$422 Million Precision Aquaculture Global Market to 2028 - by Component, System and Geography - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Precision Aquaculture Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Service); System (Smart Feeding Systems, Monitoring and Control Systems, and Underwater Rov Systems), and Geography" report has been added to ResearchAndMarkets.com's offering.

In terms of revenue, the global precision aquaculture market was valued at US$ 422.43 million in 2020 and is projected to reach US$ 1,209.96 million by 2028; it is expected to grow at a CAGR of 14.0% from 2020 to 2028.

The advancements in technologies are facilitating the transformation of traditional farming into automated aquaculture. Automated systems allow companies to minimize the labor costs and enhance productivity in farming. The rising government investments in technology-related research and infrastructure development is accelerating global market growth. The Internet of Things (IoT), Big Data, artificial intelligence (AI), cloud computing, and other smart technologies are supporting intelligent aquaculture. Advancements in smart feeding technologies and farming practices to enhance feed utilization efficiency are crucial for the sustainability of aquaculture. Thus, companies across the world are highly inclined toward designing smart feeding systems that detect the appetite of the fish to avoid underfeeding or overfeeding. However, lack of skilled workers and technology infrastructure, and high maintenance requirements of the equipment hinder the market growth.

The precision aquaculture market is segmented on the basis of component, system, and geography. Based on component, the precision aquaculture market is segmented into hardware, software, and services. Further, the hardware segment is sub-segmented into monitoring and controlling devices, and camera systems. In terms of system, the market is segmented into smart feeding systems, monitoring and control systems, and underwater ROV systems. In terms of geography, the precision aquaculture market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).

According to the latest situation report from the World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Spain, and Italy are among the worst affected countries due to the COVID-19 outbreak. The outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the world. As of 24th March 2021, 123,902,242 confirmed COVID-19 cases registered globally, with 2,727,837 total deaths, and the number is growing at varying rates in different countries. The COVID-19 crisis affects the industries worldwide, and the global economy adversely affected in 2020 and likely in 2021. The pandemic has disturbed precision aquaculture businesses and suppliers around the globe. Market players experienced disruptions to their operations, and it's likely to have consequences till mid-2021. The factory shutdowns, travel bans, trade bans, and border lockdowns have adversely affected the precision aquaculture industry.

Market Dynamics

Drivers

• Increasing Government Support for Development of Aquaculture Infrastructure
• Rising Yields of Aquaculture

Restraints

• Lack of Technology Trend Awareness and Limited Availability of Skilled Workforce

Opportunity

• Surging Popularity of Land-Based Recirculating Aquaculture Systems

Future Trend

• Surging Adoption of Advanced Technologies in Precision Aquaculture Industry

Companies Mentioned

• AKVA GROUP
• Scale AQ
• CHETU INC
• DEEP TREKKER
• INNOVASEA SYSTEMS
• PENTAIR AES
• SOLVAY
• STEINSVIK
• XYLEM INC
• ERUVAKA TECHNOLOGY

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