According to our latest market study on “Precision Aquaculture Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by component and system” the market was valued at US$ 422.43 million in 2020 and it is projected to reach US$ 1,209.96 million by 2028; it is expected to grow at a CAGR of 14.5% from 2021 to 2028.
The advancements in technologies are facilitating the transformation of traditional farming into automated aquaculture. Automated systems allow companies to minimize the labor costs and enhance productivity in farming. The rising government investments in technology-related research and infrastructure development is accelerating global market growth. The Internet of Things (IoT), Big Data, artificial intelligence (AI), cloud computing, and other smart technologies are supporting intelligent aquaculture. Advancements in smart feeding technologies and farming practices to enhance feed utilization efficiency are crucial for the sustainability of aquaculture. Thus, companies across the world are highly inclined toward designing smart feeding systems that detect the appetite of the fish to avoid underfeeding or overfeeding. However, lack of skilled workers and technology infrastructure, and high maintenance requirements of the equipment hinder the market growth.
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The growing efforts of investors and startups driving the aquaculture industry toward greater sustainability. Hence, with better investment opportunities available, the health of the industry will be enhanced with the integration of next-generation technologies, government initiatives, and smart solutions. AI plays an important role in the digitalization and transformation of the advanced business process. The technology provides the ability to learn from recorded data and experiences, as it comprises algorithms, patterns, and predictive insights. It can help estimate the production and demand by altering program parameters, further enhancing farm efficiency and monitoring ability. Apart from AI, the IoT, cloud computing, and other smart technologies are also gaining popularity in the global aquaculture industry.
Impact of COVID-19 Pandemic on Precision Aquaculture Market
COVID-19 has negatively impacted businesses in the region in four critical areas, such as supply chain/operations, workforce, 2020 investments, and product offering. In the first nine months, overhead costs, including expenses for sales, R&D, and administration of various providers fell adversely, due to severe measures taken in the course of the pandemic. Despite the effects of the global outbreak, earnings were improved, primarily due to continuous optimization of the cost structure.
The global pandemic badly affected the conventional fishing activities in the US, and as per the Trump government, aquaculture is one of the best means of protecting the country’s future seafood supply chain and food security. The government signed an order to surge the US competitiveness in the seafood sector, which instructed agencies to develop and boost sustainable production, including increased efficiency of aquaculture processes. Trump's government announced the availability of US$ 300 million to help seafood.
Precision aquaculture involves various hardware and software components interconnected with each other. Sensors installed in the marine environment form a key part of these components as they monitor, interpret, analyze, and offer decision support for farm operations. A wide variety of sensors, such as acoustic, optical, and biological sensors, are used to gain insights into the farm environment, which assist in making decisions to enhance fish health and economic return, along with mitigating risk to the environment. The precision aquaculture benefits through farming operation repeatability, improving accuracy, facilitating autonomous and continuous monitoring, and offering reliable decision support; moreover, it helps reduce dependency on manual operations and subjective assessments, thereby enhancing the staff safety. As per IEEE Xplore, aquaculture is likely to supply ~62% of fish for human consumption by 2030. Thus, the increase in yields of aquaculture across the world offers significant growth opportunities to the precision aquaculture market players.
AKVA group ASA, Innovasea Systems Inc., PentairAES, Deep Trekker Inc., and Xylem Inc. are some of the key market players operating in the global precision aquaculture market. The listing of key players is derived by considering multiple factors such as overall revenue, current precision aquaculture product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the precision aquaculture ecosystems which were studies analyzed during the course of this market research study, such as, Scale Aquaculture AS, Chetu, Inc., Eruvaka Technologies Private Limited, Aquabyte, and Imenco AS among others.
Few of the important market initiatives from the industry are mentioned below:
2021 Scale Aquaculture AS had released FeedStation v. 2.4. It has now been integrated with UniteAQ. With FeedStation v.2.4, the logging can be done directly from FeedStation to UniteAQ with more detailed data and without any additional software installed. The long-term plan is to include all relevant data and logging to the cloud, making a true IoT device-twin for FeedStation in UniteAQ.
2019 Aquabyte had announced that it had raised $10 million in series A funding to continue leading the transformation of the fish farming industry with machine learning.