New York, United States , April 26, 2023 (GLOBE NEWSWIRE) -- The Global IoT for Fisheries and Aquaculture Market Size is to Grow from USD 468.17 Million in 2022 to USD 1468.67 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 12.1% during the projected period. The Growing number of aquaculture sector farms, innovative products, rising R&D investments, rapid adoption of advanced technologies, high demand for protein-rich aqua food, and increased government support for aquaculture infrastructure development can all propel the IoT for fisheries and aquaculture market forward.
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The worldwide IoT for fisheries and aquaculture market is an expanding sector that combines the power of the Internet of Things (IoT) with the specific needs of the fishing and aquaculture industries. IoT technologies can be used to monitor water quality, track fish populations, and manage supply chains, among other things. Aquaculture, in contrast to commercial fishing, is the controlled cultivation of freshwater and saltwater populations. In general, aquaculture and finfish and shellfish fisheries have a relationship similar to agriculture and hunting and gathering. The primary driver of this market is rising seafood demand, which is expected to continue in the coming years. This demand puts pressure on the fishing and aquaculture industries to increase output, improve efficiency, and cut waste. IoT technologies can assist these industries in meeting these challenges by delivering real-time data and insights that allow for better decision-making. Furthermore, the market is seeing an increase in the availability and affordability of IoT devices and technologies. Governments all over the world are putting forward regulations to improve the sustainability of the fishing and aquaculture industries. IoT technologies can assist businesses in meeting these regulations and demonstrating their commitment to sustainability. However, implementing IoT technologies in the fishing and aquaculture industries can necessitate a significant upfront investment, which includes the cost of devices, sensors, and other equipment, as well as installation and maintenance. Implementing and managing IoT technologies necessitates a high level of technical expertise, which certain organizations may lack. As a result, it may be difficult for these businesses to fully realize the benefits of IoT technologies.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global IoT for Fisheries and Aquaculture Market Size, Share, and COVID-19 Impact Analysis, By System Type (Precision-fishing Techniques, Smart Feeding Systems, Smart Buoy technology, Metocean Data Collection, Underwater ROV Systems, Monitoring and Control Systems, and Other System Type), By Farm Type (Open Aquaculture Farms and RAS(Recirculating Aquaculture Systems) Farms), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032)". Get Detailed Report Description Here:
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The Precision fishing techniques segment is estimated to hold the largest share of global IoT for fisheries and aquaculture market during the forecast period.
Precision-fishing techniques, smart feeding systems, smart buoy technology, metocean data collection, underwater ROV systems, monitoring and control systems, and other system types are the segments of the global IoT for the fisheries and aquaculture market. The precision fishing techniques segment is expected to account for the majority of the global IoT for fisheries and aquaculture market during the forecast period. The increase can be attributed to the rising demand for sustainable fishing practices, as well as the need for businesses to improve their efficiency and reduce waste.
The RAS farms segment is anticipated to hold the largest share of the global IoT for fisheries and aquaculture market over the study period.
The global IoT for fisheries and aquaculture market is divided into two types of farms: open aquaculture farms and RAS farms. Among these, the RAS farms segment is expected to account for the majority of the global IoT for fisheries and aquaculture market during the forecast period. The increase can be attributed to the rising demand for environmentally friendly and sustainable fish farming practices, as well as a growing desire to conserve water resources. RAS farms can help to reduce water consumption and waste, making them a more sustainable and efficient fish farming option.
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The Asia-Pacific region is estimated to hold the largest share of the global IoT for fisheries and aquaculture market during the predicted timeframe.
The Asia-Pacific region is the largest market for IoT in fisheries and aquaculture, accounting for the majority of the global market share. During the forecasted timeframe, the Asia-Pacific region is expected to hold the largest market share in the global IoT for fisheries and aquaculture market. The reason for the increase is the large and growing aquaculture industry in countries such as China, India, and Indonesia. These countries are major producers and consumers of fish and seafood products and are investing heavily in new technologies to improve the efficiency and sustainability of their operations. North America is projected to expand at the highest rate of compound annual growth in the global IoT for fisheries and aquaculture market during the study period, owing to rising demand in these regions for sustainable and environmentally friendly fish farming practices.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global IoT for Fisheries and Aquaculture Market include InnovaSea Systems, AKVA group, Steinsvik, Aquaconnect, Deep Trekker, Delfers Business Solutions Pte. Ltd., Chetu Inc., UMITRON, Andex, Waziup e.V., Quadlink Technology Inc., Ambrotechs, Optimar AS, Ursalink, and Others.
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