Press release
Smart Aquaculture Market Trends That Will Shape the Next Decade: Insights from Strategic Partnerships Drive AI Innovation In Smart Aquaculture
Smart Aquaculture
How Large Will the Smart Aquaculture Market Size By 2025?
In recent times, the smart aquaculture market has experienced substantial growth. The market size is projected to increase from $4.16 billion in 2024 to $4.5 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.2%. The historic growth of this market has been driven by factors such as the need for environmental sustainability, regulatory compliance, competitive market dynamics, evolving consumer tastes, and environmental preservation.
How Big Is the Smart Aquaculture Market Size Expected to Grow by 2029?
Predictions show that the smart aquaculture market will witness a substantial growth over the coming years, where it is likely to reach the value of $6.13 billion in 2029, showcasing a compound annual growth rate (CAGR) of 8.0%. Factors such as the rising implementation of IoT solutions, advancements in artificial intelligence and machine learning applications, incorporation of blockchain for enhanced supply chain transparency, increasing adaptation to challenges posed by climate change, and a surge in investment and funding directed at smart aquaculture technologies, are assumed to contribute to the growth in the said period. The forecast period is speculated to see prominent trends like urban aquaculture, shrimp farming, effective management of wastewater, data-driven breeding of fish, recirculating aquaculture systems (RAS), and exploring alternatives to sea-sourced food.
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Which Key Market Drivers Powering Smart Aquaculture Market Expansion and Growth?
The smart aquaculture market is anticipated to expand due to the growing consumption of seafood. Seafood, which primarily compromises fish and shellfish, is often consumed by humans as a food source. The increase in seafood consumption can be attributed to the growing awareness about the health advantages of omega-3 fatty acids and cultural inclinations towards seafood cuisines. Smart aquaculture uses technology to increase seafood production by effectively managing resources and promoting environmental sustainability. For instance, according to a July 2023 report by the Organization for Economic Co-operation and Development (OECD), a governmental organization based in France, and the Food and Agriculture Organization (FAO), an Italy-based specialized agency of the United Nations, the global average per capita consumption of food fish is predicted to rise from 20.4 kg (during 2020-2022) to 21.2 kg by 2032. Consequently, the rising seafood consumption is projected to fuel the growth of the smart aquaculture market.
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What Long-Term Trends Will Define the Future of the Smart Aquaculture Market?
Dominant firms in the intelligent aquaculture market are embracing strategic alliances to harness mutual advantages and speed up the advancement of sustainable aquaculture technologies. A strategic alliance is typically a cooperative engagement involving multiple organizations pooling their resources, know-how, and initiatives to fulfill shared goals. For example, in October 2022, Singapore's IT services and consulting corporation, AquaEasy, joined forces with Grobest Group (CHPT), a food manufacture firm based in Hong Kong. The partnership's objective is to introduce AI to Vietnam's shrimp sector. The goal of this cooperation is to improve the efficiency and sustainability of Vietnam's shrimp cultivation methods using Artificial Intelligence (AI) and Internet of Things (IoT) technologies. AquaEasy's AI tools are specifically engineered to supply real-time data and suggestions concerning water quality control, feed optimization, and harvest forecasting. This assistance helps shrimp cultivators to enhance their yield and profit margins, all while cutting down on risks and expenditure.
What Are the Emerging Segments 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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Who Are the Global Leaders in the Smart Aquaculture Market?
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
Which are the Top Profitable Regional Markets for the Smart Aquaculture Industry?
North America was the largest region in the smart aquaculture market in 2024. The regions covered in the smart aquaculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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