Global $764M Precision Aquaculture Market by System Type, Application, Offering and Geography – Forecast to 2024 –

DUBLIN–(BUSINESS WIRE)–The “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” report has been added to’s offering.

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% from 2019 to 2024.

Major drivers for the precision aquaculture market are rising demand for protein rich aqua food across the world, the 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 worldwide; and the growing popularity of land-based recirculating aquaculture systems.

Key players operating in the precision aquaculture market are 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). These players adopt various strategies, such as product developments, mergers, partnerships, collaborations, and expansions, to cater to customer demands.

Market for underwater ROVs estimated to grow at highest CAGR during forecast period

The market for underwater ROVs is expected to grow at the highest CAGR from 2019 to 2024 due to substantial cost savings associated with this technology, and the rising number of aquaculture farms in the European and South American regions. Underwater remotely operated vehicles (ROVs) are expected to witness high growth rate in the years to come. Underwater ROVs adoption trend in Western Europe and North America have gained good traction in recent years. Currently, more than 60% of underwater ROVs installed bases come from countries such as the US, Canada, Norway, and Chile.

Market for aquaculture monitoring & surveillance application to grow at highest CAGR during forecast period

The precision aquaculture market for the aquaculture monitoring & surveillance application is expected to grow at the highest CAGR during the forecast period. The high growth in this segment is predominantly driven by the increasing adoption of hardware devices such as sensors, RFID tags & readers, and livestock collars for the early detection of diseases in livestock, management of the herd, and identification and tracking of livestock.

Precision aquaculture market in South America to grow at highest CAGR from 2019 to 2024

The increasing automation of aquaculture farms in countries such as Brazil and Chile is a major factor driving the precision aquaculture market in South America. Increasing demand for protein rich aqua food is mounting pressure on the suppliers of aquaculture products to become more efficient and productive, pushing the sales of aquaculture technology upward. The precision aquaculture market in South America is in its early growth phase and is expected to grow rapidly until 2024.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in Precision Aquaculture Market

4.2 Market in APAC, By System Type

4.3 Market, By Application

4.4 Market, By Offering

4.5 Geographic Analysis of Market

5 Market Overview

5.1 Market Dynamics

5.1.1 Drivers Increasing Adoption of IoT, ROVS, and AI in Aquaculture Farms Increasing Investment in Aquaculture Technology and R&D Projects Increasing Middle Class Income and Rising Demand for Protein Rich Aqua Food High Focus on Deployment of Large Scale Offshore Aquaculture Project and Various Government Initiatives

5.1.2 Restraints Large Capital Expenditure (CAPEX) Requirement and High Monitoring Cost of Aquaculture Farm System Complexity and Lack of Skilled Operators Lack of Technological Awareness Among Aquaculture Farmers

5.1.3 Opportunities Increasing Adoption of Aquaculture Monitoring Technology in Developing Countries Increasing Number of Aquaculture Farms and Rise of Aquaculture Production Increasing Popularity of Land Based Recirculating Aquaculture Systems to Offer Substantial Opportunity

5.1.4 Challenges Environmental Concern Due to Extensive Aquaculture Farming

6 Industry Trends

6.1 Value Chain Analysis

6.1.1 Major Market Players in Precision Aquaculture Market

6.2 Industry Trends

6.2.1 Advent of Ai, Ar/Vr, and Blockchain in Aquaculture to Influence Market Expansion

6.2.2 Farm Automation, Rovs, and Feeding Robots to Mitigate Labor Shortage

6.2.3 Increasing Adoption of Robotics Cages and Underwater Drones on Aquaculture Farm

7 Precision Aquaculture Market, By Offering

7.1 Introduction

7.2 Hardware

7.2.1 Monitoring Devices Temperature and Environmental Monitoring Devices Increasing Demand for Wireless Sensor Network System for Monitor Aquaculture Farms to Boost the Demand for Monitoring Devices Ph & Dissolved Oxygen Sensors Increasing Preference for Monitoring Dissolved Oxygen Content Expected to Boost Deployment of Ph & Dissolved Oxygen Sensors Others

7.2.2 Camera System Increasing Adoption of Smart Hd and 4k Enabled Camera Systems

7.2.3 Others

7.3 Software

7.3.1 On-Cloud Increasing Popularity of Software-As-A-Service (SaaS) Model Due to Ability to Access Data Remotely

7.3.2 On-Premise Lower Cost of Ownership is a Major Factor Associated With Adoption of On-Premise Software

7.4 Services

8 Precision Aquaculture Market, By System Type

8.1 Introduction

8.2 Smart Feeding Systems

8.3 Monitoring & Control Systems

8.4 Underwater Rov Systems

8.5 Others

9 Precision Aquaculture Market, By Application

9.1 Introduction

9.2 Feeding Management

9.3 Monitoring, Control and Surveillance

9.4 Others

10 Geographic Analysis

10.1 Introduction

10.2 Americas

10.2.1 North America US US Accounted for Largest Share of Precision Aquaculture Market in North America Canada Mexico Market in Mexico to Witness Highest CAGR in North America

10.2.2 South America Brazil Chile Rest of South America

10.3 Europe

10.3.1 Norway

10.3.2 Spain

10.3.3 UK Brexit Deal to Impact UK Aquaculture Industry

10.3.4 France

10.3.5 Italy

10.3.6 Rest of Europe

10.4 Asia Pacific

10.4.1 China China Accounted for Largest Market Share in Asia Pacific

10.4.2 India India to Witness Highest Growth for Precision Aquaculture Market Between 2019 and 2024

10.4.3 Indonesia

10.4.4 Vietnam

10.4.5 Rest of Asia Pacific

10.5 Rest of World

10.5.1 Africa Weak Exchange Rate in African Countries and Low-Profit Margins are Major Challenges

10.5.2 Middle East Increasing R&D Investments to Boost Adoption of Aquaculture Robots

11 Competitive Landscape

11.1 Introduction

11.2 Market Ranking Analysis for the Precision Aquaculture Market, 2018

11.3 Competitive Situation and Trends

11.4 Competitive Leadership Mapping, 2018 Visionary Leaders Dynamic Differentiators Innovators Emerging Companies

11.5 Competitive Benchmarking

11.5.1 Strength of Product Portfolio (25 Players)

11.5.2 Business Strategies Excellence (25 Players)

11.6 Recent Developments

11.6.1 New Product Launches

11.6.2 Agreements, Partnerships, and Contracts

11.6.3 Mergers and Acquisitions

12 Company Profiles

12.1 Key Players

12.2 AKVA Group

12.3 Innovasea Systems

12.4 Deep Trekker

12.5 Eruvaka Technology

12.6 Steinsvik

12.7 Pentair AES (Subsidiary of Pentair L.P.)

12.8 Aquabyte

12.9 Akuakare

12.10 CPI Equipment

12.11 Lifegard Aquatics

12.12 Other Players

12.12.1 Imenco AS

12.12.2 Optimar

12.12.3 In-Situ, Inc.

12.12.4 Vemco

12.13 Key Innovators

12.13.1 Observe Technology

12.13.2 JALA Tech Pte

12.13.3 MonitorFish

12.13.4 Imenco Aquaculture

12.13.5 Osmo Systems

12.13.6 Aqualine AS

12.13.7 Sensorex

12.14 Right-To-Win

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