In terms of revenue, the global precision aquaculture market was valued at US$ 422.43 million in 2020 and is projected to reach US$ 1,209.96 million by 2028; it is expected to grow at a CAGR of 14.5% during the forecast period from 2021 to 2028. The advancements in technologies are facilitating the transformation of traditional farming into automated aquaculture. Automated systems allow companies to minimize the labor costs and enhance productivity in farming. The rising government investments in technology-related research and infrastructure development is accelerating global market growth. The Internet of Things (IoT), Big Data, artificial intelligence (AI), cloud computing, and other smart technologies are supporting intelligent aquaculture. Advancements in smart feeding technologies and farming practices to enhance feed utilization efficiency are crucial for the sustainability of aquaculture. Thus, companies across the world are highly inclined toward designing smart feeding systems that detect the appetite of the fish to avoid underfeeding or overfeeding. However, lack of skilled workers and technology infrastructure, and high maintenance requirements of the equipment hinder the market growth.

The precision aquaculture market is segmented on the basis of component, system, and geography. Based on component, the precision aquaculture market is segmented into hardware, software, and services. Further, the hardware segment is sub-segmented into monitoring and controlling devices, and camera systems. In terms of system, the market is segmented into smart feeding systems, monitoring and control systems, and underwater ROV systems. In terms of geography, the precision aquaculture market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).

According to the latest situation report from the World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Spain, and Italy are among the worst affected countries due to the COVID-19 outbreak. The outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the world. As of 24th March 2021, 123,902,242 confirmed COVID-19 cases registered globally, with 2,727,837 total deaths, and the number is growing at varying rates in different countries. The COVID-19 crisis affects the industries worldwide, and the global economy adversely affected in 2020 and likely in 2021. The pandemic has disturbed precision aquaculture businesses and suppliers around the globe. Market players experienced disruptions to their operations, and it's likely to have consequences till mid-2021. The factory shutdowns, travel bans, trade bans, and border lockdowns have adversely affected the precision aquaculture industry.

Overall size of the precision aquaculture market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the precision aquaculture market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts, and key opinion leaders, specializing in the precision aquaculture market. AKVA group ASA; Chetu, Inc.; Deep Trekker Inc.; Innovasea Systems Inc.; Scale Aquaculture AS; PentairAES; Xylem Inc.; Eruvaka Technologies Private Limited; Aquabyte; and Imenco AS are among the players profiled during this market study.