Precision Aquaculture Market: Trends, Competition, and Industry Size Forecasts

The global precision aquaculture market is anticipated to observe impressive growth during the forecast period, 2023-2027. The major factors driving the growth of the market include technological advancements and demand for protein-rich aqua food. Nowadays, people are consuming seafood for a protein-rich diet, as it helps to reduce health problems. Precision aquaculture has altered traditional aquaculture activities and offers enhanced productivity in the aquaculture industry. The other factors supporting the market’s growth are increasing awareness among farmers, growing investments in technological research and product innovation, and support from governments for infrastructure development in aquaculture. Additionally, the increasing income of the middle-class population is driving the precision aquaculture market, globally.

Demand For Protein-Rich Aqua Food

The increase in consumption of protein-rich food among the masses in order to reduce health complications is surging the demand for aqua animals in the market. Also, this inclination towards seafood is encouraging manufacturers and producers to expand their aquaculture platform in the global market. As per IEEE Xplore, aquaculture is estimated to supply almost 62% of fish till 2030 for human consumption.

Surging adoption of advanced technologies

Various advancements in aquaculture tools, technologies, and techniques are being done, which is transforming traditional farming into automated aquaculture. These automated systems help companies to reduce labor costs, minimize the wastage of resources and enhance production efficiency. In addition, the rise in investments and tech-oriented start-ups are bolstering the growth of the market. Leading market players are adopting advanced technologies such as ROVs, AI, and IoT which are propelling the growth of the market. For instance, in 2020, SinkabergHansen purchased an AC 600 VR feed barge with new technology for waterborne feeding from AKVA group ASA.

Rise in investment in technological research and Increasing Awareness

The expansion of precision aquaculture industry is due to the support provided by governments worldwide for infrastructure development of the aquaculture sector. With the rising efforts of investors, the health of the aquaculture industry is expected to augment by coupling next-generation technologies, government initiatives, and smart solutions. For instance, NOAA’s SBIR program is supporting and invests in aquaculture research and development, which encourages small businesses to leverage federal funds to invest in innovative technologies and next-generation products, which leads to proper optimization. In addition, farmers in developing as well as developed countries are getting aware of precision aquaculture and well-established aqua farms respectively. For instance, in 2021, ICAR launched ICAR-NePPA, which is designed to develop precision AG-Techs for sustained enhanced input use and production system with a safe environments and quality products to make agriculture a profit-making enterprise.

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Market Segmentation for Precision Aquaculture Market

The global precision aquaculture market is segmented into farm type, system type, and application. Based on farm type, the market is divided into open aquaculture farms and RAS farms. Based on system type, the market is divided into smart feeding systems, monitoring and control systems, underwater remotely operated vehicle systems, and others. Based on application, the market is divided into feed optimization, monitoring and surveillance, yield analysis and measurement, and others. In terms of country, the United States is expected to be a lucrative market in the forecast period due to the rising demand for protein-rich food and organic seafood in the country.

Market Players of Precision Aquaculture Market

AKVA Group, InnovaSea Systems, Inc., Steinsvik Group AS, Deep Trekker Inc., Eruvaka Technologies Pvt Ltd, AKUAKARE-Aquaculture Ltd., Aquamaof Aquaculture Technologies Ltd., Aquabyte, Inc., Bluegrove AS, and Maritech Systems AS are some of the leading companies operating in the market.

Report Scope:

In this report, the global precision aquaculture market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Precision Aquaculture Market, By Farm Type:

• • Open Aquaculture Farms
  • RAS Farms

• Precision Aquaculture Market, By System Type:

• • Smart Feeding Systems
  • Monitoring and Control Systems
  • Underwater Remotely Operated Vehicle Systems
  • Others

• Precision Aquaculture Market, By Application:

• • Feed Optimization
  • Monitoring and Surveillance
  • Yield Analysis and Measurement
  • Others

• Precision Aquaculture Market, By Region:

• • North America
    • United States
    • Canada
    • Mexico
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Europe & CIS
    • Germany
    • France
    • United Kingdom
    • Spain
    • Italy
  • South America
    • Brazil
    • Argentina
    • Colombia
  • Middle East & Africa

• South Africa
• Saudi Arabia
• UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the precision aquaculture market