A recent report published by Infinium Global Research on the precision aquaculture market provides in-depth analysis of segments and sub-segments in the global as well as regional precision aquaculture market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional precision aquaculture market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global precision aquaculture market. According to the report, the global precision aquaculture market is projected to grow at a CAGR of nearly 14% over the forecast period of 2022-2028.
The precision aquaculture market was valued at over USD 550 million in 2022 and is expected to reach about USD 1200 million in 2028, with a CAGR of nearly 14% during the forecast period. Aquaculture is presented as a sustainable alternative to the consumption of wild fish and it helps in reducing inputs (such as feed), optimizing outputs, and reducing pollution. It assists and automates aquaculture operations based on data collected at the farm level through sensors and other technology. It uses control-engineering principles and concepts from advanced technologies such as IoT, ROVs, and AI to collect farm data using sensors and other automated equipment. Interconnected sensors store and collate data specific to each pond or cage to provide data-driven insights.
Increasing government support for the development of aquaculture infrastructure drives the precision aquaculture market. Precision aquaculture offers more accurate predicting and monitoring of stock, reduced labor demands, and superior employee safety. It helps in more specific distribution and timing of feed leading to enhanced feed conversion ratios, and earlier detection of animal welfare issues. It results in better prevention of disease, reduced use of antibiotics or other chemical treatments, and reduced environmental impacts. Increasing implementation of superior technologies such as IoT, ROVs, and AI for real-time monitoring of aquaculture farms is also driving the precision aquaculture market. These aqua cultural technologies have developed and advanced rapidly in recent years. Advanced technologies support the growth of an aquaculture sector through better farm productivity, augmented fish supply, and reduction in consumer prices. However, high upfront costs and capital expenditure is restraining the market growth. The growing popularity of land-based recirculating aquaculture systems is expected to provide opportunities to the market players.
The global market of precision aquaculture has been negatively impacted by the outbreak of COVID-19. All aspects of fish supply chains are severely affected by the spread of the COVID-19 pandemic. Fresh fish processing is affected by worker health and resulting staff shortages owing to COVID-19 illness and required quarantine of staff. Fish processing factories in many countries have closed due to COVID-19-positive workers. Some countries have exempted the aquaculture sector from lockdown measures. On the other hand, small-scale aquaculture and fish farming operators in areas where fish imports are important may benefit from reduced competition, especially if they can secure their retail markets.
Geographically, the global precision aquaculture market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. In terms of geography, the Asia-Pacific is anticipated to dominate the precision aquaculture market during the forecast period due to the rising number of aquaculture farms and the high adoption of precision aquaculture technology in countries such as China, Indonesia, India, and Japan. Furthermore, North America and Europe is the possibility to have lucrative growth over the upcoming years owing to the high perception of advanced techniques and tools that help in driving the growth of the market. South America is anticipated to witness a significant CAGR in the precision aquaculture market during the forecast period.
The report on the global precision aquaculture market covers segments such as offering, system type, application, and farm type. On the basis of offering, the sub-markets include hardware, software, and services. On the basis of system type, the sub-markets include smart feeding systems, monitoring & control systems, underwater ROV systems, and others. On the basis of application, the sub-markets include feed optimization, monitoring and surveillance, yield analysis and measurement, and others. On the basis of farm type, the sub-markets include open aquaculture farms, and recirculatory aquaculture system farm.
The report provides profiles of the companies in the market such as AKVA Group, Nutreco, Steinsvik, Aquabyte, Inc., InnovaSea Systems, Deep Trekker, Lifegard Aquatics, Imenco AS, MonitorFish, and Aqualine AS.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the precision aquaculture market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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