowns, travel bans, trade bans, and border lockdowns have adversely affected the precision aquaculture industry.  

Market Insights–Precision Aquaculture Market 

Increasing Government Support for Development of Aquaculture Infrastructure

Increasing trend of smart fishing and growth in seafood trade are magnifying the demand for products required for the development of aquaculture infrastructure. Changes in the food consumption pattern worldwide are also contributing to the expansion and diversification of this industry. Besides, the growth of retail industry and the easy availability of aquaculture products through numerous channels propel the sales of these products. The vigorous and continuous growth of aquaculture in various prominent countries, such as Norway, China, India, and Indonesia, is driving the global precision aquaculture market.

Component Segment Insights

Based on component, the precision aquaculture market is segmented into hardware, software, and services. Hardware components are integrated with software components to provide the most accurate, real-time information about the water bodies for effective aquafarming or aquaculture. Aquaculture is in the nascent stage; however, according to the FAO, aquafarming is projected to feed a large percentage of population in the coming years. IoT, advanced sensors, cameras, and analytics software are being used to perform aquaculture operations.

System Segment Insights

Based on system, the precision aquaculture market is segmented into smart feeding systems, monitoring and control systems, and underwater ROV systems. The monitoring and control system accounted for the largest share in the year 2020; it is anticipated to continue its dominance during the forecast period. Monitoring and control systems are used in precision aquaculture comprise various sensors and high-resolution cameras that display images and collect data on the health of farms, seas, and fishes. Fish farming, in general, is subjected to changing environmental conditions such as varying water supply due to different rainfall patterns or higher temperatures during summer, which are among the most critical ones.

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

• In 2021, Scale Aquaculture AS had released FeedStation v. 2.4. It has now been integrated with UniteAQ. With FeedStation v.2.4, the logging can be done directly from FeedStation to UniteAQ with detailed data and without any additional software installed. The long-term plan is to include all relevant data and logging to the cloud, making a true IoT device-twin for FeedStation in UniteAQ.
• In 2020, SinkabergHansen purchased an AC 600 VR feed barge with new technology for waterborne feeding from AKVA group ASA.

Precision Aquaculture Market Report Scope

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The global precision aquaculture market has been segmented as follows:

Precision Aquaculture Market – By Component

• Hardware
  • Control and Monitoring Device
  • Camera System
• Software
• Services

Precision Aquaculture Market – By System

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

Precision Aquaculture Market- By Region

• North America

  • US
  • Canada
  • Mexico

• Europe

  • Norway
  • Spain
  • France
  • Italy
  • UK
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC

• Middle East and Africa (MEA)

  • Egypt
  • Saudi Arabia
  • Rest of MEA
  • UAE

• South America (SAM)

  • Brazil
  • Chile
  • Rest of SAM

Precision Aquaculture Market – Companies Profiles

• AKVA GROUP
• Scale AQ
• CHETU INC
• DEEP TREKKER
• INNOVASEA SYSTEMS
• PENTAIR AES
• SOLVAY
• STEINSVIK
• XYLEM INC
• ERUVAKA TECHNOLOGY
• AQUABYTE
• IMENCO AS