What is the current size of the global precision aquaculture market?

Posted by Steve Stark on April 27th, 2021

The global precision aquaculture market is estimated to grow from USD 372 million in 2020 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.

Who are the key players in the global precision aquaculture market?

Companies such as AKVA group (Norway), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), Deep Trekker (Canada), Aquabyte (US), and Eruvaka Technologies (India). These companies cater to the requirements of their customers by providing advanced precision aquaculture with a presence in multiple countries.

What is the COVID-19 impact on precision aquaculture suppliers?

The shutdown of manufacturing facilities globally combined with strict restrictions over social movement in various COVID-19 affected countries impacted the operations of precision aquaculture and related components manufacturing facilities. Additionally, COVID-19 is expected to have led to a delay in the upcoming launches and developments in precision aquaculture products. All these factors resulted in marginal dip of market size of precision aquaculture. The supply chain disruptions have led to the procurement of raw materials or commodities from localized sources to ensure their continuous supply.

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What are the opportunities for the existing players and for those who are planning to enter various stages of the precision aquaculture value chain?

There are various opportunities for the existing players to enter at the different stages of value chain in precision aquaculture industry. Some of these include developing smart devices and robotic solutions for various applications in aquaculture farms and offering big data analytics and software solutions to effective management of aquaculture farms. .