The Global Aquaculture Buoy market is forecast to grow at a CAGR of 5.5%, reaching USD 0.34 billion in 2031 from USD 0.26 billion in 2026.
Aquaculture is a form of farming that is focused on the aquatic habitat. Aquaculture is the cultivation of fish, aquatic plants, and other aquatic animals for commercialization, self-consumption, and scientific research. The application of aquaculture includes a wide range of industries, which include the food and beverage, pharmaceuticals, and nutraceutical industries. Due to the rise in consumption of fish and other related seafood, aquaculture production has also shown an increase. Due to this, the necessity of automation and aquaculture equipment has increased. Aquaculture equipment includes underwater cameras, buoys, fish-feeding systems, pumps, harvesting tools, and many others.
Aquaculture buoys are floatation devices that float on the sea and monitor several components of the aquatic habitat below them, which include temperature, oxygen levels, condition, quantity of specified aquatic animals, and many others. It collects the data and transmits it directly to the device that is connected to the buoy through a transceiver, which can be used for further analysis for improvements required for the aquaculture. The aquaculture buoy market is expected to witness significant growth during the forecasted period of 2024-2029, due to factors such as an increase in the consumption and production of seafood, which mainly consists of fish.
Increase in Fish and seafood consumption: The increase in consumption and production of seafood can be one of the major factors that can affect the aquaculture buoy market growth. The use of buoys in aquaculture includes a variety of applications, such as the monitoring of oxygen levels and temperature , which allows for the ease of data collection and also provides insightful solutions and recommendations for improving the aquaculture habitat. By managing aquaculture, the fish life and characteristics can be improved, increasing the sale value and consumption in the market.
As per the Agricultural Outlook 2023-2032 published by the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization of the United Nations (FAO), the global per capita fish consumption is expected to reach 21.2 kg, which is an increase from 20.4 kg per capita in 2020-22. It was also found that global fish production will also be increasing to meet the increase in demand for fish to reach 202 metric tonnes (12% increase) by 2032, which is an increase from 181 metric tonnes in 2021-22. This can be coupled with the growth of aquaculture production as well, which displays an increase in growth rate from 93.3 million metric tonnes in 2022 and is expected to reach 110.7 million metric tonnes by 2032. The increase in the above factors can lead to an increase in demand for aquaculture equipment such as buoys, for the management and surveillance of the aquaculture habitat, and improvement of the aquaculture through the data acquired. This will provide the necessary boost for the aquaculture buoy market growth during the forecasted period.
MØRENOT: Formerly known as Hvalpsund Net A/S, they are known for being a global provider of solutions and services with applications in fishing, aquaculture, and seismic industries. Their product portfolio includes several products such as fishery, jigging machines, ropes, mooring, nets, buoys, and other pieces of equipment.
IP Castro: A company known for the manufacture and production of buoys, fenders, and floats, and has exports to over 70 countries worldwide. The product portfolio includes their main products, which are Titanium Plastic and Hydrodynamic floats.
Asia Pacific region is expected to witness significant growth in the aquaculture buoy market during the forecasted period of 2024-2029. The major factor that affects the global aquaculture buoy market growth in this region is the increase in food consumption and production. China is the global leader in fish production and consumption compared to the rest of the world. This can be linked to the increased demand for seafood due to the increasing trends in the production and consumption of fish.
As per the Agricultural Outlook 2023-2032 published by the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization of the United Nations (FAO), Asia accounts for 14% of the total fish consumption worldwide. It is expected to show an increase in fish consumption by 74% in 2032. China alone accounts for 34% of the increase in consumption, as China leads in the consumption of fish in the Asia region. As for the production, the global share in capture fisheries is expected to increase to 53% in 2032. It is also expected that China will hold the dominant position of production as well, with an expected share of 56% of the total market in 2032. Hence, the dominance of China in the market and the growth implications will propel the aquaculture buoy market during the forecasted period of 2024-2029.
August 2021: Ocean Scientific International Ltd. (OSIL), a UK-based marine systems manufacturer, announced the release of its new monitoring buoy system for aquaculture. The aquaculture buoy was manufactured to meet the demand of seaweed farming worldwide and provides a wide range of features, which includes the full suite of standard metocean (meteorological, waves, and currents), and water quality parameters and is equipped with a Pan Tilt Zoom (PTZ) Camera. The unique camera allows operators to remotely view mooring and site details in high definition, with up to 40 times zoom. This product allows farm operators to better manage mooring systems through the growing season.
April 2021: Marine Instruments announced the release of their first satellite fishing buoy system that is coupled with Artificial Intelligence (AI) for automated data collection and control, dubbed M3iGO. The product represents the introduction of disruptive technology and will provide enhanced efficiency and sustainability to the industry. This product's capabilities include accurate calculation of the quantity of commercial fish below it, without including the non-commercial fish and other noise from the biomass calculation. The product has been thoroughly tested in various fields and oceans, including the Atlantic, Indian, and Pacific oceans.