Northbrook, IL -- (SBWIRE) -- 07/26/2021 -- The global precision aquaculture market is estimated to grow from USD 407 million in 2021 to USD 794 million by 2026; growing at a CAGR of 14.3%. Precision aquaculture technology has the potential to transform the aquaculture industry, making traditional aquaculture activities more efficient and economical. The growth of the precision aquaculture market is driven by factors such as growing investments in technological research and product innovation, the surging adoption of advanced technologies such as IoT, ROVs, and AI for the real-time monitoring of aquaculture farms, the rising demand for protein-rich aqua food, and increasing support by worldwide governments for infrastructure development in aquaculture.
RAS-based aquaculture segment is expected to register the highest CAGR during the forecast period
The precision aquaculture market for RAS-based aquaculture farms is projected to register the highest CAGR during the forecast period. The market for RAS-based aquaculture farms is expected to grow at a higher rate during the forecast period. Currently, RAS-based aquaculture farms constitute around 5% to 8% of the total farms in the world, which is expected to reach ~30% by 2030 (As per the Food and Agriculture Organization of United Nations). Growing awareness about the benefits of RAS-based aquaculture farming such as the requirement for less water as compared to conventional systems and environment-friendly systems is fueling the growth of the market during the forecast period.
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Underwater remotely-operated vehicles is expected to witness higher CAGR growth during the forecast period
The precision aquaculture market for underwater remotely-operated vehicles is projected to register the highest CAGR during the forecast period, by system type. The adoption trend of underwater ROVs in Western Europe and North America has gained significant traction in recent years. Currently, countries such as the US, Canada, Norway, and Chile account for more than 60% of the installed base of underwater ROVs.
Services segment for precision aquaculture market is expected to witness higher CAGR growth during the forecast period
The market for services is estimated to grow at the highest CAGR during the forecast period, by offering. The increasing installation of aquaculture equipment in fish farms across the world and the rising popularity of recirculation aquaculture system (RAS)-based aquaculture farming in developing regions are the major factors contributing to the growth of the market for services.
South America is projected to register highest CAGR growth during the forecast period
South America is expected to witness the highest CAGR in the precision aquaculture market during the forecast period due to the increasing adoption of automated solutions including underwater ROVs and smart camera systems in aquaculture farms and the growing focus on the deployment of IoT-based monitoring devices in aquaculture farms owing to various advantages such as increased productivity and the early detection of diseases among aquatic species offered by these monitoring devices.
Key Market Players
The precision aquaculture market is dominated by a few globally established players such as AKVA group (Norway), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), Deep Trekker (Canada), Aquabyte (US), and Eruvaka Technologies (India).