Precision Aquaculture Market worth $764 million by 2024
Posted: Jan 24, 2020
According to latest market research report "Precision Aquaculture Market by System Type (Smart Feeding Systems, Monitoring & Control Systems, Underwater ROVS), Application (Feeding Management, Monitoring); Offering (Hardware, Software, Services), and Geography - Global Forecast to 2024", the precision aquaculture market is estimated to be worth USD 398 million in 2019 and is projected to reach USD 764 million by 2024; it is expected to grow at a CAGR of 14.0% from 2019 to 2024.
The rapid growth of the precision aquaculture market can be attributed to the rising demand for protein rich aqua food across the world, rapid adoption of advanced technologies–IoT, artificial intelligence (AI), feeding robots, and underwater remotely operated vehicles (ROVs) on aquaculture farms; increasing investment and rising R&D expenditure in aquaculture technology across the world; and growing popularity of land-based recirculating aquaculture systems.
Smart feeding systems expected to hold largest market share during forecast period
Smart feeding systems held the largest market size owing to substantial operating cost savings associated with them. Smart feeding systems offer a substantial cost advantage over traditional and conventional feeding techniques. The smart feeding system with the combination of water vibration-based sensor, and machine learning; detects and determines the appetite of the fish to avoid overfeeding or underfeeding and saves a substantial amount of operating cost. The growing use of computerized feeding management systems combined with sensors and other aquaculture monitoring devices integrated with automated feeding systems opens new opportunities for the monitoring of fish ponds and aquaculture farms.
Monitoring, control, and surveillance application accounted for largest share of precision aquaculture market in 2019
Major factors contributing to the growth of the monitoring, control, and surveillance application includes the increasing adoption of automated aquaculture farm monitoring devices–IoT, underwater remotely operated vehicles, and smart camera systems; the focus of aquaculture farmers toward increasing the yield, and growing demand for protein rich aqua products worldwide. The automation of aquaculture farms reduces labor costs, increases operational efficiency, and leads to higher farm yields. The IoT-based monitoring of aquaculture farms has gained tremendous popularity in recent years due to various advantages, which include increased productivity, the early detection of diseases among aquatic species, and maintaining the water quality of fish pond, and aquaculture farms.
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APAC to account for largest market share from 2019 to 2024.
APAC is expected to hold the largest market size from 2019 to 2024 owing to the widespread automation of livestock farms in Western Europe. Increasing herd size, rising labor costs due to a severe shortage of labor force are the major factors for the high adoption of livestock technology in this region. The growing replacement of older milking systems with advanced and sophisticated ones in the European countries is further expected to boost the growth of the market in this region.
The report profiles key players, including AKVA Group (Norway), InnovaSea Systems (US), Deep Trekker (Canada), Eruvaka Technology (India), Steinsvik (Norway), Pentair AES (US), Aquabyte (US), Akuakare (Turkey), CPI Equipment (Canada), Lifegard Aquatics (US), Imenco AS (Norway), In-Situ (US), Vemco (US), Observe Technology, JALA Tech (Indonesia), MonitorFish (Germany), Imenco Aquaculture (Norway), Omso Systems (US), and Aqualine AS (Norway)
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