Press release
Global Precision Aquaculture Market Projected to Surpass $1 Billion by 2029 with 13.2% Annual Growth
Precision Aquaculture
The surge in global seafood consumption is anticipated to fuel the expansion of the precision aquaculture market. Seafood, derived from oceans, rivers, lakes, and other water bodies, is in high demand because it is protein-rich, contains omega-3 fatty acids, and aligns with consumer interest in sustainable and nutritious food. Precision aquaculture boosts seafood yield by refining farming methods, promotes sustainable resource use, and enhances the health and quality of aquatic life. As reported by the Department of Agriculture, Fisheries, and Forestry, an Australian government agency, in December 2023, Australians consumed about 350,000 tones of seafood in 2021-22, with an average of 13.8 kilograms per person. The worth of fishery and aquaculture products also witnessed a 2% boost to $2.19 billion, mainly due to a surge in prawn imports. As a result, it's evident that the escalating global demand for seafood is catalyzing the expansion of the precision aquaculture market.
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What is the projected compound annual growth rate (CAGR) of the precision aquaculture market from 2025 to 2034, and what factors influence it?
In recent years, the precision aquaculture market has experienced significant expansion. The market size is expected to increase from $0.53 billion in 2024 to $0.6 billion in 2025, indicating a compound annual growth rate (CAGR) of 13.5%. Factors that have contributed to this historic expansion include heightened demand for seafood, increased awareness of environmental ramifications, supportive government regulations, climbing operational expenditures, and enhancements in the domain of fish health governance.
The market size of precision aquaculture is forecasted to experience significant expansion in the upcoming years. By 2029, it is predicted to be worth $0.99 billion with a 13.2% Compound Annual Growth Rate (CAGR). The projected growth within this span can be linked to an increased emphasis on food safety and quality, higher investments in aquaculture innovations, expanding aquaculture operations, a growing population, and an increasing middle-class income. Key trends anticipated for this period include the incorporation of artificial intelligence (AI) and machine learning, evolution in remote sensing technologies, the use of blockchain for improved traceability, the emergence of sophisticated data analytics platforms, and upgraded farm management software.
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How are the latest trends influencing the growth of the precision aquaculture market?
Predominant entities in the precision aquaculture market are striving to introduce innovative merchandise like AI-integrated aquaculture cameras to solidify their competitive stance in the market. These are high-tech imaging systems merged with artificial intelligence algorithms, particularly engineered for the surveillance and administration of aquaculture contexts. To illustrate, in July 2024, the software firm ReelData AI, based in Canada, debuted ReelVision - a camera projected for AI usages in aquaculture such as evaluating behavior, calculating feeding rates, and assessing fish health and welfare. ReelVision is a sophisticated AI camera system exclusively built for fish farming. This method, driven by data, permits farmers to base their decisions around feeding, stocking density, and health management on tangible information. Consequently, this optimizes production, curtails waste, and lessens environmental repercussions.
What are the major segments of the precision aquaculture market and their role in driving growth?
The precision aquaculturemarket covered in this report is segmented -
1) By Component: Hardware, Software, Service
2) By Farm Type: Open Aquaculture Farm, Recirculatory Aquaculture System (RAS) Farm
3) By Application: Feed Optimization, Monitoring And Surveillance, Yield Analysis And Measurement, Other Applications
Subsegments:
1) By Hardware: Sensors, Cameras, Feeding Systems, Water Quality Monitoring Devices, Control Systems, Autonomous Vehicles
2) By Software: Data Management Software, Monitoring And Control Software, Analytics Software, Simulation And Modeling Software, Reporting And Compliance Software
3) By Service: Consulting Services, Installation And Deployment Services, Maintenance And Support Services, Training Services, Data Analysis And Interpretation Services
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Which geographical regions are pioneering growth in the precision aquaculture market?
Asia-Pacific was the largest region in the precision aquaculture market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the precision aquaculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the precision aquaculture market?
Major companies operating in the precision aquaculture market are Signify N.V., Pentair PLC, Nofima AS, Cermaq Group AS, Skretting, Grieg Seafood ASA, AKVA Group ASA, ScaleAQ, Benchmark Holdings PLC, In-Situ Inc., InnovaSea Systems Inc., Biomar Group, INVE Aquaculture, Eruvaka Technologies, BioFishency Ltd., Ace Aquatec, OxyGuard International A/S, Planet Lighting Ltd., AquaMaof Aquaculture Technologies Ltd., SNRAS Systems Private Ltd.
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What Is Covered In The Precision Aquaculture Global Market Report?
•Market Size Forecast: Examine the precision aquaculture market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the precision aquaculture market for a structured understanding.
•Key Players Overview: Analyze major players in the precision aquaculture market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the precision aquaculture market.
•Segment Contributions: Evaluate how different segments drive overall growth in the precision aquaculture market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the precision aquaculture market.
•Industry Challenges: Identify potential risks and obstacles affecting the precision aquaculture market.
•Competitive Landscape: Review strategic developments in the precision aquaculture market, including expansions, agreements, and new product launches.
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