Segmentation By Product Type (Backpack, Floats, Shore-Based, Boat Mounted, Barge Mounted), By Input Power Source (Battery, Generator, Grid Connectivity), By Output Power Range (1700W - 8500W, 10,000W – 30,000W and >39,600W), By End-User (Fishery, Research) – Global Demand Analysis And Opportunity Outlook 2027
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Rising Need For Study Of Fish Ecology
The International Union for Conservation of Nature Freshwater Fish Specialist Group estimated that there are total number of 32,500 species of fishes around the globe, of which, more than 15,000 species belong to fresh water.
Research and development is a never ending process, there forth leading researchers around the globe to put in their continuous efforts for inventions. With such a huge number of known and unknown species available around us, there is a rising need amongst ecologists to search for new species or understand characteristics and habitat patterns of a particular genus or family. Electrofishing, thereby is anticipated as a preferred method of fishing amongst the ecologists so as to maintain time efficiency in their research processes.
Rising Need For Modern Fishing Techniques
Rising fatalities is one of the prime concerns in the fishery industry. According to the Food and Agriculture Organization of the United Nations (FAO), fatality statistics in the fishing industry is much higher as compared to that of other occupations. In Australia, between the year 1982 and 1984, the fatality rate for fisherman 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. While in Denmark, the rate was twenty five to thirty times higher than the rate for those employed on land, in between 1989 and 1996.
As per the statistics, there is a rising demand for electrofishing equipment pertaining to growing fatality numbers. The fishing communities can thereby reduce such fatal accidents and optimize time, money and resources by using modern fishing techniques, such as the electrofishing equipment. This also helps them capture fishes in large quantity, in a smaller time frame. Furthermore, there has been a paradigm shift in fisheries policy and research in developing nations, pertaining to the concern for fish stocks and the marine environment. These diversified focus also includes wider issues relating to poverty reduction and livelihoods of artisanal fishing communities. Technologies such as electrofishing equipment contributes in reducing those issues on a wider approach for these communities. All of these factors are thereby anticipated to support the growth of the electrofishing equipment market throughout the forecast period.
Aquaculture and capture-method are the two processes used by a fisherman to catch a fish. Although aquaculture method is dominant pertaining to safe fishing practices, the electrofishing equipment market is observing vibrant growth on account of growing demand for advance and modern capture-method fishing techniques. Furthermore, the process of electrofishing is a preferable method amongst ecologists pertaining to the benefits it carries, for no physical injury being faced by the species. These are some of the notable factors that are expected to drive the growth of the electrofishing equipment market.
The market is anticipated to record robust CAGR throughout the forecast period, i.e. 2019-2027. 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 the back of growing production and consumption of fish products around the globe. According to the Food and Agriculture Organization of the United Nations, food supply for fish and fish products around the globe increased from 27 million tonnes in the year 1961 to 132 million tonnes in the year 2013.
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Low Awareness And Usage Knowledge Amongst Customers
There is a widely held view that low literacy rates, and widespread educational disadvantage in artisanal fishing communities are a barrier to many aspects of development. This can also be attributed to the fact that technological advances limit their reach to these communities. Furthermore, there is lack of proper guidance on usage knowledge for such technological advances by experts to these communities, owing to low awareness amongst the fisherman. All of these factors are anticipated to act as a barrier to the growth of the electrofishing equipment market during the forecast period.
Our in-depth analysis of the electrofishing equipment market includes the following segments:
By Product Type
By Input Power Source
By Output Power Range
By End-User
By Region
On the basis of regional analysis, the electrofishing equipment market is segmented into major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is expected to have largest market share on the back of growing statistics for supply of fish and fish products around the globe.
According to the statistics provided by the Food and Agriculture Organization of the United Nations (FAO), Asia Pacific has been observed as the largest supplier of fish and fish products, with a total production of around 91 million tonnes in the year 2013.
Further, Europe is expected to gain market share on the back of growing funding support from the government, such as the European Maritime and Fisheries Fund (EMFF). As per the European Union Budget 2021-2027, the commission is proposing around 7.24 billion for the next tenure of the EMFF.
The electrofishing equipment market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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