“Surging adoption of advanced technologies such as IoT, ROVs, and AI for real-time monitoring of aquaculture farms is set to drive the precision aquaculture market”
The global precision aquaculture market is estimated to grow from USD 407 million in 2021 to USD 794 million by 2026; growing at a CAGR of 14.3%. Precision aquaculture technology has the potential to transform the aquaculture industry, making traditional aquaculture activities more efficient and economical. The growth of the precision aquaculture market is driven by factors such as growing investments in technological research and product innovation, the surging adoption of advanced technologies such as IoT, ROVs, and AI for the real-time monitoring of aquaculture farms, the rising demand for protein-rich aqua food, and increasing support by worldwide governments for infrastructure development in aquaculture.
“RAS-based aquaculture farm to register higher CAGR during the forecast period”
The precision aquaculture market for RAS-based aquaculture farms is projected to register the higher CAGR during the forecast period, by aquaculture farm type. The market for RAS-based aquaculture farms is expected to grow at a higher rate during the forecast period. Currently, RAS-based aquaculture farms constitute around 5% to 8% of the total farms in the world, which is expected to reach ~30% by 2030 (As per the Food and Agriculture Organization of United Nations). Growing awareness about the benefits of RAS-based aquaculture farming such as the requirement for less water as compared to conventional systems and environment-friendly systems is fueling the growth of the market during the forecast period.
“Feed optimization is estimated to hold the largest share of the market during forecast period”
The feed optimization segment of the precision aquaculture market is estimated to register largest market share in 2026, by application. Factors contributing toward the predominance of feed optimization application over others are the increasing adoption of advanced technologies such as AI and machine learning in aquaculture equipment and tools, and the growing demand for protein-rich aqua food.
Underwater remotely-operated vehicles to register higher CAGR during the forecast period”
The precision aquaculture market for underwater remotely-operated vehicles is projected to register the higher CAGR during the forecast period, by system type. The adoption trend of underwater ROVs in Western Europe and North America has gained significant traction in recent years. Currently, countries such as the US, Canada, Norway, and Chile account for more than 60% of the installed base of underwater ROVs.
“Hardware is estimated to hold the largest share of the market during forecast period”
The hardware segment of the precision aquaculture market is estimated to register largest market share in 2026, by offering. Hardware components such as sensors, monitoring and control devices, smart feeding systems, underwater remotely-operated vehicles (ROVs), and climate control systems are expected to continue to account for the largest market share during the forecast year owing to the high adoption of automated aquaculture farm monitoring devices by aquaculture farm owners for increasing farm productivity and the efficient management of the farm.
“South America is projected to become the fastest geographical market between 2021 and 2026”
South America is expected to witness the highest CAGR in the precision aquaculture market during the forecast period due to the increasing adoption of automated solutions including underwater ROVs and smart camera systems in aquaculture farms and the growing focus on the deployment of IoT-based monitoring devices in aquaculture farms owing to various advantages such as increased productivity and the early detection of diseases among aquatic species offered by these monitoring devices.
Breakdown of profiles of primary participants:
- By Company: Tier 1 = 20%, Tier 2 = 45%, and Tier 3 = 35%
- By Designation: C-level Executives = 35%, Directors = 25%, and Others (sales, marketing, and product managers, as well as members of various organizations) = 40%
- By Region: Americas = 45%, APAC = 20%, Europe=25%, and ROW=10%
Major players profiled in this report:
The precision aquaculture market is dominated by a few established players such as AKVA group (Norway), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), Deep Trekker (Canada), Aquabyte (US), and Eruvaka Technologies (India).
Research coverage
This report offers detailed insights into the precision aquaculture market based on system type (feeding systems, monitoring & control, underwater ROVs), offering (hardware, software, services), farm type (cage-based, RAS), application (feed optimization, farm monitoring, and surveillance, yield analysis and measurement) and region (North America, South America, Europe, Asia Pacific (APAC), and Rest of the World (RoW) which includes the Middle East and Africa (MEA)) and Africa.
The report also provides a comprehensive review of precision aquaculture market drivers, restraints, opportunities, and challenges in the market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the precision aquaculture market and provides them information on key market drivers, restraints, challenges, and opportunities.
