The IoT for Fisheries and Aquaculture Market is valued at 320.42 Million in 2023 and is predicted to reach 870.02 Million by the year 2031 at a 13.4% CAGR during the forecast period for 2024-2031.
Aquaculture has seen several technical revolutions in recent years. The Internet of Things (IoT) is such a revolution enabling significant technical advancements in fish farming. In IoT for Fisheries and Aquaculture, control engineering principles are used to improve fish production. IoT for Fisheries and Aquaculture also enhance the farmer's ability to monitor, manage and analyze the biological processes in the fish farms. IoT for Fisheries and Aquaculture is a knowledge-based production system for fish farmers. For effective aquaculture operations and more environmentally friendly, businesses are utilizing or developing technologies that collect data from smart sensors and satellites that can be processed using various cloud-based analytical software tools, including artificial intelligence. Several parameters, including environmental factors, production factors like water quality, and biotic factors, can be continuously monitored with the help of an IoT platform to avoid yield losses and boost efficiency.
The growth of the IoT for Fisheries and Aquaculture market can be driven by the factors such as the increasing number of aquaculture farms, rising investments in R&D, and comprehensive innovation of products. Moreover, the fast adoption of advanced technologies, high demand for protein-rich aqua food, and increasing government support for infrastructure development in aquaculture is further expected to show significant opportunities during the forecast period. In 2020, Innovasea Systems debuted the V3 acoustic telemetry transmitters, the smallest in the company's industry-leading lineup of fish tracking tags. It enables researchers and scientists to study smaller and larger fish species at different stages of their lifecycle. The growing installation of aquaculture equipment in fish farms around the world, the increasing prevalence of recirculation aquaculture system (RAS)-based aquaculture farming and the rapid adoption of underwater ROVs in developing nations are the major factors driving the market growth.
However, complex system procedures, high cost for aquaculture farms monitoring, the requirement of huge capital expenditure, lack of skilled operators, and poor knowledge of advanced technologies among the farmers may hinder the growth of the IoT for the Fisheries and Aquaculture market.
Market Segmentation
The IoT for Fisheries and Aquaculture market is segmented into Applications, System type and Farm Type. In the case of applications, the market can be divided into Feed Optimization, Monitoring and Surveillance, Yield Analysis and Measurement, and Other Applications. System Type is segmented into Smart Feeding Systems, Precision-fishing techniques, Smart Buoy technology, Metocean Data Collection, Monitoring and Control Systems, Underwater ROV Systems, and Other System Type. According to Farm Type, the market is sub-segmented into Open Aquaculture Farms and RAS Farms.
Due to the rapid adoption of cutting-edge technologies and the expanding aquaculture industry, the Asia-Pacific market is estimated to dominate during the forecast period. Japan, China, India, Indonesia, and China are the major countries in this region.
Competitive Landscape
Some major key players in the IoT for Fisheries and Aquaculture Market:
- KVA 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)
- Sensorex (Norway)
- Marine Instruments
- BlueTraker
- NEC Global
- Libelium
- KDDI Corporation
- HydroNeo
- eFishery
- Scatri
- ORBCOMM
- Blue Ocean Gear
- GO Smart
- Satlink
- DHI Group
- BOC MetOcean
- Other Prominent Players
The IoT for Fisheries and Aquaculture Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 320.42 Million |
|
Revenue Forecast In 2031 |
USD 870.02 Million |
|
Growth Rate CAGR |
CAGR of 13.4% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Application, By System Type, By Farm Type |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
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), Sensorex (Norway), Marine Instruments, BlueTraker, NEC Global, Libelium, KDDI Corporation, HydroNeo, eFishery, Scatri, ORBCOMM, Blue Ocean Gear, GO Smart, Satlink, DHI Group, BOC MetOcean and Other Prominent Players |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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