Global Smart Aquaculture Market, By Type (Smart Feeding Systems, Monitoring & Control Systems, Water Treatment Systems, Aquaculture Intelligence, Water Animal Growth Management, Underwater (Rov's), Submersible Aquaculture System, Cleaning Systems, Design / Construction Engineering, Aquaculture Environment Management Equipments, and Others), Offering (Hardware, Software, and Services), Farm Type (RAS Farms and Open Aquaculture Farms), Application (Land-Based Aquaculture and Marine-Based Aquaculture) - Industry Trends and Forecast to 2030.
Smart Aquaculture Market Analysis and Size
The global smart aquaculture market is expected to grow significantly in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.8% in the forecast period of 2023 to 2030 and is expected to reach USD 34,906,078,874.79 by 2030. The major factor driving the growth of is the rising popularity of smart aquaculture products among the industries and growing awareness regarding the properties of smart aquaculture products.
The global smart aquaculture market is primarily driven by the growing global demand for seafood coupled with the need for sustainable and efficient aquaculture practices. Advanced technologies such as Internet of Things (IoT), sensors, automation, and data analytics are increasingly being integrated into aquaculture operations to monitor and optimize parameters such as water quality, feeding, and fish health. These technologies enable farmers to enhance production efficiency, minimize environmental impact, and mitigate risks associated with disease outbreaks.
The global smart aquaculture market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an analyst brief. Our team will help you create a revenue-impact solution to achieve your desired goal.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD, Volume In Units
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Segments Covered
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By Type (Smart Feeding Systems, Monitoring & Control Systems, Water Treatment Systems, Aquaculture Intelligence, Water Animal Growth Management, Underwater (ROV's), Submersible Aquaculture System, Cleaning Systems, Design/Construction Engineering, Aquaculture Environment Management Equipments, and Others), Offering (Hardware, Software, and Services), Farm Type (RAS Farms and Open Aquaculture Farms), Application (Land-Based Aquaculture and Marine-Based Aquaculture)
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Countries Covered
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China, Indonesia, India, Vietnam, South Korea, Thailand, Philippines, Japan, Malaysia, Taiwan, Australia, New Zealand, Singapore, rest of Asia-Pacific, Spain, France, Italy, Norway, Netherlands, Poland, Germany, Denmark, Finland, Sweden, Belgium, Russia, U.K., Switzerland, Turkey, rest of Europe, U.S., Canada, Mexico, Egypt, Saudi Arabia, Oman, U.A.E., Kuwait, Bahrain, Qatar, South Africa, rest of Middle East And Africa, Brazil, Argentina, and rest of South America
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Market Players Covered
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Innovasea Systems Inc., Bluegrove, ScaleAQ, In-Situ Inc., Deep Trekker Inc. (A subsidiary of Halma plc), Exosite, CPI Equipment Inc., Maritech, NextAqua, LINN Geratebau, AQ1 Systems Pty Ltd, Qingdao Hishing Smart Equipment Co., Ltd, PT JALA Akuakultur Lestari Alamku, Eruvaka Technologies, MonitorFish GmbH, Aquabyte, AquaMaof Aquaculture Technologies Ltd., AKVA group, HydroNeo (Thailand) Co., Ltd., and Imenco AS among others.
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Global Smart Aquaculture Market Definition
The market refers to using advanced technologies and data-driven solutions to optimize and enhance aquaculture operations' efficiency, sustainability, and productivity. It encompasses integrating various digital tools such as sensors, IoT devices, automation systems, AI, and data analytics to monitor and control critical aspects of aquaculture, including water quality, feeding, environmental conditions, and disease management. This integration allows aquaculture farmers to make informed decisions, reduce resource wastage, improve yields, and ensure the welfare of aquatic organisms. The market aims to address the growing global demand for seafood while minimizing the environmental impact and operational risks associated with traditional aquaculture practices.
