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Precision Aquaculture Market

Published Date : Jul 2024 | Forecast Year : 2019

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Precision Aquaculture Market Size, Share & Trends Covers Analysis By Product Type (Feeding, Monitoring, Control, Surveillance), By Application (Small Farm, Medium-sized Farm, Large Farm) Growth, Demand, Regional Outlook, And Forecast 2024-2032

Report ID: AG999

Published : Jul 2024

Pages : 155

Category : Agriculture

Format : Precision Aquaculture Market

REPORT ATTRIBUTEDETAILS
MARKET SIZE (2032)USD 1741.66 Million
MARKET SIZE (2023)USD 527.22 Million
CAGR (2023-2029)14.10%
HISTORIC YEAR2019
BASE YEAR2023
FORECAST YEAR2032
BY TYPEFeeding
Monitoring
Control
Surveillance
BY APPLICATIONSmall Farm
Medium-sized Farm
Large Farm
GEOGRAPHIC ANALYSISNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
KEY PLAYERSAKVA Group, InnovaSea Systems, Deep Trekker, Eruvaka Technology, Steinsvik, Pentair AES, Aquabyte, Akuakare, CPI Equipment, Lifegard Aquatics, Imenco AS, In-Situ, Vemco, JALA Tech, MonitorFish, Imenco Aquaculture.

Introduction:

The aquaculture industry is being transformed by precision aquaculture, a revolutionary approach that uses advanced technologies to improve productivity, sustainability and profitability. Precision aquaculture uses cutting-edge tools such as IoT devices, artificial intelligence, machine learning and big data analytics to monitor and manage fish farming operations with unprecedented precision. This innovative method addresses the pressing challenges of traditional aquaculture such as disease control, feed optimization and environmental impact, paving the way for a more efficient and environmentally friendly future.

Precision Aquaculture Market

Size, by Product, - (USD Billion)

Feeding

Monitoring

Control

Surveillance

Other Products

18 16 14 12 10 8 6 4 2 0

The Market will Grow

At the CAGR of:

14.10%

The Forecast Market

Size for in USD:

$1741.66 Million B

b0d51e3055fd6f23ff6a384a6e091406.svg

Global Precision Aquaculture Market Size Was Estimated At USD 527.22 Million In 2023 And Is Projected To Reach USD 1741.66 Million By 2032, At CAGR Of 14.10% (2024-2032)

As the global demand for seafood increases due to population growth and the growing health benefits of fish consumption, the need for sustainable aquaculture practices is more critical than ever. Precision aquaculture promises not only to satisfy this need, but also to ensure the long-term viability of aquatic ecosystems. The precision aquaculture market is estimated at USD 527.22 million in 2023, reflecting significant interest and investment in this growing sector. With a strong annual growth rate (CAGR) of 14.10%, the market will reach approximately 1.74 billion US dollars by 2032, underscoring its important role in the future of food production. This blog delves into the key trends, technologies and market dynamics shaping the precision aquaculture market. From integrating smart sensors and automated feeding systems to applying predictive analytics to prevent disease, we explore how precision aquaculture is redefining fish farming. Join us as we navigate the innovations and opportunities in this exciting industry and discover how precision aquaculture is poised to revolutionize the way fish are farmed and ensure a sustainable and prosperous future for the industry.

Market Overview:

The growth of the market is due to the increasing demand for the precision aquaculture industry that owns small, medium and large farms all over the world. The report provides insights into the lucrative opportunities in the precision aquaculture market at the country level. The report also includes precise costs, segments, trends, regions and business development of key players during the forecast period. Accurate Aquaculture Market report represents the collected information about the industry or the market of different industries. The Precision Aquaculture Market report includes both quantitative and qualitative analysis and the forecast period of the report extends from 2023 to 2030. The report takes into account various factors such as product price, product or service penetration at both country and regional levels, country GDP, parent market and sub-market market dynamics, end-use industry, key players, consumer buying behavior, economy, countries 'political, social scenarios, and many others. The report is divided into various segments to provide a detailed analysis of the market from all possible aspects.

Market Trends:

  • Integration of IoT and Smart Devices
  • Advancements in AI and Machine Learning
  • Automated Feeding Systems
  • Blockchain for Supply Chain Transparency
  • Focus on Sustainability and Environmental Impact
  • Growth of Recirculating Aquaculture Systems (RAS)
  • Rise of Data-Driven Decision Making
  • Innovative Breeding and Genetics

Market Drivers:

  • Increasing Demand for Seafood
  • Technological Advancements (IoT, AI, automation)
  • Environmental Concerns and Sustainability
  • Government Support and Regulations
  • Consumer Preferences
  • Rising Global Population
  • Land and Water Constraints

Porter’s Analysis:

Threat of New Entrants:

Barrier to Entry: Advanced technology and infrastructure require high initial capital.

Regulatory barriers: Strict regulations and permits for aquaculture operations.

Brand loyalty: Older companies with strong brands have an advantage.

Bargaining power of suppliers:

Limited supplier base: Specialized suppliers of technology, equipment and feed.

Dependency: Aquaculture farms depend on suppliers for critical inputs such as sensors, feed and genetic material.

Cost Structure: The effect of supplier prices on overall operating costs.

Bargaining power of buyers:

Demand for sustainable products: increases consumer awareness and preference for seafood from sustainable sources.

Switching costs: Low switching costs for buyers between aquaculture suppliers.

Price sensitivity: Price competition in the seafood market affects buyer decisions.

Threat of substitutes:

Alternative protein sources: Competition from alternative protein sources such as plant proteins and laboratory seafood.

