Technology Proliferation in Aquaculture to Augment Growth of Precision Aquaculture Market
Similar to other industries and businesses, aquaculture industry is no exception to technology disruption as new age tech proliferates the sector. Pervasiveness of technology has resulted in significant advances in aquaculture techniques and tools. Moreover, aquaculture being considered as a highly sustainable value chain apropos to protein production, integrating it with technology can result in enhanced output and yield at low costs. Use of technologies such as machine learning, Internet of Things (IoT), Artificial Intelligence (AI), and remotely operated vehicles (ROVs) can enhance production efficiency, enhance accuracy and precision, minimise wastage, and facilitate repeatability in operations alongside offering profitability to owners of fish farms. These technology integrations have provided new opportunities for various facets of precision aquaculture such as smart feeding systems, monitoring systems, yield assessment, feed optimisation, and other hardware and software services. In this backdrop, surging adoption of technology in fish farming is expected to augment the growth of precision aquaculture market.
Increasing RAS Farms to Augur Well for Precision Aquaculture Market
Aquaculture based on recirculating aquaculture systems (RAS) has been witnessing promising growth since the recent past. Aquaculture farms based on RAS are expected to grow at a momentous rate in the coming years. According to the Food and Agriculture Organization of UN (FAO), aquaculture based on RAS accounted for around 5-8% of fish farms worldwide, which is anticipated to touch 30% by the end of 2030. This can be attributed towards perceived benefits of RAS such as less water requirement, and environment-friendly systems that give more control to farmers, resulting in better yield at lesser cost. That said, increasing awareness about RAS farms is expected to contribute toward the value growth of precision aquaculture market on the global front.
Asia Pacific to Provide Opportunistic Pathways for Growth of Precision Aquaculture Market
Aquaculture has been a trending topic across emerging nations in Asia Pacific since past several years. Growth of aquaculture in Asian countries has been witnessing modest acceleration since 1995 and the trend is expected to further flourish in the coming years. For instance, according to FAO (Food and Agriculture Organization), Asian countries dominated the world in terms of aquaculture production and accounted for more than 87% of the global production. This trend continues to influence use of advanced technology in the aquaculture domain in the region, in turn paving new opportunities for precision aquaculture market.
Rising fish farms in emerging nations of China, and India are expected to fuel demand for new age technology such as precision aquaculture. According to Food and Agriculture Organization, aquaculture has prevailed as one of the fastest growing industries in food production on the global front, with India on the second rank accounting for over 8% of farm raised fish globally. The demand for precision aquaculture in India is likely to witness peak in the years to follow owing to various favourable aspects such as abundant presence of natural resources coupled with government subsidies. For instance, the Blue Revolution program was initiated by the Central Government to boost country’s economy by enhancing production of various marine products.
Likewise, China also is taking initiatives to expand its aquaculture production by launching new fish farms. For instance, in 2022, China launched world’s first huge floating fish farm that has the capacity to produce around 3,700 tonnes every year. In this backdrop, growing fish farms and increasing focus towards aquaculture to meet food requirement of a rapidly growing consumer pool is expected to pave new opportunities for precision aquaculture market in the region.
Precision Aquaculture Market: Competitive Landscape
Key players in global precision aquaculture market are involved in new product launches, and other growth strategies such as collaborations, partnerships, acquisitions, and alliances. For instance, in 2020, InnovaSea Systems launched V3 acoustic telemetry transmitters which are tracking tags facilitating scientists to study large and small fish species in their earlier life stages. On the other hand, in November 2020, an agreement was signed between AKVA Group and Nordic Aqua Ningbo. As per the agreement a new RAS facility was to be developed outside Shanghai with a planned production of around 8000 tonnes by 2026. Similarly, same year in January, AKVA acquired NAS (Newfoundland Aqua Service Ltd.) to strengthen its presence in Newfoundland, and Labrador.
A few of the major players in precision aquaculture market include InnovaSea Systems Inc., Aquaconnect, AKVA Group, Deep Trekker Inc., Imenco AS, Aquabyte AS, CPI Equipment Inc., Bluegrove AS, Eruvaka Technologies Pvt. Ltd., Steinsvik, Jala Tech, and Maritech Systems.
Regional Classification of the Global Precision Aquaculture Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Precision Aquaculture Market
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