How Has the Precision Aquaculture Market Size Evolved in Recent Years?
The precision aquaculture market has seen considerable growth due to a variety of factors.
• The market size of precision aquaculture has experienced a swift increase in past years. Future estimations predict its growth from $0.53 billion in 2024 to a larger market size of $0.6 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.5%.
This ascending trend during the historical period can be traced back to factors such as the escalating demand for seafood, heightened awareness towards environmental conservation, governmental incentives and mandates, increasing operational expenses, and advancements in the area of fish health management.
What Are The Predictions for The Precision Aquaculture Market in the Coming Years?
The precision aquaculture market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of precision aquaculture is set to experience a significant increase over the next couple of years, growing to $0.99 billion by 2029 with a compound annual growth rate (CAGR) of 13.2%.
The predicted growth within this period can be credited to a heightened emphasis on food safety and quality, an increase in investment in aquaculture innovation, expansion of aquaculture practices, population growth, and an increase in middle-class income. Major trends projected for this forecast period consist of the utilization of artificial intelligence (AI) and machine learning, progression in remote sensing technological capabilities, the use of blockchain for improved traceability, the development of sophisticated data analytics platforms, and improved farm management software.
Which Drivers Are Accelerating Growth In The Precision Aquaculture Market?
The upward surge in the global appetite for seafood is predicted to fuel the expansion of the precision aquaculture market. Seafood, which encompasses all edible marine life harvested from oceans, rivers, lakes, and other water bodies, is in high demand due to its health benefits, such as protein and omega-3 fatty acid content, as well as rising consumer interest in sustainable, nutritious food choices. Precision aquaculture amplifies seafood production by honing farming practices, promoting sustainable usage of resources, and enhancing overall aquatic species health and quality. To illustrate, data from the Department of Agriculture, Fisheries, and Forestry, an Australia-based governmental body, in December 2023 indicated that in 2021–22, Australians consumed about 350,000 tones of seafood, averaging around 13.8 kilograms per person. The value of fishery and aquaculture imports also elevated by 2%, reaching $2.19 billion, chiefly attributed to a surge in prawn imports. Hence, the escalating global demand for seafood is propelling the growth of the precision aquaculture market.
What Are The Core Segments Of The Global Precision Aquaculture Market?
The precision aquaculturemarket covered in this report is segmented –
1) By Component: Hardware, Software, Service
2) By Farm Type: Open Aquaculture Farm, Recirculatory Aquaculture System (RAS) Farm
3) By Application: Feed Optimization, Monitoring And Surveillance, Yield Analysis And Measurement, Other Applications
Subsegments:
1) By Hardware: Sensors, Cameras, Feeding Systems, Water Quality Monitoring Devices, Control Systems, Autonomous Vehicles
2) By Software: Data Management Software, Monitoring And Control Software, Analytics Software, Simulation And Modeling Software, Reporting And Compliance Software
3) By Service: Consulting Services, Installation And Deployment Services, Maintenance And Support Services, Training Services, Data Analysis And Interpretation Services
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How Are Emerging Trends Reshaping The Dynamics Of The Precision Aquaculture Market?
Leading firms in the precision aquaculture market are prioritizing the development of innovative products such as AI-enabled aquaculture cameras in order to gain a competitive advantage. These cameras are sophisticated imaging systems enhanced with AI algorithms, tailored specifically for observation and management of aquaculture settings. ReelData AI, a software enterprise based in Canada, for example, rolled out ReelVision in July 2024, an AI-equipped camera devised for uses in aquaculture including behavioral analysis, determining feeding rates, and monitoring fish health and welfare. ReelVision is a highly sophisticated AI camera system explicitly created for fish farms. By leveraging this data-centric approach, farmers are enabled to make well-informed decisions regarding feeding, stocking density, and health management, which in turn supports optimization of production, waste reduction, and minimization of environmental footprint.
Who Are the Key Players In The Precision Aquaculture Market?
Major companies operating in the precision aquaculture market are:
• Signify N.V.
• Pentair PLC
• Nofima AS
• Cermaq Group AS
• Skretting
• Grieg Seafood ASA
• AKVA Group ASA
• ScaleAQ
• Benchmark Holdings PLC
• In-Situ Inc.
• InnovaSea Systems Inc.
• Biomar Group
• INVE Aquaculture
• Eruvaka Technologies
• BioFishency Ltd.
• Ace Aquatec
• OxyGuard International A/S
• Planet Lighting Ltd.
• AquaMaof Aquaculture Technologies Ltd.
• SNRAS Systems Private Ltd.
What Are The Regional Insights Into The Precision Aquaculture Market?
Asia-Pacific was the largest region in the precision aquaculture market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the precision aquaculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
