Deep Water Aquaculture Cage Market Report 2024

This Deep Water Aquaculture Cage market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The deep water aquaculture cage market size has grown exponentially in recent years. It will grow from $1.92 billion in 2023 to $2.4 billion in 2024 at a compound annual growth rate (CAGR) of 25%. The growth during the historic period can be attributed to heightened demand for seafood, a growing emphasis on sustainable and responsible aquaculture practices, supportive regulations, advancements in fish health management, and increased research and development efforts.

The deep water aquaculture cage market size is expected to see exponential growth in the next few years. It will grow to $5.93 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The projected growth during the forecast period can be attributed to a rising global population, resilience to climate change, increasing consumer preferences, ongoing government and regulatory support, and continuous improvements in economic feasibility. Key trends expected during this period include technological advancements, the integration of IoT, enhanced cage durability, progress in materials science, and the incorporation of AI.

The rising demand for seafood is projected to drive the growth of deep-water aquaculture cages in the future. Seafood encompasses edible marine life such as fish, shellfish, and various sea creatures that humans consume. This increasing demand is fueled by consumers' growing preference for healthier, protein-rich diets, the rising global population, and the expansion of the aquaculture industry. Deep-water aquaculture cages facilitate sustainable, large-scale fish farming in open ocean environments, boosting production while minimizing environmental impact. For example, in June 2024, a report from the Food and Agriculture Organization, a specialized agency of the United Nations based in Italy, indicated that global per capita seafood consumption is expected to rise to 21.3 kg by 2032, up from an average of 20.7 kg in 2022. Therefore, the escalating demand for seafood is set to propel the deep-water aquaculture cage market's growth.

Key players in the deep-water aquaculture cage market are concentrating on technological innovations, such as wireless sensor systems, to enhance real-time monitoring of water conditions, thereby improving productivity and sustainability in deep-water fish farming. A wireless sensor system consists of a network of interconnected sensors that communicate data wirelessly, allowing for real-time monitoring and control of various environmental or operational factors. For instance, in February 2023, Water Linked AS, a Norway-based software firm, launched CageSense, a wireless sensor system aimed at environmental monitoring in fish farms. It provides essential data on parameters such as oxygen levels, temperature, turbidity, salinity, and mechanical conditions, ensuring regulatory compliance and enhancing fish welfare and productivity. This solution has been rigorously tested both above and below water, making it suitable for monitoring the impact of rough weather and strong currents on the subsea components of the cage.

In August 2024, Hampidjan hf., an Iceland-based manufacturer of ropes, nets, and fishing gear, acquired FiiZK Protection AS from FiiZK Group for an undisclosed sum. This acquisition aligns with Hampidjan's strategic goal of strengthening its presence in the aquaculture sector and addressing industry challenges, such as sea lice infestations, through innovative solutions. FiiZK Protection AS is a Norwegian company that specializes in protective technologies and solutions for the aquaculture and maritime industries, including closed and semi-closed cages.

Major companies operating in the deep water aquaculture cage market are China Lesso Group Holdings Limited, Kongsberg Gruppen ASA, Cermaq Group AS, Officine Maccaferri S.p.A., Serge Ferrari Group, AKVA Group ASA, Nireus Aquaculture S.A., Garware Technical Fibres Limited, Aqua-Spark B.V., Mørenot Group AS, Diopas S.A., Novaton GmbH, Aquatic Network Inc., SRR Aqua Suppliers LLP, Seafarming Systems AS, Sagar Aquaculture Pvt. Ltd., FishFarm Feeder Systems S.L., Selstad AS, Refa Med S.A., Ad.aq S.L., W & J Knox Ltd.

North America was the largest region in the deep water aquaculture cage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the deep water aquaculture cage marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

Deep-water aquaculture cages are specialized, large-scale enclosures designed for fish farming in deep marine environments. These cages are constructed to withstand harsh conditions, ensuring optimal growth and health for the fish while promoting sustainable aquaculture practices.

The primary types of deep-water aquaculture cages include rigid cages, flexible cages, and submersible cages. Rigid cages feature a fixed, inflexible framework that maintains a consistent shape and position in deep water environments. They are typically made from durable materials such as metal or reinforced plastic, which allow them to endure harsh conditions and provide stable housing for fish. These cages are available in various sizes, small (less than 100 cubic meters), medium (100-500 cubic meters), and large (greater than 500 cubic meters). The aquaculture species cultivated in these cages include finfish, shellfish, and aquatic plants, with applications in both commercial fishing and aquaculture.

The deep water aquaculture cage market research report is one of a series of new reports that provides deep water aquaculture cage market statistics, including deep water aquaculture cage industry global market size, regional shares, competitors with an deep water aquaculture cage market share, detailed deep water aquaculture cage market segments, market trends and opportunities, and any further data you may need to thrive in the deep water aquaculture cage industry. This deep water aquaculture cage 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 deep water aquaculture cage market consists of sales of netting systems, anchoring systems, monitoring equipment, cleaning, and maintenance tools. 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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