Smart Aquaculture Global Market Report 2024

Smart aquaculture utilizes advanced technologies such as sensors, automation, data analytics, and the Internet of Things (IoT) to enhance the efficiency, productivity, and sustainability of aquaculture operations. It optimizes resource use and improves productivity through automation, data analytics, and IoT technologies, thereby promoting sustainability in aquatic farming operations.

The main offerings in smart aquaculture include hardware, software, and services. Hardware encompasses physical devices and equipment used for monitoring, controlling, and enhancing aquaculture operations. Examples include smart feeding systems, monitoring and control systems, and others, which find applications in both marine-based and land-based aquaculture.

The smart aquaculture market research report is one of a series of new reports that provides smart aquaculture market statistics, including smart aquaculture industry global market size, regional shares, competitors with an smart aquaculture market share, detailed smart aquaculture market segments, market trends and opportunities, and any further data you may need to thrive in the smart aquaculture industry. This smart aquaculture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart aquaculture market size has grown strongly in recent years. It will grow from $3.84 billion in 2023 to $4.16 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing demands for environmental sustainability, regulatory compliance, competitive market pressures, shifting consumer preferences, and a focus on environmental responsibility.

The smart aquaculture market size is expected to see strong growth in the next few years. It will grow to $5.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to the increased adoption of IoT solutions, advancements in AI and machine learning applications, integration of blockchain for supply chain transparency, adaptation to climate change challenges, and growing investment and funding in smart aquaculture technologies. Major trends in the forecast period include urban aquaculture, shrimp farming innovations, wastewater management solutions, data-driven fish breeding techniques, adoption of recirculating aquaculture systems (RAS), and exploration of alternatives to sea-sourced food.

The anticipated rise in seafood consumption is set to drive the growth of the smart aquaculture market in the future. Seafood, encompassing various forms of sea life consumed as food, typically includes fish and shellfish. This trend is fueled by increasing awareness of the health benefits associated with omega-3 fatty acids and cultural preferences for seafood dishes. Smart aquaculture enhances seafood production through technology-driven improvements in resource management and environmental sustainability. For example, a report published in July 2023 by the Organization for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) projects a global per capita consumption of food fish to rise to 21.2 kg by 2032, up from an average of 20.4 kg during 2020-2022. Thus, the growing demand for seafood is expected to propel the smart aquaculture market.

Leading companies in the smart aquaculture sector are pursuing strategic partnerships to leverage complementary strengths and accelerate innovation in sustainable aquaculture technologies. Such partnerships involve collaborative efforts between organizations to combine resources, expertise, and efforts towards common goals. For instance, in October 2022, AquaEasy, a Singapore-based IT services and consulting firm, partnered with Grobest Group (CHPT), a Hong Kong-based food production company, to introduce AI into Vietnam’s shrimp industry. This collaboration aims to enhance the efficiency and sustainability of shrimp farming practices through Artificial Intelligence (AI) and Internet of Things (IoT) technologies. AquaEasy’s AI solutions provide real-time insights and recommendations on water quality management, feeding optimization, and harvest prediction, enabling shrimp farmers to boost productivity and profitability while minimizing risks and costs.

In August 2022, Nutreco N.V., a Netherlands-based provider of animal nutrition and aquaculture solutions, acquired Eruvaka Technologies to integrate advanced aquaculture monitoring and automation solutions. This acquisition aims to enhance operational efficiency and expand Nutreco’s global footprint in the smart aquaculture sector. Eruvaka Technologies, based in India, specializes in developing tech solutions for aquaculture ponds, including underwater acoustic-based feeding systems.

Major companies operating in the smart aquaculture market are AKVA Group AS, Steinsvik AS, Innovasea Systems Inc, In-Situ Inc, Imenco AS, Exosite, Bluegrove, Aquabyte Inc, OptoScale, Observe Technologies, Eruvaka Technologies Pvt Ltd, Adroit Inc., SENECT GmbH, Singapore Aquaculture Technologies, CPI Equipment Inc, AQ1 Systems Pty Ltd, MonitorFish GmbH, XpertSea Solutions Inc, CageEye AS, Pelagic Data Systems, AquaMaof Aquaculture Technologies Ltd, Maritech, VAKI Aquaculture Systems Ltd, AquaManager.

North America was the largest region in the smart aquaculture market in 2023. The regions covered in the smart aquaculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the smart aquaculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The smart aquaculture market consists of revenues earned by entities by providing services such as technical consulting, system maintenance, sustainability consulting, and data analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart aquaculture market also includes sales of aquaculture monitoring and control systems, aquatic species identification and health monitoring devices, smart aquaculture pens and cages, water treatment and filtration systems tailored for aquaculture. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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