Dublin, Jan. 03, 2020 (GLOBE NEWSWIRE) -- The "Precision Aquaculture Market by System Type (Smart Feeding Systems, Monitoring & Control Systems, Underwater ROVS), Application (Feeding Management, Monitoring); Offering (Hardware, Software, Services), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The precision aquaculture market is estimated to be worth USD 398 million in 2019 and is projected to reach USD 764 million by 2024; it is expected to grow at a CAGR of 14% from 2019 to 2024.
Major drivers for the precision aquaculture market are rising demand for protein rich aqua food across the world, the rapid adoption of advanced technologies-IoT, artificial intelligence (AI), feeding robots, and underwater remotely operated vehicles (ROVs) on aquaculture farms; increasing investment and rising R&D expenditure in aquaculture technology worldwide; and the growing popularity of land-based recirculating aquaculture systems.
Key players operating in the precision aquaculture market are AKVA Group (Norway), InnovaSea Systems (US), Deep Trekker (Canada), Eruvaka Technology (India), Steinsvik (Norway), Pentair AES (US), Aquabyte (US), Akuakare (Turkey), CPI Equipment (Canada), Lifegard Aquatics (US), Imenco AS (Norway), In-Situ (US), Vemco (US), Observe Technology, JALA Tech (Indonesia), MonitorFish (Germany), Imenco Aquaculture (Norway), Omso Systems (US), and Aqualine AS (Norway). These players adopt various strategies, such as product developments, mergers, partnerships, collaborations, and expansions, to cater to customer demands.
Market for underwater ROVs estimated to grow at highest CAGR during forecast period
The market for underwater ROVs is expected to grow at the highest CAGR from 2019 to 2024 due to substantial cost savings associated with this technology, and the rising number of aquaculture farms in the European and South American regions. Underwater remotely operated vehicles (ROVs) are expected to witness high growth rate in the years to come. Underwater ROVs adoption trend in Western Europe and North America have gained good traction in recent years. Currently, more than 60% of underwater ROVs installed bases come from countries such as the US, Canada, Norway, and Chile.
Market for aquaculture monitoring & survelliance application to grow at highest CAGR during forecast period
The precision aquaculture market for the aquaculture monitoring & survelliance application is expected to grow at the highest CAGR during the forecast period. The high growth in this segment is predominantly driven by the increasing adoption of hardware devices such as sensors, RFID tags & readers, and livestock collars for the early detection of diseases in livestock, management of the herd, and identification and tracking of livestock.
Precision aquaculture market in South America to grow at highest CAGR from 2019 to 2024
The increasing automation of aquaculture farms in countries such as Brazil and Chile is a major factor driving the precision aquaculture market in South America. Increasing demand for protein rich aqua food is mounting pressure on the suppliers of aquaculture products to become more efficient and productive, pushing the sales of aquaculture technology upward. The precision aquaculture market in South America is in its early growth phase and is expected to grow rapidly until 2024.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Precision Aquaculture Market
4.2 Market in APAC, By System Type
4.3 Market, By Application
4.4 Market, By Offering
4.5 Geographic Analysis of Market
5 Market Overview
5.1 Market Dynamics
5.1.1 Drivers
5.1.1.1 Increasing Adoption of IoT, ROVS, and AI in Aquaculture Farms
5.1.1.2 Increasing Investment in Aquaculture Technology and R&D Projects
5.1.1.3 Increasing Middle Class Income and Rising Demand for Protein Rich Aqua Food
5.1.1.4 High Focus on Deployment of Large Scale Offshore Aquaculture Project and Various Government Initiatives
5.1.2 Restraints
5.1.2.1 Large Capital Expenditure (CAPEX) Requirement and High Monitoring Cost of Aquaculture Farm
5.1.2.2 System Complexity and Lack of Skilled Operators
