Precision Aquaculture Market Size and Share, Business Opportunities, Regional Demand, Revenue and Key Manufacturers Forecast to 2027

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 2027; it is expected to grow at a CAGR of 14.5% from 2021 to 2027. Precision Aquaculture market report offers one of the best solutions to know the trends and opportunities in Precision Aquaculture industry. The report contains top to bottom analysis and estimation of various market related factors that are incredibly crucial for better decision making. Furthermore, this Precision Aquaculture research report takes into consideration several industry verticals such as company profile, contact details of manufacturer, product specifications, geographical scope, production value, market structures, recent developments, revenue analysis, market shares and possible sales volume of the company. Thus, the report makes businesses to focus on the more important aspects of the market.

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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.

Players Mentioned are -

•AKVA GROUP
•Scale AQ
•CHETU INC
•DEEP TREKKER
•INNOVASEA SYSTEMS
•PENTAIR AES
•SOLVAY
•STEINSVIK
•XYLEM INC
•ERUVAKA TECHNOLOGY
•AQUABYTE
•IMENCO AS

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

In 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 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.

In 2020, SinkabergHansen purchased an AC 600 VR feed barge with new technology for waterborne feeding from AKVA group ASA.

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.

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.

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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.

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.

The Insight Partners Precision Aquaculture Market Research Report Scenario includes:

•The report provides qualitative and quantitative trends of global Precision Aquaculture Market across type, type of products, service, and geography.
•The report starts with the key takeaways (Chapter Two), highlighting the key trends and outlook of the global Precision Aquaculture Market.
•Chapter Three provides the research methodology of the study.
•Chapter Four further provides PEST analysis for each region.
•Chapter Five highlights the key industry dynamics in the Precision Aquaculture Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
•Chapter Six discusses the global Precision Aquaculture Market scenario, in terms of historical market revenues, and forecast till the year 2027.
•Chapter Seven to ten discuss Precision Aquaculture Market segments by type, type of application, service, and geography across North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America. They cover market revenue forecast, and factors driving and governing growth.
•Chapter Eleven describes the industry landscape analysis. It provides detailed description of various business activities such as market initiatives, new developments, mergers and joint ventures globally along with a competitive landscape.
•Chapter Twelve provides the detailed profiles of the key companies operating in the global Precision Aquaculture Market. The companies have been profiled on the basis of their key facts, business description, products and services, financial overview, SWOT analysis, and key developments.
•Chapter Thirteen, i.e. the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.

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