Global Smart Aquaculture Market Dynamics
Drivers
- An Upward Trend in Demand for Aquatic Food Amongst the Population
According to the Food and Agriculture Organization of the United Nations, the demand for aquatic food has been on a significant upward trend in recent years, with a projected 15% increase in consumption expected by 2030. This surge in demand is driven by a combination of factors, including rising incomes, urbanization, improvements in post-harvest practices, and changing dietary trends. Multiple factors have significantly influenced per capita consumption, including increased supplies, shifting consumer preferences, technological advancements, and income growth. These factors have collectively fueled the surge in demand for aquatic food products. The aquaculture industry, in particular, has been at the forefront of meeting this growing demand for aquatic food. Over the past three decades, it has emerged as one of the fastest-growing sectors in animal food production, exhibiting an impressive annual growth rate of approximately 5.1% between 2000 and 2020. In 2020, it reached a record production value of 87.5 million tonnes, highlighting its crucial role in satisfying the world's appetite for aquatic food. It is well-positioned to cater to the growing demand for aquatic food while ensuring sustainable and profitable production as the industry continues to evolve and adopt modern technologies. In essence, the market is intricately linked to the rising demand for aquatic food, and its prospects are promising as it continues to shape how the population produces and consumes aquatic food products, thus driving market growth.
- Rising Integration of Advanced Technologies such as AI, IoT, and Data Analytics in Aquaculture Arena
Smart aquaculture, which involves the remote control and independent management of aquaculture facilities and equipment, is changing how farmers operate and manage their farms. Farmers involved in aquaculture are increasingly transitioning from labor-intensive to mechanized and automated farming practices. Incorporating modern information technology across the entire aquaculture value chain, encompassing production, operation, management, and service, is crucial for the industry's growth. Smart technology plays a pivotal role in achieving better productivity and disease management, transforming the landscape of aqua farming. Farm operators can gain a comprehensive view of the species' nutrition, health, and environmental conditions in their farms by uploading data from sensing technologies and underwater cameras to an online software tool. This real-time data empowers them to take proactive measures before any situation becomes critical. Underwater drones allow farm operators to conduct inspections whenever and wherever necessary. They monitor off-surface farms and track critical environmental parameters, including pH, salinity, oxygen concentrations, turbidity, and pollutant levels. This technology enables operators to check for mortalities in cages, monitor feeding activities, and inspect underwater cages for damages or net holes. In some cases, specialized drones can even facilitate net repairs. These advancements are boosting the market growth and positioning it for a sustainable and technologically advanced future.
Opportunities
- Collaboration and Partnership between Technology Providers and End-Users
The collaborative approach creates a wave of opportunities for reshaping the aquaculture industry. They promote best practices and enhance sustainability. One key opportunity that emerges from such collaborations is expanding the aquaculture business. Aquaculture companies gain access to cutting-edge solutions and innovations that streamline their operations with technology providers and end-users working together. For instance, IoT-based solutions have gained prominence in the industry, offering real-time monitoring of crucial parameters such as oxygen and pH levels in water. Technology providers can create solutions that enhance the productivity and sustainability of aquaculture operations, whether it is optimizing feeding schedules, water quality management, disease detection, or predictive analytics. This ensures optimal conditions for fish growth, leading to increased yields and profitability for fish farmers.
Moreover, integrating Artificial Intelligence of Things (AIOT) into aquaculture practices is another promising avenue. AIOT can empower fish farmers by allowing them to intelligently control and manage various equipment in fishponds remotely. This level of automation and control improves the efficiency of aquaculture operations and reduces the need for constant manual intervention. Such projects result in the development of innovative technologies, sustainable farming methods, and best practices that are expected to provide market growth opportunities.
- Lucrative Outlook toward Environmentally Solutions
Land-based aquaculture is a promising avenue for meeting the growing demand for seafood while addressing pressing environmental concerns. This practice has the potential to significantly reduce its carbon footprint and minimize the environmental damage associated with conventional methods. It achieves this by closely monitoring and controlling the aquatic environment, producing healthier and more environmentally friendly fish. One of the remarkable features of land-based aquaculture is its ability to harness available land resources efficiently. The traditional method of fish farming consumes a substantial amount of land while producing only 2–10 tonnes per hectare and using over 20 liters of water per kg of fish. While the RAS can operate on just 1/8th of a hectare, using only 1/6th of the water, it produces up to 60 tonnes of fish per year. This efficiency maximizes production and minimizes using valuable natural resources, namely water and land. The rise of land-based aquaculture creates new market opportunities for smart aquaculture technology providers. These technologies can help farmers in developing economies scale their operations and meet the increasing demand for seafood. This expanding market for smart aquaculture solutions can lead to greater investment and innovation in this sector. Thus, it is expected to provide the opportunity for market growth.
Restraints/Challenges
- High Initial Investment Costs
High initial investment costs may seriously limit the business. The aquaculture sector has rapidly incorporated smart technologies to increase productivity and sustainability. The deployment of these technologies, however, frequently necessitates a sizable initial expenditure. High start-up costs can also discourage prospective investors from entering the business. Furthermore, the return on investment in smart aquaculture might not be obvious immediately, making it difficult to obtain funding or persuade stakeholders to provide the necessary resources. Hence, it is restraining the market growth.
