The aquaculture industry is experiencing a technological transformation, with cutting-edge innovations reshaping the sector. Technology adoption in aquaculture has led to significant advancements in techniques and tools, enhancing sustainability and profitability in protein production. The integration of technologies like Machine Learning, Internet of Things (IoT), Artificial Intelligence (AI), and remotely operated vehicles (ROVs) is revolutionizing production efficiency, accuracy, and precision, while minimizing waste. This paradigm shift is fueling the growth of the precision aquaculture market.
Rise of Recirculating Aquaculture Systems (RAS)
Recirculating aquaculture systems (RAS) are gaining momentum in the aquaculture industry. According to the Food and Agriculture Organization of the UN (FAO), RAS-based aquaculture currently accounts for 5-8% of fish farms globally, a figure projected to reach 30% by 2030. RAS farms are recognized for their reduced water requirements, environmentally friendly practices, and enhanced control over production, resulting in improved yields at lower costs. The increasing awareness and adoption of RAS farms are expected to contribute significantly to the growth of the precision aquaculture market.
Asia Pacific: A Hub for Growth
The Asia Pacific region has emerged as a hotspot for aquaculture, with countries in the region dominating global production, accounting for over 87% according to the FAO. Emerging nations like China and India are witnessing a surge in fish farms, driving the demand for advanced technology, including precision aquaculture. India, ranked second in global farm-raised fish production, is poised to experience increased demand for precision aquaculture due to abundant natural resources and government subsidies, such as the Blue Revolution program. China, too, is expanding its aquaculture production, with the launch of massive floating fish farms. This growth in fish farming, coupled with the regions focus on aquaculture to meet the demands of a growing consumer base, presents substantial opportunities for the precision aquaculture market.
Competitive Landscape
Key players in the global precision aquaculture market are actively pursuing growth through new product launches and strategic initiatives like collaborations, partnerships, acquisitions, and alliances. For instance, InnovaSea Systems introduced V3 acoustic telemetry transmitters in 2020, enabling scientists to study fish species in their early life stages. AKVA Group, in collaboration with Nordic Aqua Ningbo, is developing a new RAS facility near Shanghai, while AKVA also acquired NAS (Newfoundland Aqua Service Ltd.) to strengthen its presence in Newfoundland and Labrador.
Prominent players in the precision aquaculture market include InnovaSea Systems Inc., Aquaconnect, AKVA Group, Deep Trekker Inc., Imenco AS, Aquabyte AS, CPI Equipment Inc., Bluegrove AS, Eruvaka Technologies Pvt. Ltd., Steinsvik, Jala Tech, and Maritech Systems.
The precision aquaculture market is poised for remarkable growth, driven by technological innovation, the rise of RAS farms, and the burgeoning aquaculture industry in Asia Pacific.
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