Northrook, IL -- (SBWire) -- 11/27/2019 --The global smart agriculture market size was valued at USD 6.3 billion in 2017 and is expected to reach USD 13.5 billion by 2023, at a CAGR of 12.4% during the forecast period. The market study has been projected for a period between 2018 and 2023 with the base year as 2017. The growing adoption of advanced technologies in various agriculture applications such as smart greenhouse, precision farming, and livestock monitoring & fish farm monitoring.
Changing weather patterns as a result of increasing global warming has urged the adoption of advanced agricultural technologies to increase crop yield and farm productivity. Advanced farming tools & machinery such as steering & guidance, sensors, yield control, screen systems, and farm management software are increasingly being implemented by farmers or growers around the globe.
Hardware held the largest smart agriculture market share in 2017
In 2017, hardware accounted for the majority of the global smart agriculture market share due to the extensive adoption of automation & control devices, including guidance & steering systems, drones/UAVs, irrigation controllers, GPS/GNSS, yield monitors, and sensors.
Sensors and GPS systems play a vital role in calculating various yield parameters in the yield tracking process. This process also uses GPS-based auto-guidance technology in agricultural vehicles to reduce the overlapping of equipment and tractor passes, thus saving fuel, labor, time, and soil compaction. Increasing demand for automation and control devices and monitoring and sensing devices is the primary factor that will back the growth of the hardware segment.
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Precision farming held the largest market size
Precision farming held the largest market size in 2017. The increasing adoption of precision farming technologies such as remote sensing, positioning systems, guidance systems, and variable rate technology by farmers across the globe are the primary reasons for the broad market size of the precision farming agriculture segment.
Increasing demand for such state-of-the-art technologies is fueling the precision farming market growth. From a single GPS-enabled guidance system for a piece of farm equipment to a more complex function such as the remote monitoring and controlling of multiple in-field devices using an integrated software platform, precision farming can be used in a wide range of applications.
Yield monitoring: The most extensively used application
Various applications pertaining to the smart agriculture market include field mapping, yield monitoring, weather tracking & forecasting, milk harvesting, feeding management, HVAC management, and fish tracking. The most commonly adopted technology is yield monitoring; as a result, this product had the largest market share for smart agriculture in 2017. Moisture sensors, mass flow sensors, GPS receivers, ground speed sensors, and a task computer located nearby are some of the components used in yield monitors.
The Americas held the largest market share
Based on the region, the smart agriculture market has been classified into the Americas, Europe, APAC, and RoW. In 2017, the Americas were the highest-revenue contributors to the global smart agriculture industry. The US and Canada have been the early adopters of modern technologies in agriculture, resulting in a high market share of this region. Advanced farming systems & equipment include steering & guidance systems, display devices, sensors, and farm management software. These are being increasingly being adopted by farmers or growers in this region.
Key players and challenges
Key players in the global smart agriculture market include Trimble (US), Deere & Company (US), AgJunction (US), AGCO (US), Raven Industries (US), DeLaval (Sweden), AG Leader Technology (US), GEA Group (Germany), SST Development Group (US), Precision Planting (US), Teejet Technologies (US), DICKEY-john Corporation (US), Topcon Positioning Systems (US), CropMetrics (US), The Climate Corporation (US), Agribotix (US), ec2ce (Spain), Gamaya (Switzerland), Descartes Labs (US), Granular (US), Autonomous Tractor Corporation (US), Prospera Technologies (Israel), Decisive Farming (Canada), Autocopter Corp (US), and Hexagon Agriculture (Brazil). These players have adopted various strategies to meet customer requirements, such as new product developments, mergers, partnerships, collaborations, and expansions.
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Key Emerging Trends in Smart Agriculture
The smart agriculture market describes drivers, restraints, opportunities, and challenges impacting the growth of the market.