The precision aquaculture market estimated to be worth $398 million in 2019 is projected to reach $764 million by 2024 growing at an annual rate of 14 per cent from 2019 to 2024. This, according to the recent report by Research and Markets.
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.
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.