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Demand for aqua tech to reach US$ 764-m in 2024

The demand to increase efficiency in aquaculture operations will push what is called the precision aquaculture market to grow to an estimated $764 million market in 2024 from its previous worth of $398 million in 2019, according to a recent report released by the research firm Markets and Markets.

“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,” the report said.

This report covers the precision aquaculture market based on offering, technology, application, and region.

The market based on offering has been segmented into hardware, software, and services.

Based on application, the market has been segmented into feeding management, monitoring, control and surveillance; and others. Based on system type, the market has been classified into smart feeding systems, monitoring & control systems, underwater ROV systems, and others.

The Asia-Pacific (APAC) region is expected to hold the largest market size from 2019 to 2024 owing to the widespread automation of aquaculture farms in countries such as China, Japan, Indonesia, and India. 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.

Key players operating in the precision aquaculture market include 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,” the report said.

The high growth in the precision aquaculture 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, according to the report.

“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,” according to the report.