Rising Integration of Advanced Technologies such as AI, IoT, and Data Analytics in Aquaculture Arena is expected to drive the Growth for the Global Smart Aquaculture Market

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.

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Data Bridge Market Research analyzes that the Global Smart Aquaculture Market is expected to reach USD 34,906,078,874.79 by 2030 from USD 24,447,198,800.54 in 2022, growing with a substantial CAGR of 4.8% in the forecast period of 2023 to 2030.

Key Findings of the Study

Favorable Outlook of the Government towards the Aquaculture Industry Drives the Market Growth

The need to address future food demands becomes increasingly pressing as the global population continues to soar towards an estimated 9 billion by 2050. Aquaculture, the practice of farming fisheries products, is emerging as a vital solution to this food dilemma. Governments worldwide recognize aquaculture's potential to meet these food requirements and actively promote its development through improved planning and policy development. National aquaculture development laws, policies, strategies, and plans have been defined in several countries, creating a favorable environment for the aquaculture industry growth. Aquaculture's popularity is rising, primarily due to its various benefits. It contributes to increased food production and is crucial in conserving endangered species. In addition, it serves as an alternative source of protein-rich food, addressing health concerns such as high cholesterol levels. The sector's potential extends beyond food production. Algae, for instance, have gained prominence as a substitute for fossil fuels and a cleaner, more sustainable energy source. This diversification could potentially reshape the energy sector and boost economies centered on its production.

Report Scope and Market Segmentation

Segment Analysis

The global smart aquaculture market is segmented into four notable segments based on type, offering, farm type, and application.

• 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 equipment’s, and others

In 2023, the smart feeding systems segment is expected to dominate the market.

In 2023, the smart feeding systems segment is expected to dominate the market with a market share of 25.53% due to its ability to optimize fish nutrition, reduce waste, and enhance farm productivity.

• On the basis of offering, the market is segmented into hardware, software, and services

In 2023, the hardware segment is expected to dominate the market.

In 2023, the hardware segment is expected to dominate the market with a market share of 47.76% as it provides the essential infrastructure for monitoring and optimizing water quality, feeding, and overall fish farm operations.

• On the basis of farm type, the market is segmented into RAS farms and open aquaculture farms. In 2023, the RAS farms segment is expected to dominate the market with a market share of 65.81%
• On the basis of application, the market is segmented into land-based aquaculture and marine-based aquaculture. In 2023, the land-based aquaculture segment is expected to dominate the market with a market share of 70.40%

Major Players

Data Bridge Market Research analyzes Innovasea Systems Inc. (U.S.), Bluegrove (Norway), ScaleAQ (Norway), In-Situ Inc. (U.S), and Deep Trekker Inc. (A subsidiary of Halma plc) (Canada) as the major players of the global smart aquaculture market.

Market Developments

• In September 2023, AKVA group partnered with Laxey (formerly I.L.F.S) to install a cutting-edge RAS in Vestmannaeyjar, Iceland. This RAS facility will provide a consistent supply of smolt for Laxey's ambitious expansion plans, which include a grow-out facility set to start production in 2024. By 2031, Laxey aims to produce an impressive 27,000 metric tons of farmed Atlantic Salmon, revolutionizing Iceland's salmon farming industry
• In June 2023, Innovasea Systems Inc. unveiled its groundbreaking NexTrak acoustic telemetry system, marking a significant stride in aquatic animal tracking technology. This innovative system employs digital technology and advanced coding methods to extend the receiver range by nearly 40%, surpassing existing systems. NexTrak promises superior data quality, fewer tag collisions, and signal strength data to depict fish proximity to receivers accurately
• In May 2023, Innovasea Systems Inc. acquired UK-based Aquanetix, an aquaculture software company, and established a new office in Corinth, Greece. Aquanetix's cloud-based aquaculture management software, now part of Innovasea's portfolio, enhances its precision aquaculture platform. This acquisition allows customers to make data-driven decisions, improving operations and sustainability
• In April 2022, Deep Trekker Inc. joined forces with Halma PLC., a global group of life-saving technology companies. This strategic acquisition aligns with Halma's commitment to creating a safer, cleaner, healthier future for all. As part of Halma's Environmental & Analysis sector, Deep Trekker will continue to operate independently while benefiting from Halma's global network and opportunities for growth in industries driven by environmental regulations and climate change initiatives. This partnership marks an exciting step in ensuring cleaner environments and safer underwater inspections
• In January 2022, Bluegrove successfully raised NOK 120 million (approx. USD 13.74 million) in the first close of their Series B funding round. The round was primarily supported by Aqua-Spark, a Dutch aquaculture investment fund, and Breed Reply, an investor specializing in Internet of Things technologies. The company focuses on applying machine learning to enhance feeding practices in fish farming, promoting sustainability, improved economics, and the overall well-being of fish

Regional Analysis

Geographically, the countries covered in the market report 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.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in the global smart aquaculture market.

In 2023, Asia-Pacific is expected to dominate the market due to the growing demand of aquatic food in the region.

Asia-Pacific is estimated to be the fastest-growing region in the global smart aquaculture market.

Asia-Pacific is expected to grow during the forecast period 2023 to 2030 due to the rising spending on cutting-edge solutions such as smart nets for fish tracking and underwater drones for monitoring in the region. In addition, various technological advancements in production technologies and production facility expansion in the region.

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