Recirculating Aquaculture System Market Size, Share, Growth, and Industry Analysis, By Type (Closed Type and Semi-closed Type), By Application (Indoor System and Outdoor System) and Regional Insights and Forecast to 2033

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RECIRCULATING AQUACULTURE SYSTEM MARKET OVERVIEW

The global Recirculating Aquaculture System Market size was USD 5.3 billion in 2023 and the market is projected to touch USD 13.7 billion by 2032, exhibiting a CAGR of 11.02% during the forecast period.

Recirculating Aquaculture System (RAS) is a high tech version of fish farming where-by the water in the system can be filtered and re-used and the aquatic organism may be intensive cultured in an enclosed contained environment.

RECIRCULATING AQUACULTURE SYSTEM MARKET KEY FINDINGS

• Market Size and Growth: The size of the global recirculating aquaculture system market was predicted to reach 5.96 billion US dollars by 2024 and take 15.26 billion US dollars by 2033 at a CAGR of 11.02%
• Key Market Driver: The world has a population of millions, and in 2023, the world population was estimated to be 8.1 billion, which further advanced the pressure on sustainable protein sources, such as fish, hence the embrace of RAS technologies.
• Major Market Restraint: The capital cost to establish a RAS facility is anywhere between 1-10 million dollars, which is a serious setback to small farmers.
• Emerging Trends: In 2023, more than 52 percent of new RAS installations all over the world included IoT-based water quality monitoring systems used to monitor the parameters, such as pH, oxygen, and ammonia.
• Regional Leadership: North America has the highest market share of RAS in the world, taking 35 percent in 2023 because of well-developed technologies and strict environmental laws.
• Competitive Landscapes: According to the latest results in 2023, 3 companies, Skretting, Xylem, and RADAQUA together have a total of 10 percent of all the integrated RAS market share with Skretting holding the largest share of above 4 percent.
• Market Segmentation: The major market in the RAS industry was in 2023, finfish farming, which had 60 percent of the revenues with the highest fish species which included salmon, trout, and tilapia.
• Recent Developments: By June 2024, Huon Aquaculture had announced a AUD110 million investment to increase its freshwater salmon nursery in Tasmania, consisting of 14 holding tanks and a 99 per cent water recirculation rate.

COVID-19 IMPACT

Recirculating Aquaculture System Industry Had a negative Effect Due to Supply Chain Disruptions during COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

At the height of the pandemic, the global supply chain was terribly disrupted, and the availability of such key RAS components like the filtration system, pumps, sensors, and automated monitoring appurtenances was affected. Installation of many RAS has suffered delays or cost-overrun problems caused by the unavailability of imported machinery and spare parts.

LATEST TRENDS

Sustainability & Circular Economy to Propel Market Growth

The industry is developing a strong tendency towards environmental sustainability in aquaculture. The water consumption in RAS is minimal in comparison with conventional approaches, and most of the nutrient-rich waste is retained, which can be valorised into other forms- e.g. biogas or organic fertiliser, in line with the concept of a circular economy. Such heightened resource efficiency and minimal environmental impact is drawing regulatory favor as well as the attention of environment conscious consumers.

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RECIRCULATING AQUACULTURE SYSTEM MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Closed Type and Semi-closed Type.

• Closed Type- Automatic RAS Closed Type RAS is totally self-contained and very controlled system with most of the water passing through the system being continuously treated and re-used.

• Semi-closed Type- A semi-closed Type RAS has already some of the features of recirculation, but its water exchanges with external bodies, such as wells, rivers, or municipal water.

By Application

Based on application the market can be categorized into Indoor System and Outdoor System.

• Indoor System- Indoors RASs are typical indoors appliances used in city or climatic prone areas where environmental regulation holds the key.

• Outdoor System- Outdoor RAS systems make it possible to combine the advantages of water recycling with the cost benefits of using natural lighting and ventilation and thus can be used in areas that enjoy the desired climatic conditions.

