June 13, 2024
ICT

Precision Aquaculture Market Size To Increase USD 899.57 Billion By 2032

The global precision aquaculture market size was estimated to be around US$ 481.5 billion in 2022. It is projected to reach US$ 899.57 billion by 2032, indicating a CAGR of 6.50% from 2023 to 2032.

Precision Aquaculture Market Size 2023 To 2032

Key Takeaways

  • North America contributed more than 46% of revenue share in 2022.
  • Asia Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
  • By Offering, the hardware segment has held the largest market share of 61% in 2022.
  • By Offering, the service segment is anticipated to grow at a remarkable CAGR of 10.2% between 2023 and 2032.
  • By Application, the monitoring & surveillance segment generated over 34% of revenue share in 2022.
  • By Application, the feed optimization segment is expected to expand at the fastest CAGR over the projected period.
  • By System Type, the monitoring & control system segment had the largest market share of 50% in 2022.
  • By System Type, the smart feeding system segment is expected to expand at the fastest CAGR over the projected period.
  • By Farm Type, the open aquaculture farm segment generated over 59% of revenue share in 2022.
  • By Farm Type, the RAS farm segment is expected to expand at the fastest CAGR over the projected period.

Precision Aquaculture involves the integration of various technologies such as sensors, IoT devices, artificial intelligence, and data analytics into aquaculture systems. These technologies enable real-time monitoring of environmental conditions, water quality, and the health of aquatic organisms. By collecting and analyzing vast amounts of data, farmers can make informed decisions to ensure optimal conditions for fish growth and minimize environmental impact.

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Growth Factors

Several factors contribute to the growth of Precision Aquaculture. Firstly, the increasing global demand for seafood is driving the aquaculture industry to explore more efficient and sustainable production methods. Precision Aquaculture, with its emphasis on data-driven decision-making, addresses this demand by offering tools to enhance productivity and reduce waste.

Moreover, the advancements in sensor technologies and the decreasing costs of IoT devices contribute significantly to the growth of Precision Aquaculture. These technologies empower farmers to remotely monitor and control various parameters, leading to better management of aquaculture facilities.

Environmental sustainability is another critical growth factor. Precision Aquaculture allows farmers to optimize feed usage, monitor water quality, and minimize the environmental impact of aquaculture operations. As consumers and regulatory bodies increasingly prioritize sustainability, the adoption of precision technologies becomes integral to the long-term success of the aquaculture industry.

Precision Aquaculture Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 6.50%
Market Size in 2023 USD 510.39 Billion
Market Size by 2032 USD 899.57 Billion
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Offering, By Application, By System Type, and By Farm Type
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Read More: Paper and Paperboard Packaging Market Size to Garner USD 670.38 Billion by 2032

Regional Snapshot

In 2022, North America dominated with the highest revenue share at 46%. The region stands out in the adoption of precision aquaculture, thanks to its advanced technological infrastructure and a growing focus on environmental issues. Aquaculture farms in the United States and Canada are embracing automation, IoT sensors, and data analytics to enhance water quality, manage feed, and control diseases. The emphasis on sustainability, coupled with strong support for eco-friendly practices, encourages innovation and wider adoption.

Precision Aquaculture Market Share, By Region, 2022 (%)

The Asia Pacific region is poised for rapid expansion, being estimated to experience the fastest growth. This is attributed to its significant role in the global aquaculture industry. Countries like China and India are at the forefront of adopting advanced technologies to ensure efficient, sustainable, and high-yield aquaculture production. The rising demand for seafood and a commitment to environmental sustainability are driving the growth of precision aquaculture in the Asia-Pacific region.

Offering

Precision aquaculture offerings encompass a range of technologies and services aimed at optimizing aquaculture operations. These may include advanced monitoring systems, sensor technologies, software solutions, and consultancy services. The offerings are designed to enhance the overall efficiency, productivity, and sustainability of aquaculture practices.

