(EMAILWIRE.COM, October 02, 2024 ) According to the latest research by InsightAce Analytic, the Global AI in Sustainable Fisheries and Aquaculture Market is valued at US$ 573.3 Bn in 2023, and it is expected to reach US$ 1,462.8 Bn by 2031, with a CAGR of 12.7% during the forecast period of 2024-2031.
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AI in sustainable fisheries and aquaculture refers to integrating AI tools and methodologies into industrial processes and systems to boost automation, instantaneous decision-making and inclusive operational effectiveness. Due to growing concerns over the rapid decline of seafood, the adoption of AI in sustainable fisheries and aquaculture is expected to increase in the coming years. Fast usage of deep learning, computer vision, machine learning, and natural processing language applications in various industries are among the other factors expected to boost the growth of global AI in sustainable fisheries and aquaculture market. Moreover, shifting consumer preference towards sustainable fisheries and aquaculture products, coupled with growing urbanization and high disposable income, are expected to create potential revenue opportunities for players operating in the global AI in sustainable fisheries and aquaculture market. High investments by major players and new advancements for developing various end-use products have created lucrative revenue opportunities for major manufacturers and suppliers of AI in sustainable fisheries and aquaculture. Favourable government initiatives to promote the use of AI in sustainable fisheries and aquaculture, owing to the rising adoption of AI and other environmental concerns, are expected to support the growth of the target market.
List of Prominent Players in the AI in Sustainable Fisheries and Aquaculture Market:
IBM Corporation
Intel Corporation
Microsoft Corporation
XpertSea Solutions Inc.
Aquabyte
Antai Technology
AquacultureTalent
ImpactVision
Aquaculture Analytics
Eruvaka Technologies
AquaByte AI
Deep Trekker Inc.
OptoScale AI
VAKI Aquaculture Systems Ltd.
Fishtek Marine
Scanmar AS
Bluegrove Ltd.
AKVA Group
BioSort AS
Kongsberg Gruppen
InnovaSea Systems, Inc.
Aquabyte AI
Osmo Systems
Umitron
Manolin
Others
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Market Dynamics:
Drivers:
The growing production of fishies to meet the food supply and cost efficiency are key factors expected to drive the growth of the target market. Increasing demand for AI in sustainable fisheries and aquaculture in producing seafood products is another factor expected to contribute significantly to the revenue share of global AI in sustainable fisheries and the aquaculture market. Additionally, the rising demand for AI in sustainable fisheries and aquaculture to increase the demand for sustainable and nutritious food sources and others is expected to augment the growth of the global AI in Sustainable Fisheries and Aquaculture market.
Challenges:
The prime challenge is the need for more awareness and regulatory challenges in developing countries, which are predicted to reduce the growth of AI in sustainable fisheries and aquaculture markets. However, the high cost of AI in sustainable fisheries and aquaculture and the rising demand for quality products are factors expected to hamper the overall growth of AI in Sustainable Fisheries and Aquaculture market over the coming years. Owing to the COVID-19 pandemic, the number of cases has been increasing, which led to a global or partial shutdown to maintain social distancing. According to a recent update, the industries are facing unprecedented economic losses due to disruptions in global supply chains for key players operating in the global AI in Sustainable Fisheries and Aquaculture market. Distributors, suppliers, and retailers have inventory but can’t sell, and manufacturers must stop production to deal with the shutdown.
Regional Trends:
The North America AI in Sustainable Fisheries and Aquaculture market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. Growing adoption of AI, rapid urbanization, and increasing industrialization, coupled with increasing R&D activities by prominent players, are factors expected to increase the growth of AI in Sustainable Fisheries and Aquaculture market in the region. Besides, Europe had a substantial share in the market due to its developed economy and growing adoption of advanced technologies such as computer vision systems, machine learning algorithms, and robotics. This is due to the adoption of new strategies by the major players in the AI in Sustainable Fisheries and Aquaculture market. Moreover, the presence of key market players and increasing collaboration among major players for market penetration in the region provides the opportunity for growth of the global AI in Sustainable Fisheries and Aquaculture market.
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Recent Developments:
In 2023, XpertSea revealed its XpertSense system, a sensor-based AI platform that supports shrimp farmers to observe and manage their farms.
Segmentation of AI in Sustainable Fisheries and Aquaculture Market
AI in Sustainable Fisheries and Aquaculture Market- By Species
Finfish
Shellfish
Crustaceans
AI in Sustainable Fisheries and Aquaculture Market- By Application
Aquaculture Monitoring and Control
Fish Health Monitoring and Disease Detection
Feed Management and Optimization
Water Quality Monitoring
Stock Management and Yield Prediction
AI in Sustainable Fisheries and Aquaculture Market- By Technology
Machine Learning Algorithms
Computer Vision Systems
Natural Language Processing
Robotics and Automation
Data Analytics and Predictive Modeling
AI in Sustainable Fisheries and Aquaculture Market- By End-User
Fish Farms and Hatcheries
Seafood Processing Companies
Research Institutions and Universities
Government Agencies and Regulatory Bodies
Technology Providers and AI Solution Developers)
AI in Sustainable Fisheries and Aquaculture Market- By Region
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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