Global Smart Aquaculture Market Analysis 2024: Size Forecast and Growth Prospects

The smart aquaculture from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Smart Aquaculture Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
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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Scope Of Smart Aquaculture Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Smart Aquaculture Market Overview

Market Drivers –
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.

Market Trends –
Major companies operating in the smart aquaculture market are adopting a strategic partnership approach to leverage complementary strengths and accelerate innovation in sustainable aquaculture technologies. A strategic partnership typically refers to a collaborative relationship between two or more organizations combining their resources, expertise, and efforts to achieve common goals or objectives. For instance, in October 2022, AquaEasy., a Singapore-based IT services and consulting company, collaborated with Grobest Group. (CHPT), a Hong Kong-based food production company to bring AI to Vietnam’s shrimp industry. This collaboration aims to enhance the efficiency and sustainability of shrimp farming practices in Vietnam by applying Artificial Intelligence (AI) and Internet of Things (IoT) technologies. AquaEasy’s AI solutions are designed to provide real-time insights and recommendations on water quality management, feeding optimization, and harvest prediction, helping shrimp farmers increase productivity and profitability while reducing risks and costs.

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

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Regional Insights –
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.

Key Companies –
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

Table of Contents
1. Executive Summary
2. Smart Aquaculture Market Report Structure
3. Smart Aquaculture Market Trends And Strategies
4. Smart Aquaculture Market – Macro Economic Scenario
5. Smart Aquaculture Market Size And Growth
…..
27. Smart Aquaculture Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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