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Smart Aquaculture Market Size, Trends, Growth Drivers And Forecast To 2033
Smart Aquaculture Market Size
As per the report, the smart aquaculture market size has grown strongly in recent years. It will grow from $3.84 billion in 2023 to $4.16 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The smart aquaculture market size is expected to see strong growth in the next few years. It will grow to $5.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
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Rising Seafood Consumption Drives Growth In Smart Aquaculture Market
The increasing seafood consumption is expected to propel the growth of the smart aquaculture market going forward. Seafood refers to any form of sea life regarded as food by humans, typically including fish and shellfish. Seafood consumption is driven by growing awareness of the health benefits associated with omega-3 fatty acids and cultural preferences for seafood dishes. Smart aquaculture enhances seafood production through technology-driven efficiency in resource management and environmental sustainability. For instance, in July 2023, according to the report published by the Organization for Economic Co-operation and Development (OECD), a France-based governmental organization, and the Food and Agriculture Organization (FAO), an Italy-based specialized agency of the United Nations, global per capita consumption of food fish is projected to increase to 21.2 kg by 2032, up from an average of 20.4 kg during the 2020-2022. Therefore, increasing seafood consumption is expected to propel the growth of the smart aquaculture market.
Strategic Partnerships Drive AI Innovation In Smart Aquaculture
Major companies operating in the smart aquaculture market are adopting a strategic partnership approach to leverage complementary strengths and accelerate innovation in sustainable aquaculture technologies. A strategic partnership typically refers to a collaborative relationship between two or more organizations combining their resources, expertise, and efforts to achieve common goals or objectives. For instance, in October 2022, AquaEasy., a Singapore-based IT services and consulting company, collaborated with Grobest Group. (CHPT), a Hong Kong-based food production company to bring AI to Vietnam's shrimp industry. This collaboration aims to enhance the efficiency and sustainability of shrimp farming practices in Vietnam by applying Artificial Intelligence (AI) and Internet of Things (IoT) technologies. AquaEasy's AI solutions are designed to provide real-time insights and recommendations on water quality management, feeding optimization, and harvest prediction, helping shrimp farmers increase productivity and profitability while reducing risks and costs.
The smart aquaculture market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Type: Smart Feeding Systems, Monitoring And Control Systems, Other Types
3) By Application: Marine Based Aquaculture, Land Based Aquaculture
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Major companies operating in the smart aquaculture market are AKVA Group AS, Steinsvik AS, Innovasea Systems Inc, In-Situ Inc, Imenco AS, Exosite, Bluegrove, Aquabyte Inc, OptoScale, Observe Technologies, Eruvaka Technologies Pvt Ltd, Adroit Inc., SENECT GmbH, Singapore Aquaculture Technologies, CPI Equipment Inc, AQ1 Systems Pty Ltd, MonitorFish GmbH, XpertSea Solutions Inc, CageEye AS, Pelagic Data Systems, AquaMaof Aquaculture Technologies Ltd, Maritech, VAKI Aquaculture Systems Ltd, AquaManager
Contents of the report:
1. Executive Summary
2. Smart Aquaculture Market Report Structure
3. Smart Aquaculture Market Trends And Strategies
4. Smart Aquaculture Market - Macro Economic Scenario
5. Smart Aquaculture Market Size And Growth
…..
27. Smart Aquaculture Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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