The global precision aquaculture market is estimated to grow from USD 407 million in 2021 to USD 794 million by 2026; growing at a CAGR of 14.3%. Precision aquaculture technology has the potential to transform the aquaculture industry, making traditional aquaculture activities more efficient and economical. The growth of the precision aquaculture market is driven by factors such as growing investments in technological research and product innovation, the surging adoption of advanced technologies such as IoT, ROVs, and AI for the real-time monitoring of aquaculture farms, the rising demand for protein-rich aqua food, and increasing support by worldwide governments for infrastructure development in aquaculture
Key players in the precision aquaculture market are AKVA group (Norway), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), Deep Trekker (Canada), Aquabyte (US), Eruvaka Technologies (India), Akuakare (Turkey), CPI Equipment (Canada), Lifegard Aquatics (US), Bluegrove (Norway), Imenco AS (Norway), In-Situ (US), Signify (Netherlands), Jala Tech (Indonesia), Planet Lighting (Australia), Maritech Systems (Norway), OxyGaurd (Denmark), Aquaconnect (India), AquaMaof (Israel), MonitorFish (Germany), Observe Technologies (UK), Omso Systems (US), Optimar AS (Norway), and Sensorex (Norway).
AKVA group is one of the leading players in the precision aquaculture market. AKVA group is known for its fit-for-purpose solutions for the global aquaculture industry. Mergers and acquisitions, collaborations, and product launches have been the major strategies adopted by the company to increase its share in the precision aquaculture market. For instance, in 2018, the company acquired Egersund Net AS to gain a leading position in the precision aquaculture market and broaden its product portfolio and service offerings. AKVA group has recently strengthened its position for aquaculture technology products in the Americas with a strong market share in Canada and Chile by increasing its distribution and sales network in these regions. The company also plans to strengthen its position in Asia Pacific in the coming years through partnerships and alliances. It is also planning to develop a next-generation Polar Circle Cage Solution and fully electric boat for the aquaculture industry. The company should consider focusing on ensuring its growth in the precision aquaculture market by investing in underwater remotely-operated vehicles (ROVs) and advanced automation equipment for the aquaculture industry.
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InnovaSea is the global leader in developing and implementing leading-edge, sustainable, innovative, and fully-integrated commercial open-ocean fish farming systems. The company has dedicated resources that develop and commercialize innovative, fully integrated, and sustainable fish farming solutions for open-ocean aquaculture. It is well-known for its acoustic telemetry equipment used by researchers worldwide. InnovaSea uses acquisition as a major growth strategy to expand its business operations across the world. Innovasea Systems has acquired Amirix Systems whose subsidiaries, namely, Vemco and HTI-Vemco are the leaders in fish tracking and monitoring solutions for aquaculture researchers worldwide. This acquisition enabled InnovSea to integrate Amirix’s sensors, architecture, and established products into its aquaculture instrumentation to provide a complete integrated solution designed for monitoring aquaculture farms. The company should consider focusing on ensuring its growth in the precision aquaculture market.
Steinsvik (ScaleAQ) is a world-leading technology supplier to the global aquaculture industry. The company is a market leader in camera systems for the aquaculture industry since 1985. It has a strong presence in Western European countries, such as Norway, Ireland, and Scotland. The company could consider exploring new opportunities in developing countries in South America and Asia Pacific through partnerships and alliances with local distributors. It can also focus on penetrating its HD and 4K camera systems in new markets in the coming years.
Deep Trekker provides innovative remotely-operated vehicles for monitoring aquaculture feeding in real time. The DTG3 ROV product of the company offers high-end performance, reaching depths of 305 meters (1,000 ft.) and 12-hour battery life. The company has a strong product portfolio to fulfill the demands of the customers from the aquaculture industry. Underwater ROVs provided by the company are equipped with a 4K UHD camera, which can record footage and capture images in high definition. Deep Trekker has also developed the most intelligent technology platform called BRIDGE for efficient communication and enhanced functioning of underwater ROVs. The use of advanced algorithms in the BRIDGE platform ensures a seamless response between a controller and a vehicle from anywhere in the world. The company has a significant presence in countries such as Canada and Norway. Deep Trekker recently expanded its operations in South America through a new office in Chile.
Eruvaka Technology develops connected devices and mobile-based decision tools to ensure affordable monitoring and automation of aquaculture farms. The company’s IoT-based products allow farmers to actively monitor pond parameters and remotely control automated equipment, which reduces farming risk while increasing feed efficiency and shrimp growth. The company has a strong presence in South Asia. Recently, Eruvaka raised a Series B round of funding led by Nutreco to expand its footprint outside India. The company could consider focusing on expanding its business operations in Southeast Asia, North America, Latin America, and Europe.
Major players in the precision aquaculture market are mainly focusing on acquisitions and partnerships along-with new product launches to achieve continuous and sustainable development.
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