Precision Aquaculture - Introduction
- Precision technology is an advancement witnessed in the aquaculture industry, which has modified traditional aquaculture activities and enhanced efficiency and productivity of the aquaculture industry
- Expansion of precision aquaculture market is due to the support provided by governments worldwide for infrastructure development of the aquaculture sector
- Increased use of hardware components such as, sensors, monitoring and control devices, feeding systems, and underwater remotely-operated vehicles are expected to boost the adoption of automated aquaculture farming to improve the productivity of aquaculture farms in various regions
- The number of technology-oriented emerging startups operating in the precision aquaculture market has increased, which helps in early detection of aquatic diseases using various monitoring devices
Global Precision Aquaculture Market: Dynamics
Global Precision Aquaculture Market: Key Drivers
- Increase in adoption of advanced technologies such as, IoT, ROVs, and AI for real-time monitoring of aquaculture farms helps boost aquaculture production in the forthcoming years.
- Rise in demand for protein-rich aqua food in various countries is a key factor expected to drive the demand for precision aquaculture market.
- Rise in investment in technological research and new product innovation in the aquaculture industry is estimated to further propel the demand for precision aquaculture during the forecast period
- Lack of skilled operators for effective management of complex aquaculture systems is projected to hinder the precision aquaculture market
- High operational cost of vessels and unpredicted environmental degradation in seawater further hamper the precision aquaculture market during the forecast period.
- Rising number of aquaculture farms all over the world is estimated to create significant opportunities for the precision aquaculture market
Impact of COVID-19 on Global Precision Aquaculture Market
- Most countries across the globe are facing lockdowns due to the COVID-19 pandemic, which has resulted in economic slowdown. This situation had a severe impact on the supply chain management of precision aquaculture manufacturers companies that were adopting the work-from-home model temporarily during the pandemic.
- COVID-19 has negatively impacted the business of aquaculture suppliers, distributers and customers, which led to failure of export shipments and reduced demand for aquaculture vendors during the lockdown
North America to Hold Major Share of Global Precision Aquaculture Market
- In terms of region, the global precision aquaculture market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Presence of prominent vendors of aquaculture equipment in the U.S. and Canada increases the rate of adoption of precision aquaculture in North America
- Presence of a large number of aquaculture farms for rapid expansion of aquaculture industry and advancements in fish farming in the region fuel the aquaculture market in Asia Pacific
- Rise in awareness about RAS-based aquaculture farming in Middle East & Africa is estimated to propel the demand for precision aquaculture during the forecast period.
- Adoption of precision technology in aquaculture industry in Europe is expected to boost the demand for precision aquaculture during the forecast period
- Rise in adoption of automated underwater vehicle systems in aquaculture farms in South America is projected to fuel the demand for precision aquaculture in the region during the forecast period
Global Precision Aquaculture Market: Competition Landscape
- Several prominent players operating in the precision aquaculture have strong presence in the market and are witnessing rapid technological development. For instance, In August 2020, Bluegrove acquired an aquatech company SEALAB to launch an open platform for integration with other aquatech vendors not only useful in aquaculture but in agriculture and forestry sectors too.
- In April 2019, Deep Trekker, a key player of the precision aquaculture market, launched underwater robots REVOLUTION powered by BRIDGE technology that is used to locate underwater hidden obstacles and perform safety underwater inspection
Key Players Operating in Global Precision Aquaculture Market Include:
- AKVA group
- Aquabyte, Inc.
- Aquamaof Aquaculture Technologies Ltd.
- CPI Equipment, Inc.
- Eruvaka Technologies Private Limited
- InnovaSea Systems Inc.
- Lifegard Aquatics
- Maritech Systems AS
- Philips India Limited
- Osmo Systems, Inc.
- Observe Technologies Limited
- Sensorex Inc.
- Steinsvik Group AS
- The Kingfish Company
- Vermont Information Consortium, LLC
Global Precision Aquaculture Market: Research Scope
Global Precision Aquaculture Market, by Offering
Global Precision Aquaculture Market, by Farm Type
- Open Aquaculture Farms
- RAS Farms
Global Precision Aquaculture Market, by System Type
- Smart Feeding Systems
- Monitoring and Control Systems
- Underwater Remotely-Operated Vehicle Systems
Global Precision Aquaculture Market, by Application
- Feed Optimization
- Monitoring and Surveillance
- Yield Analysis and Measurement
Global Precision Aquaculture Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.