Market Research Report
Global Precision Aquaculture Market - 2021-2028
|Global Precision Aquaculture Market - 2021-2028|
Published: October 24, 2021
Content info: 180 Pages
Delivery time: 2 business days
Precision aquaculture is defined as a scope which is aiming to apply principles of control engineering for the production of fish, thereby enhancing the farmer's ability to control, monitor, and analyze the biological processes in the fish farms. Precision aquaculture has changed the commercial aquaculture from traditional-experience based to a knowledge-based production system. Using precision aquaculture has several advantages such as in facilitating independent and constant monitoring, reliable decision support, faring operating repeatability and augmenting accuracy. In addition, use of precision aquaculture system enhances the staff safety by reducing the reliance on physical operations. It is forecasted that aquaculture is estimated to supply almost 62% of fish till 2030 for human consumption. Consequently, there is an increasing demand for aquaculture in the global market. It also creates a number of crucial growth opportunities for the key players of precision aquaculture market. The strong demand for protein-rich aqua food, followed by the increasing income of the middle-class population, is driving the global precision aquaculture market. Rising adoption of advanced technology IoT, feeding robots, artificial intelligence, and underwater remotely operated vehicles will boost the demand for the global precision aquaculture market.
The global aquaculture industry has witnessed tremendous advances in aquaculture tools, techniques, and technologies in the recent years. The growing inclination of the worldwide population toward consuming a protein-rich diet is one of the major factors responsible for the increasing adoption of cutting-edge technologies, such as machine learning, Internet of Things (IoT), artificial intelligence (AI), remotely-operated vehicles (ROVs), automatic feeders, and acoustic telemetry tracking systems, by aquaculture farm owners. The use of these technologies in aquaculture farming helps increase aquaculture production; enhance production efficiency; minimize wastage of resources; improve accuracy, precision, and repeatability in farming operations while providing high profitability to farm owners. Various companies such as Deep Trekker, AKVA group, and Sensaway have deployed IoT- and AI-based fish farm monitoring systems in thousands of aquaculture farms across the world. The increasing number of technology-oriented startups are entering the precision aquaculture market due to attractive opportunities available in this market.
However, need for skilled operators for effective management of complex systems is expected to hamper the market growth to a certain extent. Aquaculture species require tight management regularly to grow in a healthy and sound environment. Aquaculture equipment such as RAS systems and remotely-operated vehicles (ROVs) are complex and require skilled operators. The level of complexity increases with the size of an aquaculture project. Since RAS (recirculating aquaculture system) technology is relatively new, these systems will inevitably encounter unforeseen design- and engineering-related challenges and require ongoing adjustments to create a perfect environment for higher and more stable aquaculture production.
The precision aquaculture market for RAS-based aquaculture farms is expected to dominate the market in the year 2020. Currently, RAS-based aquaculture farms constitute around 5% to 8% of the total farms in the world, which is expected to reach ~30% by 2030 (As per the Food and Agriculture Organization of United Nations). Growing awareness about the benefits of RAS-based aquaculture farming such as the requirement for less water as compared to conventional systems and environment-friendly systems is fueling the growth of the market during the forecast period.
By offering, the market for services is estimated to grow at the highest CAGR during the forecast period. The increasing installation of aquaculture equipment in fish farms across the world and the rising popularity of recirculation aquaculture system (RAS)-based aquaculture farming in developing regions are the major factors contributing to the segment growth in the global precision aquaculture market
Asia-Pacific holds the largest market size in precision aquaculture, owing to the presence of a large number of aquaculture farms in the region. China and India are some of the key countries contributing to the market growth in this region. There are 429 Fish Farmers Development Agencies (FFDA) and 39 Brackish water Fish Farmers Development Agencies (BFDAs) for promoting freshwater and coastal aquaculture in India. Some of the important species cultured in India are the Indian major carps and shrimp. Hence, the fast growth of aquaculture production and advent of advanced fish and shrimp farming devices such as monitoring, smart feeding system and underwater ROV is expected to drive the regional market growth. Moreover, widespread automation of aquaculture farms will boost the precision aquaculture market in this region. South America is expected to witness the highest CAGR in the precision aquaculture market during the forecast period due to the increasing adoption of automated solutions including underwater ROVs and smart camera systems in aquaculture farms and the growing focus on the deployment of IoT-based monitoring devices in aquaculture farms owing to various advantages such as increased productivity and the early detection of diseases among aquatic species offered by these monitoring devices. There is a high concentration of aquaculture production in few countries of South America including Chile, Brazil, Ecuador.
Global precision aquaculture market is highly fragmented, with many players including Innovasea Systems Inc., AKVA group, Bluegrove, ScaleAQ, Deep Trekker Inc., Aquabyte, Cathx Ocean, CPI Equipment Inc., Signify Holding, and Planet Lighting among others. The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the market globally. For instance, on 17 November 2020, Innovasea Systems launched new V3 acoustic telemetry transmitters, which are most miniature in its industry-leading lineup of fish tracking tags. It provides scientists and the ability to study both smaller varieties of fish and larger species that are at initial stages of their lifecycle. On 23 November 2020, the AKVA group agreed with Nordic Aqua Ningbo to deliver a complete RAS facility outside Shanghai. sIn August 2020, Bluegrove, with its subsidiary CageEye AS, acquired fellow aquatech company SEALAB to join their sensor technologies and produce an open platform for integration with other suppliers. This acquisition bolsters Bluegrove's capacity to develop the Internet of Species (IoS), which has likely to spark an ecological revolution in aquaculture and farming and forestry.
COVID-19 pandemic has affected most countries globally, severely impacting the global economy and the food production and distribution sector, including fisheries and aquaculture. Fish and fish products that are highly dependent on international trade suffered quite early in the development of the pandemic from the restrictions and closures of global markets, whereas fresh fish and shellfish supply chains were severely impacted by the closure of the food service sectors. The pandemic has caused widespread upheaval in fisheries and aquaculture as production has been disrupted, supply chains have been interrupted and consumer spending restricted by various lockdowns.
The global precision aquaculture market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages.