Press release
Smart Aquaculture Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Smart Aquaculture Market Size
In the past few years, the market size of smart aquaculture has witnessed substantial growth. It is projected to increase from $4.16 billion in 2024 to $4.52 billion in 2025, maintaining a compound annual growth rate (CAGR) of 8.7%. The expansion during the historic period is due to factors such as the need for environmental sustainability, regulatory compliance demands, competitive pressures in the market, changes in consumer preferences, and the quest for environmental sustainability.
Expectations are high for significant growth in the smart aquaculture market size over the coming years. It is predicted to expand to $6.26 billion by 2029, with a compound annual growth rate (CAGR) of 8.5%. The projected growth during this forecasted period can be linked to the growing uptake of IoT solutions, advancements in artificial intelligence and machine learning, implementation of blockchain for supply chain visibility, adaptation to the effects of climate change, and increased investment in smart aquaculture technologies. Notable trends during the forecast period include urban aquaculture, shrimp farming, wastewater management, data-driven fish breeding, recirculating aquaculture systems (RAS), and alternatives to sea-sourced food.
What Are the Primary Growth Drivers for the Smart Aquaculture Market?
The steady rise in seafood intake is anticipated to boost the progress of the smart aquaculture market in the future. Seafood, which includes fish and shellfish, is any sea life that humans consider food. The escalating awareness about the health benefits of omega-3 fatty acids and cultural inclinations toward seafood dishes are the crucial drivers of seafood consumption. Smart aquaculture market institutes effective resource management and environment conservation throughout seafood production using advanced technologies. A case in point, in July 2023, a report by the France-based Organization for Economic Co-operation and Development (OECD) and Italy-based Food and Agriculture Organization (FAO), a specialized agency of the United Nations, estimated that the global per capita intake of food fish would rise to 21.2 kg by 2032, an increase from an average of 20.4 kg during 2020-2022. Consequently, the expected increase in seafood intake is set to spur the smart aquaculture market's development.
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Who Are the Dominant Companies Influencing Smart Aquaculture Market Trends?
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
How Is the Smart Aquaculture Market Evolving?
Leading firms in the smart aquaculture market are resorting to strategic alliances as a tactic to utilize their mutual strengths and expedite advancements in sustainable aquaculture innovations. A strategic alliance is generally a cooperative undertaking between two or more entities, pooling their resources, knowledge, and endeavors to meet shared targets or aims. For instance, in October 2022, Singapore-based IT services and consulting firm, AquaEasy., teamed up with Hong Kong-based food production company, Grobest Group (CHPT) to introduce AI into the shrimp industry of Vietnam. The goal of this partnership is to improve the effectiveness and sustainability of shrimp farming methods in Vietnam, by employing Artificial Intelligence (AI) and Internet of Things (IoT) technologies. AquaEasy's AI solutions offer on-demand insights and suggestions on water quality management, optimizing feeding, and forecasting harvest, which in turn assist shrimp farmers to boost their output and profitability while curbing risks and expenditure.
What Are the Different Segmentations in the Smart Aquaculture Market?
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
Subsegments:
1) By Hardware: Sensors, Automation Systems, Cameras, Water Quality Monitoring Devices, Feeding Systems, Monitoring And Control Systems
2) By Software: Data Analytics Software, Aquaculture Management Software, AI And Machine Learning-Based Solutions, Cloud-Based Platforms, Monitoring And Reporting Software
3) By Services: System Integration, Consulting, Training And Support Services, Maintenance And Repair Services
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Which Region Is at the Forefront of the Smart Aquaculture Market?
North America was the largest region in the smart aquaculture market in 2023. The regions covered in the smart aquaculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Smart Aquaculture Global Market Report?
- Market Size Analysis: Analyze the Smart Aquaculture Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Aquaculture Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Aquaculture Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Aquaculture Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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