Health trends: Consumers' dietary preferences are shifting toward healthier protein options.

Cost and Availability: Cost and availability of substitutes compared to farmed seafood.

Industry Competition:

Market Consolidation: Global presence of large established aquaculture companies.

Innovation: Continuous innovation of technology and sustainable practices to increase market share.

Competitive strategies: pricing, product differentiation and geographic expansion strategies of competitors.

Precision Aquaculture Market

Share, by end user, (USD Billion)

Analytica Global 527.22 Million %

Small Farm

Medium-sized Farm

Large Farm

Other End-Users

b0d51e3055fd6f23ff6a384a6e091406.svg

1741.66 Million

Total Market Size

USD (Billion),

14.10%

CAGR

-

Market Restraining Factors:

High initial investment: Adopting advanced technologies such as the Internet of Things and automated systems requires significant capital.

Regulatory Challenges: Aquaculture operations are subject to strict regulations, including environmental standards and permits.

Environmental Impact: Environmental sustainability concerns, including water quality and waste management.

Technical risks: Operational dependence on technology, which includes risks such as system failures or cyber security threats.

Consumer perception: Perceptions of farmed seafood, including concerns about quality, safety and environmental impact compared to wild-caught alternatives.

Market Opportunities:

  • Technological Advancements (IoT, AI, automation)
  • Sustainability Initiatives
  • Market Expansion
  • Health and Nutrition Trends
  • Government Support
  • Supply Chain Transparency
  • Value-Added Products

Key Players:

  • AKVA Group
  • InnovaSea Systems
  • Deep Trekker
  • Eruvaka Technology
  • Steinsvik
  • Pentair AES
  • Aquabyte
  • Akuakare
  • CPI Equipment
  • Lifegard Aquatics
  • Imenco AS
  • In-Situ
  • Vemco
  • JALA Tech
  • MonitorFish
  • Imenco Aquaculture

Recent Development:

  • When planning harvest, the Superior rate (SUP) is an important factor that helps to decide which cages should be chosen – and which should be left longer. If you choose the wrong cage, you can miss out on significant income. With Aquabyte you get continuous SUP calculations that help you make the right decisions.
  • Steinsvik & Company AS provides oil field services. The Company offers safety management, risk assessments, and other safety inspections services to onshore and offshore oil and gas industries.
  • The Indonesian company Jala Tech is a cutting-edge solution provider at the forefront of solving these challenges. Jala Tech has developed a precision data-powered shrimp farm management platform and app that empowers digitization in the shrimp industry. Farmers enter data directly into the Jala App, where they can then gain access to AI-powered analytics to help forecast shrimp harvests.

Precision Aquaculture Market

Size, by Product, - (USD Billion)

APAC $ 24

The Market will Grow

At the CAGR of:

14.10%

The Forecast Market

Size for in USD:

$1741.66 Million B

b0d51e3055fd6f23ff6a384a6e091406.svg

Market Insights:

Technological advances: The rapid adoption of IoT, artificial intelligence and automation is transforming aquaculture operations, improving efficiency and optimizing the use of resources.

Sustainability Focus: Emphasis on sustainable practices increases innovation in water management, waste and environmental mitigation.

Consumer demand: growing consumer awareness and preference for fish and shellfish products produced from sustainable sources is shaping market dynamics and encouraging investment in the sector.

Regulatory landscape: Evolving regulations and standards affect work methods, with a focus on environmental protection and food safety.

Market expansion: opportunities for geographic expansion into new areas with favorable environmental conditions for aquaculture development.

Value Chain Optimization: Integrating advanced technologies and supply chain transparency measures to ensure product quality and traceability from farm to table.

Competitive Dynamics: Intense competition among key players for product innovation and differentiation, focusing on quality, durability and market responsiveness.

Market Segmentation:

By Type

  • Feeding
  • Monitoring
  • Control
  • Surveillance

By Application

  • Small Farm
  • Medium-sized Farm
  • Large Farm

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

    Precision Aquaculture Market TO (USD BN)

    Precision Aquaculture Market

    CAGR OF

    14.10%

    Precision Aquaculture Market

    b0d51e3055fd6f23ff6a384a6e091406.svg
    Analytica Global 1741.66 Million %

Stakeholders For Market: 

  • Aquaculture Farmers
  • Technology Providers
  • Government and Regulatory Bodies
  • Consumers
  • Investors
  • Research Institutions and Academia
  • Non-Governmental Organizations (NGOs)

FAQ (Frequently Asked Questions):

Q.1 How big is the Precision Aquaculture Market?

Ans: - Precision Aquaculture Market Size Was Estimated At USD 527.22 Million In 2023 And Is Projected To Reach USD 1741.66 Million By 2032, At CAGR Of 14.10%.

Q.2 Who are the major players in the Precision Aquaculture Market?

Ans: - AKVA Group, InnovaSea Systems, Deep Trekker, Eruvaka Technology, Steinsvik, Pentair AES, Aquabyte, Akuakare, CPI Equipment, Lifegard Aquatics, Imenco AS, In-Situ, Vemco, JALA Tech, MonitorFish, Imenco Aquaculture.

Q.3 Which segments are covered in the report of Precision Aquaculture Market?

Ans: - The Precision Aquaculture Market is Segmented On The Basis Of Type, Application, And Geography.

Q.4 Which regions are covered in the report that having a potential scope for the Precision Aquaculture Market?

Ans: - On the basis of Geography, The Precision Aquaculture Market is classified into North America, Europe, Asia Pacific, and the Rest of the world.

 

Precision Aquaculture Market - Global Outlook & Forecast 2024-2029

Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global

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