The global precision aquaculture market was valued at approximately US$ 422.43 million in 2020 and is anticipated to grow to US$ 1,209.96 million by 2028. This growth represents a compound annual growth rate (CAGR) of 14.5% from 2021 to 2028. The evolution of technology is driving a significant shift from traditional farming methods to automated aquaculture systems. These automated solutions enable businesses to reduce labor costs while simultaneously boosting productivity in aquaculture operations.
Increased government funding for technology-driven research and infrastructure is further propelling the expansion of the global market. Innovations such as the Internet of Things (IoT), Big Data, artificial intelligence (AI), and cloud computing are playing pivotal roles in advancing intelligent aquaculture practices. Notably, improvements in smart feeding technologies and farming methodologies aimed at optimizing feed utilization are essential for the sustainability of aquaculture. Consequently, companies worldwide are focusing on developing smart feeding systems that can accurately assess fish appetite, thereby preventing both underfeeding and overfeeding.
Despite these advancements, the market faces challenges, including a shortage of skilled labor, inadequate technological infrastructure, and the high maintenance demands of sophisticated equipment, which can impede growth.
The precision aquaculture market is categorized based on components, systems, and geographical regions. In terms of components, the market is divided into hardware, software, and services. The hardware segment is further divided into monitoring and control devices and camera systems. When considering systems, the market includes smart feeding systems, monitoring and control systems, and underwater remotely operated vehicles (ROVs). Geographically, the precision aquaculture market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
According to the latest report from the World Health Organization (WHO), countries such as the United States, India, Brazil, Russia, United Kingdom, France, Spain, and Italy have been severely impacted by the COVID-19 pandemic. The outbreak, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide. As of March 24, 2021, there were 123,902,242 confirmed cases globally, resulting in 2,727,837 deaths, with numbers continuing to rise at varying rates across different nations.
The COVID-19 pandemic has had a profound effect on industries globally, with the economy suffering significant setbacks in 2020 and likely continuing into 2021. The crisis has disrupted precision aquaculture operations and supply chains worldwide. Market participants have faced operational interruptions, and these challenges are expected to persist until mid-2021. Factors such as factory closures, travel restrictions, trade limitations, and border lockdowns have negatively impacted the precision aquaculture sector.
The overall size of the precision aquaculture market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aimed to provide a comprehensive overview and forecast for the precision aquaculture market across all segments. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Participants in this research included industry professionals such as Vice Presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in precision aquaculture.
Key players identified in this market study include AKVA group ASA, Chetu, Inc., Deep Trekker Inc., Innovasea Systems Inc., Scale Aquaculture AS, PentairAES, Xylem Inc., Eruvaka Technologies Private Limited, Aquabyte, and Imenco AS.