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
Market Size Value in US$ 422.43 Million in 2020 Market Size Value by US$ 1,209.96 Million by 2028 Growth rate CAGR of 14.5% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Precision Aquaculture Market: Strategic Insights
| Market Size Value in | US$ 422.43 Million in 2020 |
| Market Size Value by | US$ 1,209.96 Million by 2028 |
| Growth rate | CAGR of 14.5% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Precision Aquaculture Market Forecast to 2027 - Covid-19 Impact and Global Analysis - by Component ; System ; Application and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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.
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