Application

Precision aquaculture finds application in various facets of aquaculture operations. This includes monitoring water quality parameters, tracking the health and behavior of aquatic organisms, optimizing feeding practices, and managing overall farm operations. The application segment reflects the diverse ways in which precision technologies contribute to the improvement of aquaculture processes.

System Type

Precision aquaculture systems come in different types, each tailored to specific needs within the industry. These may include monitoring and control systems, feeding systems, communication systems, and imaging systems. The categorization by system type allows for a nuanced understanding of the technological landscape and how each system contributes to the precision and efficiency of aquaculture.

Farm Type

Aquaculture is practiced in various settings, ranging from land-based farms to offshore facilities. Precision aquaculture solutions are adapted to different farm types, taking into consideration the unique challenges and requirements of each. Whether it’s a land-based pond, a recirculating aquaculture system (RAS), or an offshore cage farm, precision technologies are tailored to optimize operations and ensure sustainable practices across diverse farm types.

Recent Developments

  • In 2021, Innovasea Systems launched the V3 acoustic telemetry transmitters, a groundbreaking addition to their fish tracking tag portfolio. These tags, among the smallest available, enable comprehensive research on smaller and younger fish species, offering scientists valuable insights into various stages of their lifecycles.
  • In 2020, Bluegrove, along with its subsidiary CageEye AS, acquired SEALAB, an aquatech company. This strategic move aims to merge their sensor technologies and establish an open platform for seamless integration with other suppliers. Bluegrove’s focus on shaping the Internet of Species (10S) is poised to drive innovation in aquaculture, agriculture, and forestry, potentially sparking an ecological revolution.
  • In 2020, AKVA group has successfully acquired Newfoundland Aqua Service Ltd (NAS), a prominent provider of fish farming services in Newfoundland and Labrador. NAS specializes in manufacturing fish cages, docks, boats, barges, nets, and offers various services such as net washing, manufacturing, testing, repair, and antifoulant treatment. This strategic acquisition enhances AKVA group’s footprint in the region.

Reasons to Purchase this Report:

  • Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
  • In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
  • Market size in USD million and volume in million units provided for each segment and sub-segment.
  • Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
  • Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

Precision Aquaculture Market Players

  • AKVA Group
  • Aquabyte
  • Aquafine Corporation
  • Aquaculture Systems Technologies (AST)
  • Cermaq
  • Cooke Aquaculture
  • Deep Trekker Inc.
  • In-Situ, Inc.
  • InnovaSea Systems, Inc.
  • Jala Tech
  • Pentair Aquatic Eco-Systems
  • Pioneer AQUA
  • XpertSea
  • Steinsvik
  • Vaki

Segments Covered in the Report

By Offering

  • Hardware
  • Software
  • Service

By Application

  • Feed Optimization
  • Monitoring & Surveillance
  • Yield analysis & Measurement
  • Others

By System Type

  • Smart Feeding System
  • Monitoring & Control System
  • Underwater Remotely Operated Vehicle System
  • Others

By Farm Type

  • Open Aquaculture Farm
  • RAS Farm

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Precision Aquaculture Market 

5.1. COVID-19 Landscape: Precision Aquaculture Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Precision Aquaculture Market, By Offering

8.1. Precision Aquaculture Market, by Offering, 2023-2032

8.1.1. Hardware

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Software

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. Service

8.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Precision Aquaculture Market, By Application

9.1. Precision Aquaculture Market, by Application, 2023-2032

9.1.1. Feed Optimization

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Monitoring & Surveillance

9.1.2.1. Market Revenue and Forecast (2020-2032)

9.1.3. Yield analysis & Measurement

9.1.3.1. Market Revenue and Forecast (2020-2032)

9.1.4. Others

9.1.4.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Precision Aquaculture Market, By System Type 

