Smart Agriculture Market Size in 2020 was worth US $ 13.7 Bn. at a CAGR of 9.7 % and it is expected to reach US $ 26.2 Bn. in 2027.
Smart Agriculture Market Overview:
The Smart Agriculture Market In 2020, the smart agriculture market is expected to be worth $13.7 billion. The expanding automation of commercial greenhouses, as well as the growing usage of the Controlled Environment Agriculture (CEA) concept in greenhouses to create higher yields and maintain ideal growth conditions, are the key factors driving demand. As cultivators become more aware of the potential benefits of greenhouse farming, the number of commercial greenhouses being developed has increased. Growers are shifting their attention away from traditional lighting systems and toward LED grow lights, which are easier to integrate into a CEA system. LED grow lights are recognised as excellent for indoor farming despite their high cost due to their long-term energy efficiency benefits.
Historical Forecast Period:
Maximize Market Research report presents the analysis of each segment from 2021 to 2027 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020to 2027.
Smart Agriculture Market Overview and Dynamics:
The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the Smart Agriculture Market segments which include products, applications, and competitor analysis.
New technologies are increasingly being used in agricultural products: Precision farming also provides information on how much irrigation water, liquid fertilisers, nutrients, herbicides, and pesticides are needed, reducing resource waste and farming expenses. Enhanced business efficiency through process automation and increased productivity with lower agricultural costs are two important factors that encourage the usage of smart agriculture solutions. Agriculture will be more profitable than it has ever been because to precision farming advancements. As a result, entrepreneurial farmers have begun to experiment with various precision farming/smart agriculture devices in order to increase crop yields and profit margins.
The cost of deploying modern agricultural equipment is high: The need for big initial investments is a fundamental impediment to the smart agricultural industry's expansion. Small farmers in wealthier countries and the bulk of farmers in emerging economies are still unable to afford smart agricultural devices. The latest technology is only available to large and industrialised farms due to the high cost of technology. Precision farming requires qualified employees to run these technology-enabled instruments, in addition to the considerable initial financial investment required to deploy GPS, drones, GIS, VRT, and satellite equipment, providing a barrier to adoption among small-scale farmers.
Data management at a large scale for effective decision-making: Data administration is extremely tough for users of smart agriculture technologies. Data gathered from farms using smart agricultural instruments is crucial because it helps farmers make more effective decisions. Precision farming generates large volumes of vital data on a regular basis, including mapping, variable rate sowing, soil testing, yield monitoring, and historical crop rotation. Because successful smart farming methods rely solely on this data to analyse farm conditions, it must be properly stored and handled. Data management is required for making efficient farm management decisions and improving agricultural operations.
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Segmentation:
In 2020, the Livestock Monitoring sector had the highest market share of 22.04 percent. Precision livestock monitoring provides for real-time monitoring of livestock health, production, and welfare in order to maintain optimal yields. Due to variables such as expanding dairy farm size and rising technology advancements, such as precision livestock monitoring, market players have been advised to focus on new product launches and considerable cost reductions connected to livestock monitoring management. Livestock plays a significant role in agriculture due to its overall contribution. It's an important aspect of poverty-reduction efforts, and it can be made quickly because all of the essential inputs are plentiful in the country.
Due to growing demand for agricultural growth monitoring and decreasing overall wastage by providing needed water and minerals on time, the Precision Farming Applications segment held the largest share of percent in 2020. Within Precision Farming Applications, the yield monitoring segment held the largest share of 44.53 percent in 2020. Farmers can learn more about their fields and crops by monitoring yields, as well as design site-specific crop management plans. One of the main advantages of the yield monitoring system is that it displays the regional and temporal variability in crop yields.
Key Players:
• Agjunction, Inc.
• Trimble, Inc.
• Deere Company
• Trimble, Inc.
• AG Leader Technology
• Sst Development Group, Inc
• Agco Corporation
• The Climate Corporation
• Precision Planting, Inc.
• Semiosbio Technologies Inc.
• DeLaval
• Antelliq
• Afimilk Ltd.
• Raven Industries
• AgJunction
• Argus Control Systems Ltd.
• Agribotix LLC
• Autonomous Solutions, Inc.
• CNH Industrial
• CLAAS
Regional Analysis:
Regional analysis is another highly comprehensive part of the research and analysis study of the Smart Agriculture Market presented in the MMR report. Local development plans are often affected by the performance of Smart Agriculture market. Our report briefly explains all the factors, market size, growth rate, import and export in regions covering North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. This research has provided market trends, key opportunities, factors affecting of particular regions, to examine the global and domestic Smart Agriculture market and these findings have been strategically presented in the report.
Competition Landscape:
Most of the key players present in the Smart Agriculture Market are focusing on mergers and acquisitions to expand their geographic presence and gain a competitive edge. Meanwhile, some of the other players are updating their existing product portfolios and adding innovative screens to keep up with the high consumer demand and generate more sales.
Key questions answered in Smart Agriculture Market report
- What was the market size of Smart Agriculture Market in 2020 and forecast up to 2027?
- Which is the largest regional Smart Agriculture Market?
- What are the major trends followed in Smart Agriculture Market across different regions?
- Who is the key Smart Agriculture Market companies leading the market?
- What are the key strategies adopted by the leading Smart Agriculture Market companies in market?
- Unique data points of this report
- Statistics on Smart Agriculture Market penetration and spending worldwide
- Recent trends across different regions in terms of adoption of Smart Agriculture Market for various end-use.
- Notable developments going on in Smart Agriculture Market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2020 (actual) and 2027 (forecast)
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Read more related insights: https://www.marketwatch.com/press-release/global-integration-platform-as-a-service-market-regions-share-business-strategies-and-forecast-by-2027-2022-02-04?mod=search_headline
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