InsightAce forecasts IoT for aquaculture to surpass $1200M
by Katie Pfaff
The global market for IoT of fisheries and aquaculture was predicted to reach a value of $1232.32 million by the year 2030, according to a report by market analysis firm, InsightAce Analytic Pvt. Ltd. The forecast comes after a 2021 valuation of $415.37 million. The market was forecast to grow at a CAGR of 13.2% between 2022 and 2030.
IoT devices are useful in monitoring aspects of aquaculture such as water conditions for fish, including pH level, temperature, ammonia level and dissolved oxygen level. Software and IoT advancements have made smart sensing and analytics possible thereby making aquaculture production greater at the same time that environmental factors are improved.
Growth across the market are expected as greater investment is made in IoT research and development and innovation, the number of farms participating in aquaculture increase, and the breadth of technologies increase.
As the number of aquaculture operations increase, so does demand for monitoring technologies, innovations in technologies and products, and proliferation of recirculation aquaculture systems.
At the same time, growth across the market may be slowed by the high cost and investment in technologies and monitoring required to manage IoT for aquaculture and fisheries.
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