5.1.2.3 Lack of Technological Awareness Among Aquaculture Farmers
5.1.3 Opportunities
5.1.3.1 Increasing Adoption of Aquaculture Monitoring Technology in Developing Countries
5.1.3.2 Increasing Number of Aquaculture Farms and Rise of Aquaculture Production
5.1.3.3 Increasing Popularity of Land Based Recirculating Aquaculture Systems to Offer Substantial Opportunity
5.1.4 Challenges
5.1.4.1 Environmental Concern Due to Extensive Aquaculture Farming
6 Industry Trends
6.1 Value Chain Analysis
6.1.1 Major Market Players in Precision Aquaculture Market
6.2 Industry Trends
6.2.1 Advent of Ai, Ar/Vr, and Blockchain in Aquaculture to Influence Market Expansion
6.2.2 Farm Automation, Rovs, and Feeding Robots to Mitigate Labor Shortage
6.2.3 Increasing Adoption of Robotics Cages and Underwater Drones on Aquaculture Farm
7 Precision Aquaculture Market, By Offering
7.1 Introduction
7.2 Hardware
7.2.1 Monitoring Devices
7.2.1.1 Temperature and Environmental Monitoring Devices
7.2.1.1.1 Increasing Demand for Wireless Sensor Network System for Monitor Aquaculture Farms to Boost the Demand for Monitoring Devices
7.2.1.2 Ph & Dissolved Oxygen Sensors
7.2.1.2.1 Increasing Preference for Monitoring Dissolved Oxygen Content Expected to Boost Deployment of Ph & Dissolved Oxygen Sensors
7.2.1.3 Others
7.2.2 Camera System
7.2.2.1 Increasing Adoption of Smart Hd and 4k Enabled Camera Systems
7.2.3 Others
7.3 Software
7.3.1 On-Cloud
7.3.1.1 Increasing Popularity of Software-As-A-Service (SaaS) Model Due to Ability to Access Data Remotely
7.3.2 On-Premise
7.3.2.1 Lower Cost of Ownership is a Major Factor Associated With Adoption of On-Premise Software
7.4 Services
8 Precision Aquaculture Market, By System Type
8.1 Introduction
8.2 Smart Feeding Systems
8.3 Monitoring & Control Systems
8.4 Underwater Rov Systems
8.5 Others
9 Precision Aquaculture Market, By Application
9.1 Introduction
9.2 Feeding Management
9.3 Monitoring, Control and Survellience
9.4 Others
10 Geographic Analysis
10.1 Introduction
10.2 Americas
10.2.1 North America
10.2.1.1 US
10.2.1.1.1 US Accounted for Largest Share of Precision Aquaculture Market in North America
10.2.1.2 Canada
10.2.1.3 Mexico
10.2.1.3.1 Market in Mexico to Witness Highest CAGR in North America
10.2.2 South America
10.2.2.1 Brazil
10.2.2.2 Chile
10.2.2.3 Rest of South America
10.3 Europe
10.3.1 Norway
10.3.2 Spain
10.3.3 UK
10.3.3.1 Brexit Deal to Impact UK Aquaculture Industry
10.3.4 France
10.3.5 Italy
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 China Accounted for Largest Market Share in Asia Pacific
10.4.2 India
10.4.2.1 India to Witness Highest Growth for Precision Aquaculture Market Between 2019 and 2024
10.4.3 Indonesia
10.4.4 Vietnam
10.4.5 Rest of Asia Pacific
10.5 Rest of World
10.5.1 Africa
10.5.1.1 Weak Exchange Rate in African Countries and Low-Profit Margins are Major Challenges
10.5.2 Middle East
10.5.2.1 Increasing R&D Investments to Boost Adoption of Aquaculture Robots
11 Competitive Landscape
11.1 Introduction
11.2 Market Ranking Analysis for the Precision Aquaculture Market, 2018
11.3 Competitive Situation and Trends
11.4 Competitive Leadership Mapping, 2018
11.4.1.1 Visionary Leaders
11.4.1.2 Dynamic Differentiators
11.4.1.3 Innovators
11.4.1.4 Emerging Companies
11.5 Competitive Benchmarking
11.5.1 Strength of Product Portfolio (25 Players)
11.5.2 Business Strategies Excellence (25 Players)
11.6 Recent Developments
11.6.1 New Product Launches
11.6.2 Agreements, Partnerships, and Contracts
11.6.3 Mergers and Acquisitions
12 Company Profiles
12.1 Key Players
12.2 AKVA Group
12.3 Innovasea Systems
12.4 Deep Trekker
12.5 Eruvaka Technology
12.6 Steinsvik
12.7 Pentair AES (Subsidiary of Pentair L.P.)
12.8 Aquabyte
12.9 Akuakare
12.10 CPI Equipment
12.11 Lifegard Aquatics
12.12 Other Players
12.12.1 Imenco AS
12.12.2 Optimar
12.12.3 In-Situ, Inc.
12.12.4 Vemco
12.13 Key Innovators
12.13.1 Observe Technology
12.13.2 JALA Tech Pte
12.13.3 MonitorFish
12.13.4 Imenco Aquaculture
12.13.5 Osmo Systems
12.13.6 Aqualine AS
12.13.7 Sensorex
12.14 Right-To-Win
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