Aquaculture Equipment Market to Reach $37.1 Billion, Globally, by 2033 at 7.2% CAGR: Allied Market Research
The global aquaculture equipment market is experiencing growth due to several factors such as rise inglobal demand for seafood and technological advancements in aquacultures.
/EIN News/ -- Wilmington, Delaware, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Aquaculture Equipment Market by Type (Water Purification Equipment, Aeration Devices, Water Circulation and Aeration Equipment, Automatic Fish Feeder, Fishing Equipment, Containment Equipment, Water Quality Testing Instrument, and Others), End User (Fish Hatcheries, Grow Out Farms, and Others), and Distribution Channel (Direct and Indirect): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the aquaculture equipment market was valued at $18.7 billion in 2023, and is estimated to reach $37.1 billion by 2033, growing at a CAGR of 7.2% from 2024 to 2033.
Prime determinants of growth
The growth of the aquaculture equipment market is driven by rising global seafood demand, which necessitates advanced technologies for efficient production. Technological advancements, such as automated feeding systems and real-time water quality sensors, are enhancing operational efficiency and sustainability. The increasing focus on sustainability and environmental impact further propels the demand for equipment that optimizes resource use. Additionally, the expansion of aquaculture operations in emerging markets, government support, and investment in research and development all contribute to market growth. Precision aquaculture practices and the need for effective disease management also drive the adoption of innovative equipment solutions.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2022 | $18.7 billion |
| Market Size in 2032 | $37.1 billion |
| CAGR | 7.2% |
| No. of Pages in Report | 315 |
| Segments Covered | Type, End User, Distribution Channel, and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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Segment Highlights
By type, the water purification equipment stands was the largest segment in the aquaculture equipment market in 2023, due to its critical role in maintaining high water quality standards. This equipment is essential for removing contaminants, such as organic matter, pathogens, and chemical residues, which are vital for the health and growth of aquatic species. As aquaculture operations expand and intensify, the demand for effective water purification solutions grows. Clean and well-maintained water is crucial for preventing disease outbreaks, optimizing feed conversion, and ensuring the overall productivity of aquaculture systems. Therefore, the indispensable nature of water purification in safeguarding aquatic environments contributes to its dominance in the market.
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In 2023, by end user, the grow-out farms accounted for the largest end-user segment due to their scale and the complexity of operations involved. These farms are responsible for raising fish from juvenile stages to market size, which requires sophisticated and efficient equipment to handle large volumes of aquatic species. The growth in this segment is driven by increasing global demand for seafood, necessitating expanded production capacities. Grow-out farms invest heavily in technology to improve feed efficiency, monitor water quality, and enhance overall farm management. This focus on optimization and increased production capacity highlights the prominence of grow-out farms as the primary end users of aquaculture equipment.
By distribution channel, direct distribution emerges as the largest segment due to its advantages in providing tailored solutions and personalized service. In the aquaculture equipment market, direct distribution allows manufacturers to engage closely with end-users, offering specialized products and technical support that meet specific operational needs. This channel facilitates better communication, quicker response times, and more effective resolution of technical issues. Direct relationships between manufacturers and aquaculture operators also enable more efficient equipment installation, maintenance, and training. The emphasis on high-value, complex equipment in the aquaculture sector makes direct distribution a preferred channel, as it ensures that customers receive the most appropriate and effective solutions for their operations.
Regional Outlook
The Asia-Pacific region is the largest market for aquaculture equipment, reflecting its dominant role in aquaculture production. This region includes major aquaculture producers such as China, India, and Vietnam, where the industry is characterized by both extensive and intensive farming practices. The high level of seafood consumption and the drive for sustainable and efficient production methods fuel significant demand for advanced aquaculture technologies. The Asia-Pacific region's substantial investments in aquaculture infrastructure and technology, coupled with its large-scale production capacities, support its leading position in the market. Additionally, ongoing technological advancements and government support further enhance the region's role as the largest segment in the aquaculture equipment market.
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Players: -
- Aquaculture Equipment Lt.
- Aquaculture Systems Technologies, LLC
- Norfab Equipment Ltd.
- Sino Aqua Corporation
- Baader Group
- Faivre ETS
- Pioneer Group
- PRAqua
- Xylem
- CPI Equipment CA
The report provides a detailed analysis of these key players in the global aquaculture equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development
On February 7, 2024 - Saudi Arabia strengthened its aquaculture industry with new partnership agreements. NEOM, in collaboration with Tabuk Fisheries Company, announced the establishment of Topian Aquaculture, aiming to produce 600,000 tons of fish products annually by 2030. This initiative is part of Saudi Arabia’s Vision 2030 to diversify its economy and enhance food security.
On January 2, 2024 - Solvay and Aqua Pharma strengthened their collaboration in a joint venture to serve aquaculture customers. This partnership focuses on sustainable solutions for sea lice control and Amoebic Gill Disease (AGD) in the salmon industry. The joint venture aims to leverage Solvay’s chemical expertise and Aqua Pharma’s aquaculture experience to develop innovative treatments.
On March 15, 2023 - Iris Energy LLC, USA, entered a global strategic collaboration agreement with Clewer Aquaculture Oy, Finland, to build land-based fish farms using Recirculating Aquaculture System (RAS) technology. This collaboration aims to enhance sustainable fish farming practices and reduce environmental impact by recycling water and minimizing waste.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." Allied Market Research has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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