Precision Aquaculture Market Size Report, Share | 2027

Precision Aquaculture Market Forecast to 2027 - Covid-19 Impact and Global Analysis - by Component (Hardware, Software, Service); System (Smart Feeding Systems, Monitoring and Control Systems, Underwater Rov Systems, Others); Application (Feeding Management, Monitoring, Control and Surveillance, Others) and Geography

Publication Month : Mar 2021

  • Report Code : TIPRE00008032
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 135
Inquire Before Buy

PRICING

$4550

$2730

[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.

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.  

Lucrative Regional Precision Aquaculture Market

Lucrative Regional Precision Aquaculture Market
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

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.

Precision Aquaculture Market, by Application (% share)

Precision Aquaculture Market, by Application (% share)
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Precision Aquaculture Market: Strategic Insights

precision-aquaculture-market
Market Size Value inUS$ 422.43 Million in 2020
Market Size Value byUS$ 1,209.96 Million by 2028
Growth rateCAGR of 14.5% from 2021-2028
Forecast Period2021-2028
Base Year2021
Analyst Image

Naveen

Have a question?

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst Image  Speak to Analyst

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.

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
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Precision Aquaculture Market Forecast to 2027 - Covid-19 Impact and Global Analysis - by Component ; System ; Application and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Australia, Brazil, Canada, Chile, China, Egypt, France, India, Italy, Japan, Mexico, Norway, Saudi Arabia, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What are the driving factors responsible for the growth of precision aquaculture market?

Increasing government support for development of aquaculture infrastructure and rising yields of aquaculture are driving the growth of the global precision aquaculture market.

What are the market opportunities for precision aquaculture market?

The surging popularity of land-based recirculating aquaculture systems is creating market opportunity for the precision aquaculture market. Land-based recirculating aquaculture facilities are gaining popularity in different countries, and several companies are implementing this system for sustainable seafood management. For instance, Nordic Aquafarms, a US-based seafood company fully integrated with its RAS-design, operates land-based farms in Denmark and has opened its first US facility in Maine in 2020.

Which component-based segment has the largest market share in 2020?

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 populations in the coming years. IoT, advanced sensors, cameras, and analytics software are being used to perform aquaculture operations. The hardware segment holds the largest market share in 2020.

The List of Companies - Precision Aquaculture Market

  1. AKVA GROUP
  2. Scale AQ
  3. CHETU INC
  4. DEEP TREKKER
  5. INNOVASEA SYSTEMS
  6. PENTAIR AES
  7. SOLVAY
  8. STEINSVIK
  9. XYLEM INC
  10. ERUVAKA TECHNOLOGY

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Precision Aquaculture Market