Global Aquaculture Equipment Market Overview, 2024-29

Global Aquaculture Equipment Market Overview, 2024-29

The global aquaculture industry, a vital component of the world's food production system, stands at the forefront of meeting the growing demand for seafood while addressing the challenges of overfishing and declining wild fish stocks. Aquaculture, often referred to as fish farming, encompasses a diverse range of aquatic species cultivated in various environments, including freshwater, marine, and brackish water systems. With aquaculture production surpassing wild-caught fisheries in recent years, the industry has emerged as a critical source of protein, essential nutrients, and economic opportunities for millions of people worldwide. From traditional pond-based farming to advanced recirculating aquaculture systems (RAS) and offshore aquaculture operations, the sector continues to evolve and innovate to meet the evolving needs of a growing global population. With an increasing focus on sustainability, environmental stewardship, and technological advancements, the global aquaculture industry plays a pivotal role in promoting food security, supporting rural livelihoods, conserving natural resources, and driving economic development in both developed and developing regions. As the world faces pressing challenges such as climate change, water scarcity, and food insecurity, the aquaculture industry is poised to play an even greater role in shaping the future of global food production and ensuring the availability of nutritious and sustainable seafood for generations to come.

According to the research report, “Global Aquaculture Equipment Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 210 Billion by 2029, increasing from USD 150.66 Billion in 2023. The market is expected to grow with 6% CAGR by 2024-29. Seafood is becoming more and more in demand as the world's population rises and nutritional habits change for the better. This need may be met sustainably and effectively through aquaculture, which increases the requirement for equipment to enable higher output. Many governments worldwide are promoting aquaculture as a means of enhancing food security, reducing reliance on wild-caught fisheries, and stimulating economic growth in rural areas. Government subsidies, incentives, and supportive policies drive investment in aquaculture equipment. Furthermore, with increasing awareness of environmental issues and sustainability concerns, there is a growing demand for aquaculture equipment that promotes resource efficiency, minimises environmental impact, and ensures the health and welfare of aquatic species. Equipment designed to optimise water use, manage waste, and mitigate pollution is in high demand. The expansion of aquaculture operations into new regions, including offshore and land-based facilities, drives demand for specialised equipment tailored to diverse environmental conditions and production systems. As aquaculture production scales up and diversifies the need for versatile and adaptable equipment increases. Aquaculture represents a significant economic opportunity for many countries, particularly in regions with favourable geographic conditions and growing consumer demand for seafood. The potential for job creation, income generation, and export opportunities stimulates investment in aquaculture equipment. China is the largest producer of aquaculture, producing about 64,000 tonnes.

Market Drivers
• Economic Growth: Aquaculture represents a significant economic opportunity for many countries, particularly in regions with favorable geographic conditions and growing consumer demand for seafood. The potential for job creation, income generation, and export opportunities stimulates investment in aquaculture equipment.
• Food Security and Resilience: Aquaculture contributes to global food security by providing a reliable source of protein and essential nutrients, particularly in regions vulnerable to food insecurity and climate change. Governments and international organizations recognize the role of aquaculture in enhancing resilience to food crises, driving investment in equipment and infrastructure.

Market Challenges
• High Initial Investment: The cost of setting up aquaculture operations, including purchasing equipment, can be prohibitively high for small-scale farmers and new entrants. High initial investment requirements pose a barrier to entry and limit market participation, particularly in developing countries.
• Market Volatility: Aquaculture markets are subject to price volatility, seasonal fluctuations, and market uncertainties, which can affect the profitability and viability of aquaculture operations. Fluctuations in input costs, such as feed and energy prices, also impact the economics of aquaculture production and equipment investment decisions.

Market Opportunity
• Expansion of Aquaculture Operations: The expansion of aquaculture operations into new regions, including offshore and land-based facilities, is driving demand for specialised equipment tailored to diverse environmental conditions and production systems. As aquaculture production scales up and diversifies, the need for versatile and adaptable equipment increases.
• Market Opportunities and Economic Growth: Aquaculture represents a significant economic opportunity for many countries, particularly in regions with favourable geographic conditions and growing consumer demand for seafood. The potential for job creation, income generation, and export opportunities stimulates investment in aquaculture equipment.

Based on the product types, they are bifurcated into the following: water purification equipment, aeration devices, water circulation and aeration equipment, fish feeders, fish handling equipment, water temperature control devices, water quality testing instruments, and others.

Fish feeders significantly contribute to the market. Fish feeders provide accurate, automated feeding systems that make sure fish eat the proper amount of food at the right time. Aquaculture operations benefit from increased production and profitability as a result of enhanced feed utilisation efficiency, reduced waste, and the promotion of optimal growth rates. Automated fish feeders reduce the need for manual feeding, saving labour costs and allowing aquaculture operators to allocate their workforce to other tasks. This is particularly beneficial for large-scale operations where manual feeding may be time-consuming and labor-intensive. Fish feeders dispense feed directly into the water, minimizing feed wastage caused by factors such as overfeeding, feed scattering, and feed sinking to the bottom of the pond or tank. This not only reduces feed costs but also helps maintain water quality by preventing excess nutrients from accumulating in the aquatic environment. Additionally Fish feeders are designed to distribute feed evenly across the water surface or throughout the water column, ensuring that all fish have access to feed and reducing competition for food. This promotes uniform growth and minimises the risk of aggressive behaviour or cannibalism among fish populations.

