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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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.
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.
Further, in March 2019, Innovasea Systems Inc. had entered into a definitive agreement to acquire Nortek Akvakultur, Nortek’s aquaculture division. Nortek Akvakultur would be combined with InnovaSea’s Realtime Aquaculture unit to form the InnovaSea Instrumentation team. In August 2020, Xylem Inc. had released a new IQ SENSOR NET controller 281. The system 281 is a proven and reliable IQ sensor net technology with high quality, cost-effectiveness, no risk involved. Secure data transmission, automatic sensor recognition, and free software updates via USB.
Most of the market initiatives were observed in Europe and North America region, which have a high potential of market-related products, solutions, and services.
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.
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