Precision Aquaculture Market Size, Share, and Analysis by 2031

The precision aquaculture market size is projected to reach US$ 1893.64 million by 2031 from US$ 614.23 million in 2023. The market is expected to register a CAGR of 15.1% during 2023–2031. The rise in investment for the aquaculture infrastructure and surging adoption of IoT solutions in the aquaculture industry are likely to remain key trends in the market.

Precision Aquaculture Market Analysis

The rise in the adoption of AI, IoT, and ROV in aquaculture farming is one of the major factors driving the growth of the market. The growing government focus and investment towards the development of aquaculture infrastructure fuelling the market growth. The contribution of precision aquaculture techniques towards sustainable seafood production and cater to the global demand for aquatic products further fuels the market growth.

Precision Aquaculture Market Overview

The aquaculture industry is widely experiencing the deployment of Internet of Things (IoT) devices to modernize their farm and make data-driven decisions. Precision aquaculture uses interconnected sensors and software in the marine environment to monitor, analyze, interpret, and provide decision support for aqua-farm operations. The data-based aquaculture system helps the operators in the aqua industry to increase productivity.

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Precision Aquaculture Market: Strategic Insights

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Precision Aquaculture Market Drivers and Opportunities

Benefits of Adoption of Advanced Technologies in the Aquaculture Industry to Favor the Market

The aquaculture industry experiences challenges such as increasing feed and energy costs, environmental threats, production inefficiencies, and others. To overcome these challenges, the industry is using sensors, cameras, artificial intelligence, cloud technologies, and several other solutions to carry out unprecedented insights based on the data, which leads to growth in the precision aquaculture market. In addition, the market players are providing solutions to the aquaculture industry market players. For example, Innovasea’s precision aquaculture technologies help aquaculture operators to closely monitor, manage and control their operations based on reliable real-time data. It helps the operators with better decision-making to boost profits and become more sustainable.

Rise In Government Support For Aquaculture Infrastructure

The increasing trend of smart fishing and growth in the seafood trade is 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 the 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.

Precision Aquaculture Market Report Segmentation Analysis

Key segments that contributed to the derivation of the precision aquaculture market analysis are component, system, and application.

• Based on the component, the precision aquaculture market is divided into hardware, software, and service. The hardware segment held the largest share of the market in 2023.
• By system, the market is segmented into smart feeding systems, monitoring, and control systems, underwater Rov systems, and others. The smart feeding systems held a significant share of the market in 2023.
• By application, the market is segmented into fraud detection & prevention, governance risk & compliance (GRC), customer experience management, predictive maintenance, supply chain management, threat intelligence, and others. The customer experience management held a significant share of the market in 2023.

Precision Aquaculture Market Share Analysis by Geography

The geographic scope of the precision aquaculture market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Europe is expected to hold a significant CAGR in the forecast period. The rise in digitalization and growing demand for advanced data analytics techniques in the region is driving market growth. In addition, the government fund to fuel the aquaculture industry drives the market. For example, the EU Horizon 2020 Fund aimed at sustainable aquaculture intensification in Europe. The GAIN project funded by the EU Horizon 2020 Fund is focused on precision aquaculture.

Precision Aquaculture Market Regional Insights

The regional trends and factors influencing the Precision Aquaculture Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Precision Aquaculture Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Precision Aquaculture Market Report Scope

Precision Aquaculture Market Players Density: Understanding Its Impact on Business Dynamics

The Precision Aquaculture Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Precision Aquaculture Market are:

1. AKVA GROUP
2. Scale AQ
3. CHETU INC
4. DEEP TREKKER
5. INNOVASEA SYSTEMS
6. PENTAIR AES

Disclaimer: The companies listed above are not ranked in any particular order.

Precision Aquaculture Market News and Recent Developments

The precision aquaculture market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the precision aquaculture market are listed below:

• Innovasea, a global leader in technologically advanced aquatic solutions for aquaculture and fish tracking, announced that it is now offering land-based aquaculture solutions to the Chilean aquaculture industry. (Source: Innovasea, Press Release, April 2024)
• Skretting Southern Europe launched 360+, the disruptive precision farming concept that optimizes feeding protocols and production management, further increasing Mediterranean aquaculture’s competitiveness. Utilizing the latest analytical software and other Industry 4.0 technologies to bring greater levels of innovation to fish production, Skretting 360+ is a complete package of precision-based tools and services, incorporating nutrition, farm management practices and technical support as well as state-of-the-art underwater cameras and sensor equipment (IoT). (Source: Skretting, Press Release, April 2023)

Precision Aquaculture Market Report Coverage and Deliverables

The “Precision Aquaculture Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• precision aquaculture market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• precision aquaculture market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• precision aquaculture market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the precision aquaculture market
• Detailed company profiles