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Deep Water Aquaculture Cage Market 2024 to 2033: Growth and Opportunities
Deep Water Aquaculture Cage Market
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According to The Business Research Company's, The deep water aquaculture cage market size has grown exponentially in recent years. It will grow from $1.92 billion in 2023 to $2.40 billion in 2024 at a compound annual growth rate (CAGR) of 25.0%. The growth in the historic period can be attributed to increased seafood demand, growing emphasis on sustainable and responsible aquaculture practices, regulatory support, improved fish health management, and increased R&D efforts.
The deep water aquaculture cage market size is expected to see exponential growth in the next few years. It will grow to $5.93 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The growth in the forecast period can be attributed to rising global population, climate change resilience, increasing consumer preference, continued government and regulatory support, and continued improvements in the economic feasibility. Major trends in the forecast period include technological advancements, integration of IoT, enhanced cage durability, advances in materials science, and integration of AI.
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Market Drivers and Trends:
The increasing demand for seafood is expected to propel the growth of deep-water aquaculture cages going forward. Seafood refers to edible marine life, including fish, shellfish, and other sea creatures, consumed by humans as food. The demand for seafood is driven by growing consumer preferences for healthier, protein-rich diets, the global population's rise, and the aquaculture industry's expansion. Deep-water aquaculture cages enable sustainable, large-scale fish farming in open ocean environments, enhancing production while reducing environmental impact. For instance, in June 2024, according to the report of the Food and Agriculture Organization, an Italy-based specialized agency of the United Nations, global per capita consumption of seafood is projected to increase to 21.3 kg in 2032, up from the average of 20.7 kg in 2022. Therefore, increasing demand for seafood will drive the growth of the deep-water aquaculture cage market.
Major companies operating in the deep water aquaculture cage market are focusing on technological advancements such as wireless sensor systems to improve real-time monitoring of water conditions and enhance productivity and sustainability in deep water fish farming. A wireless sensor system is a network of interconnected sensors that transmit data wirelessly, allowing for real-time monitoring and control of various environmental or operational parameters. For instance, in February 2023, Water Linked AS, a Norway-based software company, launched CageSense, a wireless sensor system designed for environmental monitoring in fish farms. It provides crucial data on parameters such as oxygen, temperature, turbidity, salinity, and mechanical conditions, ensuring compliance with regulatory requirements and enhancing fish welfare and productivity. The solution has already undergone extensive testing, both over and underwater. It can be used to monitor how rough weather and strong currents affect subsea parts of the cage.
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Major Key Players of the Market:
China Lesso Group Holdings Limited, Kongsberg Gruppen ASA, Cermaq Group AS, Officine Maccaferri S.p.A., Serge Ferrari Group, AKVA Group ASA, Nireus Aquaculture S.A., Garware Technical Fibres Limited, Aqua-Spark B.V., Mørenot Group AS, Diopas S.A., Novaton GmbH, Aquatic Network Inc., SRR Aqua Suppliers LLP, Seafarming Systems AS, Sagar Aquaculture Pvt. Ltd., FishFarm Feeder Systems S.L., Selstad AS, Refa Med S.A., Ad.aq S.L., W & J Knox Ltd.
Deep Water Aquaculture Cage Market 2024 Key Insights:
• The deep water aquaculture cage market size is expected to see exponential growth in the next few years. It will grow to $5.93 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%.
• Global Seafood Demand Fuels Expansion Of Deep-Water Aquaculture Cage Market
• Wireless Sensor Systems Revolutionizing Deep Water Aquaculture Monitoring
• North America was the largest region in the deep water aquaculture cage market in 2023
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