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Growth of the Electrofishing equipment market to be propelled by rising need for modern fishing techniques and study of fish ecology by robust CAGR during 2019-2027

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Research Nester has released a report titled Electrofishing Equipment Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the electrofishing equipment market in terms of market segmentation by product type, by input power source, by output power range and by end user.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The electrofishing equipment market is segmented by end-user into fishery and research, out of which, fishery segment is anticipated to have largest market share on account of growing consumption of fish and fish products, and its associated production throughout the globe. The Food and Agriculture Organization of the United Nations (FAO) states that supply for fish and fish products increased dramatically from 27 million tonnes to 132 million tonnes between 1961 and 2013.

The electrofishing equipment market is anticipated to record a significant CAGR during the forecast period, i.e. 2019-2027. Modern capture-method fishing techniques amongst fishing communities and preference for safe fishing by ecologists is estimated to promote the demand for electrofishing equipment throughout the forecast period.

Regionally, the electrofishing equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific is expected to have largest market share for being the global leader in production of fish and fish products. The total production of Asia Pacific for fish and fish products was around 91 million tonnes in the year 2013, being the largest supplier, as per the report of FAO.

Rising Need For Modern Fishing Techniques

Fatality in the fishing industry is one of the major concerns and the rate is much higher as compared to that of other occupations, as per the FAO. It also stated in one of its statistics that the fatality rate for fisherman in Australia between the year 1982 and 1984 was 143 per one lakh person-years as compared to 8.1 per one lakh person-years, which is eighteen times higher than the national average.

Driven by paradigm shift towards newer fishery policies and research in developing nations, there is an increasing trend for reduction of poverty and better livelihoods of artisanal fishing communities. This has led to rising demand for usage of electrofishing equipment, where fisherman prefer modern fishing techniques, so as to reduce such fatal accidents and optimize time, money and resources, thereby contributing significantly towards the growth of market.

However, the concern for low awareness of electrofishing techniques amongst fisherman owing to low literacy rates and widespread educational disadvantage in artisanal fishing communities, and lack of proper guidance on usage knowledge of these equipment, are expected to operate as a key restraint to the growth of the electrofishing equipment market during the forecast period.

This report also provides the existing competitive scenario of some of the key players of the electrofishing equipment market, which includes company profiling of Smith-Root, Inc., Shi Jia Electronics (Dongguan) Co., Ltd., Halltech Aquatic Research Inc., Midwest Lake Management, Inc., Samus Special Electronics, Electrofisher SUM, SE Electrofishers and AquaTech. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the electrofishing equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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