Precision Aquaculture - Introduction
Precision technology is an advancement witnessed in the aquaculture industry, which has modified traditional aquaculture activities and enhanced efficiency and productivity of the aquaculture industry
Expansion of precision aquaculture market is due to the support provided by governments worldwide for infrastructure development of the aquaculture sector
Increased use of hardware components such as, sensors, monitoring and control devices, feeding systems, and underwater remotely-operated vehicles are expected to boost the adoption of automated aquaculture farming to improve the productivity of aquaculture farms in various regions
The number of technology-oriented emerging startups operating in the precision aquaculture market has increased, which helps in early detection of aquatic diseases using various monitoring devices
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Increase in adoption of advanced technologies such as, IoT, ROVs, and AI for real-time monitoring of aquaculture farms helps boost aquaculture production in the forthcoming years.
Rise in demand for protein-rich aqua food in various countries is a key factor expected to drive the demand for precision aquaculture market.
Rise in investment in technological research and new product innovation in the aquaculture industry is estimated to further propel the demand for precision aquaculture during the forecast period
Lack of skilled operators for effective management of complex aquaculture systems is projected to hinder the precision aquaculture market
High operational cost of vessels and unpredicted environmental degradation in seawater further hamper the precision aquaculture market during the forecast period.
Rising number of aquaculture farms all over the world is estimated to create significant opportunities for the precision aquaculture market
Impact of COVID-19 on Global Precision Aquaculture Market
Most countries across the globe are facing lockdowns due to the COVID-19 pandemic, which has resulted in economic slowdown. This situation had a severe impact on the supply chain management of precision aquaculture manufacturers companies that were adopting the work-from-home model temporarily during the pandemic.
COVID-19 has negatively impacted the business of aquaculture suppliers, distributers and customers, which led to failure of export shipments and reduced demand for aquaculture vendors during the lockdown