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.
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.
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.
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.
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.
Key segments that contributed to the derivation of the precision aquaculture market analysis are component, system, and application.
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.
The regional trends and factors influencing the Precision Aquaculture Market throughout the forecast period have been thoroughly explained by the analysts at 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.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 614.23 Million |
| Market Size by 2031 | US$ 1893.64 Million |
| Global CAGR (2023 - 2031) | 15.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Precision Aquaculture Market 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:
Disclaimer: The companies listed above are not ranked in any particular order.
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:
The “Precision Aquaculture Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The estimated value of the precision aquaculture market will be US$ 1893.64 million by 2031.
AKVA GROUP, Scale AQ, CHETU INC, DEEP TREKKER, INNOVASEA SYSTEMS, PENTAIR AES, SOLVAY, Aquabyte, XYLEM INC, and ERUVAKA TECHNOLOGY are some of the key players operating in the precision aquaculture market.
Increasing focus on sustainable practices in the aquaculture industry is considered a key trend in the precision aquaculture market.
The rise in investment for the aquaculture infrastructure and surging adoption of IoT solutions in the aquaculture industry are the key driving factors impacting the precision aquaculture market.
The global precision aquaculture market is estimated to register a CAGR of 15.1% during the forecast period 2023–2031.