Precision aquaculture market anticipated to grow at CAGR of 14.0% from 2019 to 2024
The precision aquaculture market is estimated to be worth USD 398 million in 2019 and is projected to reach USD 764 million by 2024,; it is expected to grow at a CAGR of 14.0% from 2019 to 2024. Major drivers for the precision aquaculture market are rising demand for protein rich aqua food across the world, the rapid adoption of advanced technologies–IoT, artificial intelligence (AI), feeding robots, and underwater remotely operated vehicles (ROVs) on aquaculture farms; increasing investment and rising R&D expenditure in aquaculture technology worldwide; and the growing popularity of land-based recirculating aquaculture systems.
Market for underwater ROVs estimated to grow at highest CAGR during forecast period
The market for underwater ROVs is expected to grow at the highest CAGR from 2019 to 2024 due to substantial cost savings associated with this technology, and the rising number of aquaculture farms in the European and South American regions. Underwater remotely operated vehicles (ROVs) are expected to witness high growth rate in the years to come. Underwater ROVs adoption trend in Western Europe and North America have gained good traction in recent years. Currently, more than 60% of underwater ROVs installed bases come from countries such as the US, Canada, Norway, and Chile.
Market for aquaculture monitoring & survelliance application to grow at highest CAGR during forecast period
The precision aquaculture market for the aquaculture monitoring & survelliance application is expected to grow at the highest CAGR during the forecast period. The high growth in this segment is predominantly driven by the increasing adoption of hardware devices such as sensors, RFID tags & readers, and livestock collars for the early detection of diseases in livestock, management of the herd, and identification and tracking of livestock.
Precision aquaculture market in South America to grow at highest CAGR from 2019 to 2024
The increasing automation of aquaculture farms in countries such as Brazil and Chile is a major factor driving the precision aquaculture market in South America. Increasing demand for protein rich aqua food is mounting pressure on the suppliers of aquaculture products to become more efficient and productive, pushing the sales of aquaculture technology upward. The precision aquaculture market in South America is in its early growth phase and is expected to grow rapidly until 2024.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%
- By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
- By Region: Americas– 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Key players operating in the precision aquaculture market are AKVA Group (Norway), InnovaSea Systems (US), Deep Trekker (Canada), Eruvaka Technology (India), Steinsvik (Norway), Pentair AES (US), Aquabyte (US), Akuakare (Turkey), CPI Equipment (Canada), Lifegard Aquatics (US), Imenco AS (Norway), In-Situ (US), Vemco (US), Observe Technology, JALA Tech (Indonesia), MonitorFish (Germany), Imenco Aquaculture (Norway), Omso Systems (US), and Aqualine AS (Norway). These players adopt various strategies, such as product developments, mergers, partnerships, collaborations, and expansions, to cater to customer demands.
This report covers the precision aquaculture market based on offering, technology, application, and region. The market based on offering has been segmented into hardware, software, and services. Based on application, the market has been segmented into feeding management, monitoring, control and survelliance; and others. Based on system type, the market has been classified into smart feeding systems, monitroing & control systems, underwater ROV systems, and others. Based on region, the precision aquaculture market has been segmented into the Americas, Europe, APAC, and RoW.
Key Benefits of Buying This Report
- This report includes the market statistics pertaining to offering, application, system type, and region.
- An in-depth value chain analysis has been done to provide deep insights into the precision aquaculture market.
- Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
- Illustrative segmentation, analyses, and forecasts for the market based on offering, application, system type, and region have been conducted to provide an overall view of the precision aquaculture market.
- The report includes an in-depth analysis and ranking of key players.