- Technical expertise and skill gaps
A lack of technical skills and skill gaps in the worldwide smart aquaculture market can hamper adopting and efficiently using cutting-edge technology. A thorough understanding of systems is necessary to apply smart aquaculture technologies, including automated monitoring systems, data analytics, and IoT devices. Many aquaculture experts may lack the technical knowledge required to set up, run, and troubleshoot these intricate systems. This may result in the misuse of technological investments and their poor performance. Technologies for smart aquaculture are always changing. Those without the required technical competence may struggle to keep up with the most recent developments and comprehend how to incorporate them into current operations. Therefore hindering the market growth.
Recent Development
- In September 2023, Imenco AS expanded its presence in the aquaculture industry by acquiring aqua technology company ESTRO and establishing a new office in Bergen. This move strengthens company’s position in fish welfare and aquaculture, introducing valuable expertise and eco-friendly products
- In May 2023, PT JALA Akuakultur Lestari Alamku introduced a game-changing update to their JALA App for Mobile. Users can effortlessly access their accounts by logging in with their phone numbers, enhancing security and convenience. No longer dependent on email credentials, users can enter their registered phone numbers and passwords. This feature streamlines access, eliminating concerns about forgotten email addresses. With this latest update, JALA redefines ease in shrimp farming
Global Smart Aquaculture Market Scope
The global smart aquaculture market is categorized based on type, offering, farm type, application. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Type
- Smart Feeding Systems
- Monitoring & Control Systems
- Water Treatment Systems
- Aquaculture Intelligence
- Water Animal Growth Management
- Underwater (Rov's)
- Submersible Aquaculture System
- Cleaning Systems
- Design / Construction Engineering
- Aquaculture Environment Management Equipments
- Others
On the basis of type, the market is segmented into smart feeding systems, monitoring & control systems, water treatment systems, aquaculture intelligence, water animal growth management, underwater (ROV's), submersible aquaculture system, cleaning systems, design/construction engineering, aquaculture environment management equipments, and others.
Offering
- Hardware
- Software
- Services
On the basis of function, the market is segmented into hardware, software, and services.
Farm Type
- Industrial
- Ras Farms
- Open Aquaculture Farms
On the basis of farm type, the market is segmented into RAS farms and open aquaculture farms.
Application
- Land-Based Aquaculture
- Marine-Based Aquaculture
On the basis of application, the market is segmented into land-based aquaculture and marine-based aquaculture.
Global Smart Aquaculture Market Regional Analysis/Insights
The global smart aquaculture market is segmented on the basis of type, offering, farm type, and application.
The countries covered in the global smart aquaculture market are China, Indonesia, India, Vietnam, South Korea, Thailand, Philippines, Japan, Malaysia, Taiwan, Australia, New Zealand, Singapore, rest of Asia-Pacific, Spain, France, Italy, Norway, Netherlands, Poland, Germany, Denmark, Finland, Sweden, Belgium, Russia, U.K., Switzerland, Turkey, rest of Europe, U.S., Canada, Mexico, Egypt, Saudi Arabia, Oman, U.A.E., Kuwait, Bahrain, Qatar, South Africa, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.
The U.S is expected to dominate in the North American region due to growing awareness regarding the properties of smart aquaculture products. Spain is expected to dominate the Europe region due to the growing technologies of smart aquaculture products. Egypt is expected to dominate the Middle East and Africa region due to the rising popularity of smart aquaculture among people of aesthetic aquaculture equipment.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data point downstream and upstream value chain analysis, technical trends porter's five forces analysis, and case studies are some pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Share Analysis: Global Smart Aquaculture Market
The global Smart aquaculture market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to the market.
Some of the player operating in the global smart aquaculture market are LIXIL Corporation, Kohler Co., TOTO LTD., Roca Sanitario, S.A.U., Villeroy & Boch AG, Franke Group, Moen Incorporated, Hansgrohe, TRITON (A subsidiary of Norcros plc), Jaquar India, Delta Faucet Company, Hindware Home Innovation Limited, CERA, Jacuzzi Inc., GESSI SPA, Aqualisa (A subsidiary of Fortune Brands Innovations), Gerber Plumbing Fixtures LLC (A subsidiary of Globe Union Industrial Corp.), Silverdale Bathrooms, and Sri Nilkanth Industries, among others.
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