10.1. Precision Aquaculture Market, by System Type, 2023-2032

10.1.1. Smart Feeding System

10.1.1.1. Market Revenue and Forecast (2020-2032)

10.1.2. Monitoring & Control System

10.1.2.1. Market Revenue and Forecast (2020-2032)

10.1.3. Underwater Remotely Operated Vehicle System

10.1.3.1. Market Revenue and Forecast (2020-2032)

10.1.4. Others

10.1.4.1. Market Revenue and Forecast (2020-2032)

Chapter 11. Global Precision Aquaculture Market, By Farm Type 

11.1. Precision Aquaculture Market, by Farm Type, 2023-2032

11.1.1. Open Aquaculture Farm

11.1.1.1. Market Revenue and Forecast (2020-2032)

11.1.2. RAS Farm

11.1.2.1. Market Revenue and Forecast (2020-2032)

Chapter 12. Global Precision Aquaculture Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Forecast, by Offering (2020-2032)

12.1.2. Market Revenue and Forecast, by Application (2020-2032)

12.1.3. Market Revenue and Forecast, by System Type (2020-2032)

12.1.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.1.5. U.S.

12.1.5.1. Market Revenue and Forecast, by Offering (2020-2032)

12.1.5.2. Market Revenue and Forecast, by Application (2020-2032)

12.1.5.3. Market Revenue and Forecast, by System Type (2020-2032)

12.1.5.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Forecast, by Offering (2020-2032)

12.1.6.2. Market Revenue and Forecast, by Application (2020-2032)

12.1.6.3. Market Revenue and Forecast, by System Type (2020-2032)

12.1.6.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.2. Europe

12.2.1. Market Revenue and Forecast, by Offering (2020-2032)

12.2.2. Market Revenue and Forecast, by Application (2020-2032)

12.2.3. Market Revenue and Forecast, by System Type (2020-2032)

12.2.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.2.5. UK

12.2.5.1. Market Revenue and Forecast, by Offering (2020-2032)

12.2.5.2. Market Revenue and Forecast, by Application (2020-2032)

12.2.5.3. Market Revenue and Forecast, by System Type (2020-2032)

12.2.5.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.2.6. Germany

12.2.6.1. Market Revenue and Forecast, by Offering (2020-2032)

12.2.6.2. Market Revenue and Forecast, by Application (2020-2032)

12.2.6.3. Market Revenue and Forecast, by System Type (2020-2032)

12.2.6.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.2.7. France

12.2.7.1. Market Revenue and Forecast, by Offering (2020-2032)

12.2.7.2. Market Revenue and Forecast, by Application (2020-2032)

12.2.7.3. Market Revenue and Forecast, by System Type (2020-2032)

12.2.7.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Forecast, by Offering (2020-2032)

12.2.8.2. Market Revenue and Forecast, by Application (2020-2032)

12.2.8.3. Market Revenue and Forecast, by System Type (2020-2032)

12.2.8.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.3. APAC

12.3.1. Market Revenue and Forecast, by Offering (2020-2032)

12.3.2. Market Revenue and Forecast, by Application (2020-2032)

12.3.3. Market Revenue and Forecast, by System Type (2020-2032)

12.3.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.3.5. India

12.3.5.1. Market Revenue and Forecast, by Offering (2020-2032)

12.3.5.2. Market Revenue and Forecast, by Application (2020-2032)

12.3.5.3. Market Revenue and Forecast, by System Type (2020-2032)

12.3.5.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.3.6. China

12.3.6.1. Market Revenue and Forecast, by Offering (2020-2032)

12.3.6.2. Market Revenue and Forecast, by Application (2020-2032)

12.3.6.3. Market Revenue and Forecast, by System Type (2020-2032)

12.3.6.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.3.7. Japan

12.3.7.1. Market Revenue and Forecast, by Offering (2020-2032)

12.3.7.2. Market Revenue and Forecast, by Application (2020-2032)

12.3.7.3. Market Revenue and Forecast, by System Type (2020-2032)

12.3.7.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Forecast, by Offering (2020-2032)

