The global demand for Precision Aquaculture Market is presumed to reach the market size of nearly USD 1373.45 MN by 2028 from USD 507 MN in 2021 with a CAGR of 15.3% under the study period 2022 - 2028.
Precision aquaculture entails a variety of hardware and software components that are all interconnected. Sensors deployed in the maritime environment play an essential role in these components because they monitor, interpret, evaluate, and provide decision support for farm operations. A wide range of sensors, including acoustic, optical, and biological sensors, are utilized to gather insights into the farm environment, which aids in decision-making to improve fish health and economic return while limiting environmental risk. Precision aquaculture advantages from the repeatability of farming operations, improved accuracy, autonomous and continuous monitoring, and trustworthy decision support. Furthermore, it aids in the reduction of reliance on manual procedures and subjective judgements, hence improving employee safety.
Market Dynamics
The rising adoption of modern technology for real-time monitoring of aquaculture farms, including IoT, ROVs, and AI, is likely to enhance aquaculture production in the future, hence supplementing the market growth for precision aquaculture. Furthermore, the growing demand for protein-rich aqua food in various countries is predicted to propel the precision aquaculture market. The aquaculture industry's increased investment in technology development and new product innovation is expected to boost demand for precision aquaculture in the future. Moreover, an increasing number of aquaculture farms is projected to augment the precision aquaculture market. However, a lack of experienced operators for successful control of complicated aquaculture systems, high vessel operating costs and unpredicted environmental degradation in saltwater are expected to hinder the overall market development.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of precision aquaculture. The growth and trends of precision aquaculture industry provide a holistic approach to this study.
Market Segmentation
This section of the precision aquaculture market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Offering
- Hardware
- Monitoring Devices
- Temperature And Environmental Monitoring Devices
- Ph And Dissolved Oxygen Sensors
- Others
- Camera Systems
- Others
- Software
- On-Cloud
- On-Premises
- Services
By System Type
- Smart Feeding Systems
- Monitoring & Control Systems
- Underwater Rov Systems
- Others
By Application
- Feeding Management
- Monitoring, Control & Surveillance
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Precision Aquaculture market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Precision Aquaculture Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the precision aquaculture market include AKVA Group, InnovaSea Systems, Deep Trekker, Eruvaka Technology, Steinsvik, Aquabyte, Inc., Lifegard Aquatics, Imenco AS, Observe Technology, MonitorFish and Aqualine AS; A total of 11 Companies Covered. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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