Overview and Scope
The smart aquaculture market consists of revenues earned by entities by providing services such as technical consulting, system maintenance, sustainability consulting, and data analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart aquaculture market also includes sales of aquaculture monitoring and control systems, aquatic species identification and health monitoring devices, smart aquaculture pens and cages, water treatment and filtration systems tailored for aquaculture. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The smart aquaculture market size has grown strongly in recent years. It will grow from $3.84 billion in 2023 to $4.16 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to environmental sustainability demands, regulatory compliance, competitive market pressures, shifting consumer preferences, and environmental sustainability.
The smart aquaculture market size is expected to see strong growth in the next few years. It will grow to $5.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increased adoption of IoT solutions, advancements in AI and machine learning applications, integration of blockchain for supply chain transparency, adaptation to climate change challenges, and growing investment and funding in smart aquaculture technologies. Major trends in the forecast period include urban aquaculture, shrimp farming, wastewater management, data-driven fish breeding, recirculating aquaculture systems (RAS), and alternatives to sea-sourced food.
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Segmentation & Regional Insights
The smart aquaculture market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Type: Smart Feeding Systems, Monitoring And Control Systems, Other Types
3) By Application: Marine Based Aquaculture, Land Based Aquaculture
North America was the largest region in the smart aquaculture market in 2023. The regions covered in the smart aquaculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing seafood consumption is expected to propel the growth of the smart aquaculture market going forward. Seafood refers to any form of sea life regarded as food by humans, typically including fish and shellfish. Seafood consumption is driven by growing awareness of the health benefits associated with omega-3 fatty acids and cultural preferences for seafood dishes. Smart aquaculture enhances seafood production through technology-driven efficiency in resource management and environmental sustainability. For instance, in July 2023, according to the report published by the Organization for Economic Co-operation and Development (OECD), a France-based governmental organization, and the Food and Agriculture Organization (FAO), an Italy-based specialized agency of the United Nations, global per capita consumption of food fish is projected to increase to 21.2 kg by 2032, up from an average of 20.4 kg during the 2020-2022. Therefore, increasing seafood consumption is expected to propel the growth of the smart aquaculture market.
Key Industry Players
Major companies operating in the smart aquaculture market are AKVA Group AS, Steinsvik AS, Innovasea Systems Inc, In-Situ Inc, Imenco AS, Exosite, Bluegrove, Aquabyte Inc, OptoScale, Observe Technologies, Eruvaka Technologies Pvt Ltd, Adroit Inc., SENECT GmbH, Singapore Aquaculture Technologies, CPI Equipment Inc, AQ1 Systems Pty Ltd, MonitorFish GmbH, XpertSea Solutions Inc, CageEye AS, Pelagic Data Systems, AquaMaof Aquaculture Technologies Ltd, Maritech, VAKI Aquaculture Systems Ltd, AquaManager
The smart aquaculture market report table of contents includes:
1. Executive Summary
2. Smart Aquaculture Market Characteristics
3. Smart Aquaculture Market Trends And Strategies
4. Smart Aquaculture Market – Macro Economic Scenario
5. Global Smart Aquaculture Market Size and Growth
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32. Global Smart Aquaculture Market Competitive Benchmarking
33. Global Smart Aquaculture Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Aquaculture Market
35. Smart Aquaculture Market Future Outlook and Potential Analysis
36. Appendix
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