PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1422766
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1422766
Global fish hook sensor market is projected to witness a CAGR of 6.62% during the forecast period 2024-2031, growing from USD 445.62 million in 2023 to USD 744.17 million in 2031. The market has grown substantially in recent years and will continue to expand in the coming years.
Fish hook sensors are specialized devices integrated into fishing gear, typically attached to hooks or fishing lines. These sensors are designed to gather data related to the fishing environment and the behavior of fish. The need for fish hook sensors are primarily driven by the growing awareness of sustainable fishing practices and the urgent need to protect marine ecosystems, while maintaining economic viability of the fishing industry. The fish hook sensor market is experiencing significant growth driven by various factors. Increased demand for sustainable and responsible fishing practices has led to the adoption of advanced technologies, including fish hook sensors, to minimize environmental impact. Additionally, stringent government regulations aimed at preventing overfishing and ensuring the traceability of seafood products contribute to market expansion.
Technological advancements in sensor capabilities, such as improved sensitivity and real-time data transmission, enhance the efficiency of fishing operations. Fish hook sensors play a crucial role in reducing bycatch and unintentional capture of non-target species, aligning with global conservation efforts. Furthermore, the rising awareness among fishermen about the economic benefits of optimizing fishing practices through sensor integration fuels market growth. The ability of fish hook sensors to provide valuable insights into fish behavior, migration patterns, and habitat preferences empower fisheries to make informed decisions, ultimately leading to increased yields and profitability. Collaborations between technology providers and fisheries, along with ongoing research and development (R&D) initiatives, drive innovation in the fish hook sensor market. As the industry continues to prioritize sustainable practices, the adoption of these sensors is likely to surge, positioning the market for substantial growth in the coming years.
For instance, in July 2023, KYTOS BV, a Belgian startup that develops microbiome management solutions, and Bergen-based Marineholmen RASLab AS have started working together to provide commercial services for managing and optimizing the microbial health and performance of Recirculating Aquaculture Systems (RAS). Combining the services of KYTOS and RASLab, a powerful combination of microbiological instruments for monitoring both fish health and RAS system performance, will allow both companies to test new RAS microbial health indicators.
Rising Demand for Fish Tracking and Monitoring Equipment
The increasing demand for fish tracking and monitoring devices is one of the primary drivers of the global fish hook sensor market. With declining fish stocks, fishermen increasingly rely on fishing sensors to detect fish and ensure a catch. This has resulted in improved sensors capable of precisely detecting fish presence and providing real-time updates to anglers. Commercial fisheries are leveraging these sensors to optimize fishing efforts and comply with regulatory standards.
For example, in May 2020, the initiative, Sustainable Tuna Fisheries through advanced earth observation echnologies (SusTunTech), was launched. It combines cutting-edge research, industrial experience, and technical expertise to create monitoring and decision-making systems for tuna fishery sustainability.
Integration of Sensors with Smartphones
Sensor integration with smartphone apps and wearables allow fishermen to access sensor data remotely, while receiving alerts and notifications on their smartphones or smartwatches. Furthermore, these apps frequently provide extra features, such as weather predictions, tidal charts, and fishing instructions, which enhance the fishing experience. Additionally, the fish hook sensor market is seeing the development of wireless and the Internet of Things (IoT)-enabled sensors. These sensors provide fishermen with additional convenience and flexibility because they may be readily connected to smartphones or other devices via Bluetooth or Wi-Fi. They also enable data sharing and analysis, allowing fishermen to gain insights into fishing patterns and improve their fishing techniques.
For example, in April 2021, SmartLure Corporation developed the "smartLure Model Zero", which collects data on its actions and environmental factors in water and transfers the data to smartphone for processing. It has a patented sensor module that generates high-definition data on water temperature, light, and the lure's actions and depth trace while in the water. The data is then transmitted to the smartLure app as the user needs.
Government Initiatives Acting as Catalyst
Strict fishing regulations globally are compelling the adoption of sophisticated gear, which is driving the global fish hook sensor market. The global push for sustainable fishing practices is a critical driver, as sensors help reduce bycatch and support fish stock conservation. Furthermore, there is an increasing trend towards eco-friendly and ethical fishing, boosting the demand for selective and efficient fish hook sensors.
For example, in July 2023, the United Kingdom government announced that all large industrial trawlers having length of more than 24 meters will be fitted with tracking and recording gear to ensure they are not overfishing. The cameras, referred to as remote electronic monitoring (REM) devices, will be gradually implemented over the next five years, working in tandem with GPS trackers, gear sensors, and cameras to gather data on the species and size of catches.
North America Dominates Fish Hook Sensor Market
The North America region, particularly the United States, plays a leading role in the fish hook sensor market due to its advanced technological infrastructure, significant investments in research and development, and a strong emphasis on sustainable fishing practices. The presence of key industry players and a large commercial fishing sector also contribute to its dominance. Furthermore, the market is heavily influenced by fishing regulations and policies aimed at conservation and sustainable use of marine resources. Compliance with these regulations is a key driver for the adoption of advanced fishing gear.
For instance, in September 2022, Aquasend, an aquaculture sensor startup, attempted to restore and replenish a native Hawaiian fishpond, Waikalua Loko l'a. The company has installed three Aquasend Beacons, which will continuously measure dissolved oxygen and temperature levels to determine the pond's fish population. The obtained data will help the Pacific American Foundation to begin safely inhabiting the pond with native mullet and milkfish.
Future Market Scenario (2024 - 2031F)
The global fish hook sensor market is expected to continue growing, propelled by technological innovations and an increasing emphasis on sustainable fishing.
Collaboration between technology providers, regulatory bodies, and the fishing community is crucial for market growth and sustainability.
Continued research and development are likely to focus on making sensors more affordable, reliable, and environmentally friendly.
Key Players Landscape and Outlook
Key participants in the fish hook sensor market include Western Marine Electronics, Inc., Scanmar International, Inc., Furuno Electric Co., Ltd., Kongsberg Maritime, Humminbird, and Lowrance. Major manufacturers are investing in R&D to improve their products and drive future growth in the worldwide fish hook sensor market. Fish hook sensor manufacturers are also making strategic moves to broaden their reach, such as new product releases, contractual agreements, mergers and acquisitions, investments, and collaboration with other organizations. Local manufacturing with low operational costs is a key business strategy adopted by players to serve customers and increase market share. Collaborations and emerging technologies are expected to drive up competition in this fast-paced market.
In October 2023, Coastal Carbon received USD 1.6 million in funding from Canada's Ocean Supercluster (OSC) to develop AI-based sensors for seaweed biomass measurement, a tool that could be used to better measure blue carbon credits for seaweed farmers. The project in collaboration with seaweed farmer HoldFast NL, will enable Coastal Carbon to develop its small, non-intrusive sensors to remotely measure seaweed biomass and quantify the data using artificial intelligence.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.