MARKET DYNAMICS

Driving Factors

Growing Demand for Sustainable and Eco-Friendly Aquaculture to Drive Market Advancement

One of the key driving factors in the Recirculating Aquaculture System market growth is Growing Demand for Sustainable and Eco-Friendly Aquaculture. As more people become aware of the environmental impact of the conventional fish farming processes, including water pollution, habitat ruin, and overfishing, RAS has become a new green alternative. The closed loop characteristics of RAS do not utilize a lot of water, decrease chances of disease transmission to wild life and waste can be purified or reused

Rising Global Consumption of Seafood to Expand the Market

Seafood consumption was triggered by the rising global population and the demand of people to eat healthier proteins. With natural fisheries being overexploited, aquaculture, and in specific, land-intensive, high-efficiency systems such as RAS have been regarded as essential to increase their production to address increasing demand without putting any more pressure on marine ecosystems.

Restraining Factors

High Initial Capital Investment Poses Potential Impediments to Market Growth

The prohibitive cost of establishing infrastructure is one of the major hindrances to uptake of RAS. RAS has outstanding technological requirements unlike conventional aquaculture models, which require water purification units, oxygenation systems, temperature regulation systems, and automated monitoring systems.

Urbanization and Local Food Production to Create Opportunity for the Product in the Market

Opportunity

The increase in population in urban settings will lead to increased demand in locally produced food that has lower transportation cost and footprint. The RASs can be implemented near or within cities so that fish production can be around the year in regions that do not have water bodies. With this close location to customers, there is less spoilage and this has been able to attract urbanites who require fresh, traceable, and sustainable protein production.

Technical Complexity and Skill Requirements Could Be a Potential Challenge for Consumers

Challenge

RAS is much more than biological and engineering processes of utilization of water quality, disease control and system performance which demands expertise to be dealt with. Aquatic biology, chemistry and system maintenance skills are required by the operators.

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RECIRCULATING AQUACULTURE SYSTEM MARKET REGIONAL INSIGHTS

• North America

One of the fastest developing RAS markets, especially in the United States Recirculating Aquaculture System Market and Canada, is driven by developments in engineering of aquaculture, venture capital investments and an increasing interest in clean-label and sustainable farmed seafood.

• Europe

Europe has emerged as the most dominant region in the Recirculating Aquaculture System market share due to a convergence of factors that propel its leadership in this dynamic industry. Europe now has the largest share of the RAS market in the world working on the basis of its strong governmental allowances of sustainable aquaculture, restrictive environmental measures and consumer demands on locally produced tractable seafood.

• Asia

The potential of the market in Asia Pacific is enormous given that it has a large aquaculture base and is experiencing shortage of water and environmental destruction as a result of traditional fish farming.

KEY INDUSTRY PLAYERS

Key Players Transforming the Recirculating Aquaculture System Landscape through Innovation and Global Strategy

Key enterprise players are shaping the Recirculating Aquaculture System marketplace through strategic innovation and marketplace growth. Some of the major players in Recirculating Aquaculture System (RAS) market include- AquaMaof, Pentair Aquatic Eco-Systems, Veolia, Innovasea, AKVA Group, which are using technology, sustainability and strategic alliances to maintain their market share. The companies are constantly working on innovations to realize water efficiency, save energy and automation of systems to allow better control over water operations.

List Of Market Players Profiled

• Palom Aquaculture (U.S.)
• Blue Ridge Aquaculture, Inc. (Thailand)
• AquaSol, Inc. (U.S.)
• PR Aqua (Canada)
• AquaMaof (Israel)

INDUSTRIAL DEVELOPMENT

June 2024: Huon Aquaculture declared a massive investment of the amount of USD 110 million to expand the existing scale up to 40 hectares of the freshwater Atlantic salmon nursery in Whale Point in Port Huon, Tasmania.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated time frame. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.