The market for marine light fish and shrimp farming was valued at USD 18.85 billion in 2022 and is anticipated to grow at a CAGR of 7%. Growing consumer demand for seafood, more public awareness of aquaculture's advantages, rising levels of government backing, and aquaculture expansion are all factors that have contributed to the market's continuous revenue growth. According to the United Nations, about 90% of marine fish populations worldwide are currently overfished, overexploited, or declining (UN). To conserve fish stocks, proper rules must be implemented in addition to ethical fish farming. It has been shown that marine light is an effective method for raising fish productivity while preserving fish welfare. Artificial marine lights, such Light Emitting Diode (LED) lighting, provide customers with the precise lighting conditions they need to enhance fish development and welfare, cut production costs, and increase sales. Moreover, research has shown that artificial lighting significantly boosts shrimp survival and growth rates. For instance, on January 17, 2022, ShrimpVet, a pioneer in shrimp research and farming based in Vietnam, and Signify, the world's foremost lighting company, demonstrated that both static and dynamic light recipes may significantly boost shrimp production, with benefits to growth of up to 30%. The two companies have successfully carried out a number of lighting trials for aquaculture, proving that the blue and green spectra are the most beneficial. These are some of the main advantages, which help drive the market's revenue growth.
Some of the key factors driving the growth of the global Marine Light Fish and Shrimp Farming market include expanding R&D efforts to develop novel Marine Light Fish and Shrimp Farming products for a variety of applications and rising demand for mercury control technology for industrial air purification. The most recent data on the COVID-19 pandemic market condition is provided in the research. The investigation indicates that COVID-19 plays a vital role in the market's dynamically altered environment. The study carefully investigates how the pandemic has altered market dynamics and trends while also precisely analysing how the crisis has impacted the market as a whole.
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Effect of COVID-19 on the global market for Marine Light Fish and Shrimp Farming
The COVID-19 pandemic had a significant negative influence on the market for Marine Light Fish and Shrimp Farming in 2020, significantly decreasing its CAGR. In 2020, manufacturers and suppliers of Marine Light Fish and Shrimp Farming were significantly impacted by federal and national safety and legal orders. The majority of businesses have been impacted by the COVID-19 pandemic. Mandates for business closures, restricted municipal and state government office activities, and social conventions of distance had an impact on the production of Marine Light Fish and Shrimp Farming in 2020. Additionally, demand for Marine Light Fish and Shrimp Farming decreased across a range of end-use sectors. The pandemic epidemic also resulted in a decline in global investments in the water sector.
Marine Light Fish and Shrimp Farming market : Competitive Landscape
The prominent players operating in the Marine Light Fish and Shrimp Farming market are profiled in-depth in the report and their strategies, collaborations, and product innovations. The analysis of the key players and their strategies to fortify their presence in the market impart a better understanding of the competitive landscape of the Marine Light Fish and Shrimp Farming market .
Some of the prominent players operating in the market are:
Signify, Osram, Vaki Aquaculture Systems Ltd, Everlight Electronics Co. Ltd., Bridgelux Inc., Hubbell Inc., Aqualed Technologies, Luxim Corporation, Illumitex Inc., Kessel Lighting
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The research study examines historic data from 2018 and 2020 to draw forecasts until 2028. The timeline makes the report an invaluable resource for readers, investors, and stakeholders looking for key insights in readily accessible documents with the information presented in the form of tables, charts, and graphs.
Key questions answered in the report:
What will be the development pace of Marine Light Fish and Shrimp Farming market ?
What are the key factors driving the Global Marine Light Fish and Shrimp Farming market ?
Who are the key manufacturers in the market space?
What are the openings, hazards, and outline of the market?
What is sales, revenue, and price analysis of top manufacturers of Marine Light Fish and Shrimp Farming market ?
Who are the distributors, traders, and dealers of Marine Light Fish and Shrimp Farming market ?
What are the Marine Light Fish and Shrimp Farming market opportunities and threats faced by the vendors in the Global Marine Light Fish and Shrimp Farming industries?
What are deals, incomes, and value examinations by types and utilizations of the market?
What are deals, income, and value examinations by areas of enterprises?
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Segments Covered in this report are:
Farming Type Outlook (Revenue, USD; 2019-2032)
- Fish
- Freshwater Fish
- Marine Water Fish
- Shrimp
- White Shrimp
- Pink Shrimp
- Rock Shrimp
- Brown Shrimp
- Royal Red Shrimp
- Others
- Fish
Light Type Outlook (Revenue, USD; 2019-2032)
- LED grow lights
- Blue Lights
- Infrared Lights
- UV Lights
- Others
Production System Outlook (Revenue, USD; 2019-2032)
- Integrated Multi-Trophic Aquaculture (MTA)
- Recirculating Aquaculture Systems (RAS)
- Indoor
- Land-Based
- Offshore
- Hybrid
- Sea Cages
- Raceways
- Ponds
- Tanks
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Regional Bifurcation of the Marine Light Fish and Shrimp Farming market Includes:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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