12.3.8.2. Market Revenue and Forecast, by Application (2020-2032)

12.3.8.3. Market Revenue and Forecast, by System Type (2020-2032)

12.3.8.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.4. MEA

12.4.1. Market Revenue and Forecast, by Offering (2020-2032)

12.4.2. Market Revenue and Forecast, by Application (2020-2032)

12.4.3. Market Revenue and Forecast, by System Type (2020-2032)

12.4.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.4.5. GCC

12.4.5.1. Market Revenue and Forecast, by Offering (2020-2032)

12.4.5.2. Market Revenue and Forecast, by Application (2020-2032)

12.4.5.3. Market Revenue and Forecast, by System Type (2020-2032)

12.4.5.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.4.6. North Africa

12.4.6.1. Market Revenue and Forecast, by Offering (2020-2032)

12.4.6.2. Market Revenue and Forecast, by Application (2020-2032)

12.4.6.3. Market Revenue and Forecast, by System Type (2020-2032)

12.4.6.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.4.7. South Africa

12.4.7.1. Market Revenue and Forecast, by Offering (2020-2032)

12.4.7.2. Market Revenue and Forecast, by Application (2020-2032)

12.4.7.3. Market Revenue and Forecast, by System Type (2020-2032)

12.4.7.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Forecast, by Offering (2020-2032)

12.4.8.2. Market Revenue and Forecast, by Application (2020-2032)

12.4.8.3. Market Revenue and Forecast, by System Type (2020-2032)

12.4.8.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.5. Latin America

12.5.1. Market Revenue and Forecast, by Offering (2020-2032)

12.5.2. Market Revenue and Forecast, by Application (2020-2032)

12.5.3. Market Revenue and Forecast, by System Type (2020-2032)

12.5.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.5.5. Brazil

12.5.5.1. Market Revenue and Forecast, by Offering (2020-2032)

12.5.5.2. Market Revenue and Forecast, by Application (2020-2032)

12.5.5.3. Market Revenue and Forecast, by System Type (2020-2032)

12.5.5.4. Market Revenue and Forecast, by Farm Type (2020-2032)

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Forecast, by Offering (2020-2032)

12.5.6.2. Market Revenue and Forecast, by Application (2020-2032)

12.5.6.3. Market Revenue and Forecast, by System Type (2020-2032)

12.5.6.4. Market Revenue and Forecast, by Farm Type (2020-2032)

Chapter 13. Company Profiles

13.1. AKVA Group

13.1.1. Company Overview

13.1.2. Product Offerings

13.1.3. Financial Performance

13.1.4. Recent Initiatives

13.2. Aquabyte

13.2.1. Company Overview

13.2.2. Product Offerings

13.2.3. Financial Performance

13.2.4. Recent Initiatives

13.3. Aquafine Corporation

13.3.1. Company Overview

13.3.2. Product Offerings

13.3.3. Financial Performance

13.3.4. Recent Initiatives

13.4. Aquaculture Systems Technologies (AST)

13.4.1. Company Overview

13.4.2. Product Offerings

13.4.3. Financial Performance

13.4.4. Recent Initiatives

13.5. Cermaq

13.5.1. Company Overview

13.5.2. Product Offerings

13.5.3. Financial Performance

13.5.4. Recent Initiatives

13.6. Cooke Aquaculture

13.6.1. Company Overview

13.6.2. Product Offerings

13.6.3. Financial Performance

13.6.4. Recent Initiatives

13.7. Deep Trekker Inc.

13.7.1. Company Overview

13.7.2. Product Offerings

13.7.3. Financial Performance

13.7.4. Recent Initiatives

13.8. In-Situ, Inc.

13.8.1. Company Overview

13.8.2. Product Offerings

13.8.3. Financial Performance

13.8.4. Recent Initiatives

13.9. InnovaSea Systems, Inc.

13.9.1. Company Overview

13.9.2. Product Offerings

13.9.3. Financial Performance

13.9.4. Recent Initiatives

13.10. Jala Tech

13.10.1. Company Overview

13.10.2. Product Offerings

13.10.3. Financial Performance

13.10.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research

14.2. Secondary Research

14.3. Assumptions

Chapter 15. Appendix

15.1. About Us

15.2. Glossary of Terms

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