In terms of end users, they are segmented into fish hatcheries, growout farms, and others; furthermore, the distribution channels are segmented into direct and indirect.

Grow Out Farm is growing as the end user of the aquaculture equipment market. Aquaculture output has significantly increased in response to the growing global need for seafood in order to fulfil consumer demands. In this production chain, grow-out farms are essential since it's their job to raise fish and other aquatic animals to commercial size. There is a growing trend towards intensive aquaculture farming methods, such as pond culture, cage culture, and recirculating aquaculture systems (RAS), which require specialised equipment to optimise production efficiency and ensure the health and welfare of farmed species. In addition, grow-out farms are progressively using cutting-edge aquaculture technologies and apparatus to boost environmental sustainability, lower operating expenses, and increase output results. This covers the application of automated feeding systems, instruments for managing diseases, aeration systems, and water quality monitoring equipment. Furthermore, the indirect sales channel is a growing market. Aquaculture equipment distributors and resellers are common indirect channel participants. These intermediaries are crucial partners for manufacturers looking to efficiently contact target consumers since they have extensive knowledge and experience about the sector and its unique equipment requirements. Furthermore, indirect channels enable aquaculture equipment manufacturers to expand their market reach beyond their immediate geographical location or target customer base. Distributors and resellers often have established networks and relationships with a wide range of customers, including grow-out farms, hatcheries, processing facilities, and aquaculture research institutions, allowing manufacturers to access new markets and customer segments.

Based on the report, the five regions covered in the report include North America, Europe, Asia Pacific, South America, the Middle East, and Africa.

Europe significantly contributes to the market. Europe has a well-developed aquaculture industry with a long history of fish farming and aquaculture research. Countries such as Norway, Scotland, Greece, Spain, and Denmark are major producers of farmed fish and seafood products. This established industry creates a robust demand for aquaculture equipment, including systems for fish farming, hatcheries, processing facilities, and research institutions. European governments provide supportive policies and regulations to promote sustainable aquaculture practices and ensure food safety and environmental protection. These regulations drive the adoption of advanced aquaculture equipment that meets strict quality, environmental, and safety standards. Additionally, financial incentives and grants are often available to encourage investments in modern equipment and technologies. Europe is a hub for technological innovation in aquaculture equipment. The region is home to leading manufacturers, research institutions, and technology providers specialising in advanced equipment solutions for fish farming, water quality management, feeding systems, monitoring and control, and disease prevention. This culture of innovation drives the development and adoption of cutting-edge equipment in the European aquaculture industry. Europe's diverse geography and climatic conditions support a wide range of aquaculture activities, including freshwater, marine, and land-based farming operations. This diversity creates opportunities for equipment manufacturers to offer specialised solutions tailored to the specific needs of different aquaculture sectors and production environments.

Collaborations between aquaculture equipment manufacturers and technology companies to integrate data analytics, IoT, and automation into aquaculture systems for enhanced efficiency and sustainability are boosting the growth of the market. The partnerships between equipment providers and research institutions are resulting in implementing new technologies, addressing challenges in disease management, water quality, and resource optimization. Companies are increasingly emphasizing sustainability in aquaculture practices, driving the development of eco-friendly equipment and systems. Continued investments in research and development lead to the introduction of technologically advanced equipment, including AI-driven monitoring, sensor-based feeding systems, and advanced water treatment solutions. Companies are exploring opportunities in emerging aquaculture markets, particularly in Asia-Pacific, South America, and Africa, where the industry is experiencing substantial growth.
• In August 2023, AKVA Group acquired a majority of 51 stakes in Submerged, an aquaculture technology firm that has designed a lice-counting and biomass measurement system and with an agreement to acquire up to 100% of the company by 2028.
• In August 2022, SKAGINN 3X signed a contract with BlueWild, Norway, to supply a full fish processing factory onboard the company's innovative new trawler. The trawler is designed to deliver sustainability, quality, and efficiency on all levels. This is a milestone agreement for the organization.
• In April 2022, Cflow AS participated in the Nor-Shipping from the 4th to the 7th of April. Nor-Shipping is at the center of the oceans. This is where the maritime and ocean industries meet every two years – a natural hub for key decision-makers from across the world to connect, collaborate and do deals to unlock new business opportunities.
• Norway, signed a deal for the provision of a complete fish processing facility on the company's innovative trawler. The trawler provides efficiency, quality, and sustainability on all fronts. Similarly, in April 2022, Cflow AS took part in the Nor-Shipping in April 2022 from the fourth to the seventh. The centre of the oceans is Nor-Shipping. Every two years, the top maritime and ocean industries gather in Nor-Shipping to network, collaborate, and strike deals to open up new business prospects.
• In April 2022, SKAGINN 3X made a contract with BlueWild, Norway to supply a full fish processing innovative new trawler, this trawler is designed to deliver sustainability, quality, and efficiency on all levels.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Diamond market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

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The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

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This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Diamond industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.***Please Note: It will take 48 hours (2 Business days) for delivery of the report upon order confirmation.