- Smart agriculture is a paradigm shift in farming that helps in guiding actions needed for modifying & reorienting farming systems in order to aid the growth of the farming sector.
- Precision farming to lead the agriculture type segment by 2027.
- Weather tracking & forecasting segment to record the highest CAGR over the forecast period
Smart agriculture is a paradigm shift in farming that helps in guiding actions needed for modifying & reorienting farming systems in order to aid the growth of the farming sector. Legislation favoring smart farming activities is likely to influence the growth of the smart agriculture industry over the period from 2019 to 2027.
Furthermore, there is a shift in farming trends from family farms to smart agriculture due to altering global trade rules, population explosion, climate change, biotechnology, nanotechnology, demographic changes, service around the key products, growing value chain integration, and growing urbanization.
The rise in the demand for food and the necessity of greenhouse farming activities is likely to drive the expansion of the smart agriculture industry over the forecast timeline. In addition to this, the humongous requirement of smart irrigation management activities will steer the growth of the smart agriculture industry during the forecast timeline.
Nonetheless, a low level of consciousness pertaining to new farming techniques among the farmers will put brakes on the growth of the business over the forecast timeline. However, emerging countries are expected to offer abundant opportunities for the industry over the forecast time span.
The Global Smart Agriculture market is predicted to be valued at approximately $6,455 million in 2018 and is expected to reach a value of around $19,625 million by 2027, at a CAGR of around 13.09% between 2019 and 2027.
Growing demand for personalized food products along with growing health consciousness will trigger the market growth over the forecast period. Moreover, a severe need for increasing crop output, changing value chain & firm configurations, and improvement in the efficiency of supply chain activities will offer massive growth opportunities for the market over the forecast timeline.
The growth of the segment during the forecast period is due to its ability to produce high crop yield with input used in precise proportion or minimally. Moreover, precision farming helps in preventing the degradation of agricultural land and makes proficient utilization of water resources.
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Furthermore, huge acceptance of precision farming techniques including positioning systems, guidance systems, remote sensing, and variable rate systems by the farmers will boost the segment’s growth during the forecast timeline.
The weather tracking & forecasting segment is predicted to register the highest growth rate of more than 15% during the forecast timeline. The segment’s growth is credited to massive usage of weather tracking & forecasting applications in smart agricultural activities by farmers.
The North American regional market growth is attributed to huge government funding to carry out research & development activities in the farming sector with an aim to increase the crop output. In addition to this, farmers in countries like the U.S. and Canada are accepting new farming techniques like guidance systems, display equipment, farm management software, and sensors. This, in turn, will further expand the business scope in the region over the forecast period.
Some of the key participants in the business include SST Development Group Inc., Trimble Inc., Topcon, The Climate Corporation, GEA Group, Ag Leader Technology Inc., Deere & Company, AgJunction LLC, AGCO Corporation, Precision Planting LLC, Agribotix LLC, Raven Industries Inc., Auroras s.r.l., BouMatic, DeLaval, SemiosBio Technologies Inc., and Grownetics Inc.