Dublin, May 28, 2021 (GLOBE NEWSWIRE) -- The "Global Precision Aquaculture Market with COVID-19 Impact Analysis by System Type (Feeding Systems, Monitoring & Control, Underwater ROVs), Offering (Hardware, Software, Services), Farm Type (Cage-based, RAS), Application, and Geography - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global precision aquaculture market is estimated to grow from USD 407 million in 2021 to USD 794 million by 2026; at a CAGR of 14.3%.
Precision aquaculture technology has the potential to transform the aquaculture industry, making traditional aquaculture activities more efficient and economical.
The growth of the precision aquaculture market is driven by factors such as growing investments in technological research and product innovation, the surging adoption of advanced technologies such as IoT, ROVs, and AI for the real-time monitoring of aquaculture farms, the rising demand for protein-rich aqua food, and increasing support by worldwide governments for infrastructure development in aquaculture.
RAS-based aquaculture farm to register higher CAGR during the forecast period
The precision aquaculture market for RAS-based aquaculture farms is projected to register the higher CAGR during the forecast period, by aquaculture farm type. The market for RAS-based aquaculture farms is expected to grow at a higher rate during the forecast period. Currently, RAS-based aquaculture farms constitute around 5% to 8% of the total farms in the world, which is expected to reach ~30% by 2030 (As per the Food and Agriculture Organization of United Nations). Growing awareness about the benefits of RAS-based aquaculture farming such as the requirement for less water as compared to conventional systems and environment-friendly systems is fueling the growth of the market during the forecast period.
Feed optimization is estimated to hold the largest share of the market during forecast period
The feed optimization segment of the precision aquaculture market is estimated to register largest market share in 2026, by application. Factors contributing toward the predominance of feed optimization application over others are the increasing adoption of advanced technologies such as AI and machine learning in aquaculture equipment and tools, and the growing demand for protein-rich aqua food.
Underwater remotely-operated vehicles to register higher CAGR during the forecast period
The precision aquaculture market for underwater remotely-operated vehicles is projected to register the higher CAGR during the forecast period, by system type. The adoption trend of underwater ROVs in Western Europe and North America has gained significant traction in recent years. Currently, countries such as the US, Canada, Norway, and Chile account for more than 60% of the installed base of underwater ROVs.
Hardware is estimated to hold the largest share of the market during forecast period
The hardware segment of the precision aquaculture market is estimated to register largest market share in 2026, by offering. Hardware components such as sensors, monitoring and control devices, smart feeding systems, underwater remotely-operated vehicles (ROVs), and climate control systems are expected to continue to account for the largest market share during the forecast year owing to the high adoption of automated aquaculture farm monitoring devices by aquaculture farm owners for increasing farm productivity and the efficient management of the farm.
South America is projected to become the fastest geographical market between 2021 and 2026
South America is expected to witness the highest CAGR in the precision aquaculture market during the forecast period due to the increasing adoption of automated solutions including underwater ROVs and smart camera systems in aquaculture farms and the growing focus on the deployment of IoT-based monitoring devices in aquaculture farms owing to various advantages such as increased productivity and the early detection of diseases among aquatic species offered by these monitoring devices.
The precision aquaculture market is dominated by a few established players such as AKVA group (Norway), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), Deep Trekker (Canada), Aquabyte (US), and Eruvaka Technologies (India).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Surging Adoption of Advanced Technologies such as IoT, ROVs, and AI in Aquaculture Farms
4.2 China and Monitoring & Control Systems to be Largest Shareholders of Precision Aquaculture Market in Asia-Pacific, by Country and System Type, Respectively, in 2020
4.3 Farm Monitoring & Surveillance Application to Hold Largest Share of Precision Aquaculture Market in 2026
4.4 Hardware Segment to Dominate Precision Aquaculture Market in Terms of Size During Forecast Period
4.5 Open Aquaculture Farms to Account for Larger Market Share Between 2021 and 2026
4.6 Americas to Gain Significant Market Share of Global Precision Aquaculture Market by 2026
5 Market Overview
5.1 Market Dynamics
5.1.1 Drivers
5.1.1.1 Surging Adoption of Advanced Technologies such as IoT, ROVs, and AI for Real-Time Monitoring of Aquaculture Farms
5.1.1.2 Growing Investments in Technological Research and Product Innovations
5.1.1.3 Rising Income Levels and Demand for Protein-Rich Aqua Food
5.1.1.4 Increasing Government Support Worldwide for Freshwater Aquaculture Production
5.1.2 Restraints
5.1.2.1 High Upfront Costs and Capital Expenditure
5.1.2.2 Need for Skilled Operators for Effective Management of Complex Systems
5.1.2.3 Lack of Technological Awareness Among Aquaculture Farmers
5.1.3 Opportunities
5.1.3.1 Surging Adoption of Aquaculture Monitoring and Feed Optimization Devices in Developing Countries
5.1.3.2 Increasing Number of Cage-based Farms in Developing Regions Such as India, China, and South-East Asian Countries
5.1.3.3 Growing Popularity of Land-Based Recirculating Aquaculture Systems
5.1.4 Challenges
5.1.4.1 Environmental Concerns due to Extensive Aquaculture Farming
5.1.4.2 Lack of Common Information Management System Platform in Aquaculture Industry
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 Accelerate Market Growth
6.2.2 Use of Farm Automation Solutions, Remotely-Operated Vehicles, and Feeding Robots to Reduce Labor Costs
6.2.3 Adoption of Robotic Cages and Underwater Drones in Aquaculture Farms
6.3 Pricing Analysis: Average Selling Price (ASP) Trends
6.4 List of Key Patents and Innovations in Precision Aquaculture Market, 2015-2020
6.5 Trade Data
6.6 Case Studies: Precision Aquaculture Market
6.6.1 Introduction
6.6.2 Open Blue: Innovasea Helps Open Blue Become Largest Open Ocean Fish Farm in World
6.6.3 Earth Ocean Farms: Innovasea Enables Earth Ocean Farms to Expand Production with Rugged Evolution Pens
6.6.4 Erko Seafood AS: With AKVA Group's Expertise and Quick Service, Erko Seafood as Found Real Deal
6.6.5 Vermont Hatchery: Vermont Hatchery Saves Millions in Energy Costs with Innovasea-Designed Recirculating Aquaculture System
6.6.6 The Kingfish Company: With Philips Lighting, the Kingfish Zeeland Fishery Aims to Obtain Sustainable Production of Premium Marine Seafood
6.6.7 Gifas: Philips Led Solutions Offer New Possibilities for Salmon Industry
6.6.8 Lingalaks: Philips Led Lighting Helps in Preventing Sea Lice in Salmon Production
6.7 Porter's Five Forces Analysis
Companies Mentioned
- Akuakare
- AKVA Group
- Aquabyte
- Aquaconnect
- AquaMaof
- Bluegrove
- CPI Equipment
- Deep Trekker
- Earth Ocean Farms
- Erko Seafood AS
- Eruvaka Technologies
- GIFAS
- Imenco AS
- In-Situ, Inc.
- InnovaSea Systems
- Jala Tech
- Lifegard Aquatics
- Lingalaks
- Maritech Systems
- MonitorFish
- Observe Technologies
- Optimar AS
- Osmo Systems
- OxyGaurd
- Pentair Aquatic Eco-Systems (AES), Part of Pentair LP
- Philips
- Planet Lighting
- Sensorex
- Signify
- Steinsvik (Part of ScaleAQ)
- The Kingfish Company
- Vermont Hatchery
For more information about this report visit https://www.researchandmarkets.com/r/og9cf0