Northbrook, IL 60062 -- (SBWire) -- 03/09/2023 --The Smart agriculture market is projected to reach USD 25.4 billion by 2028 from USD 16.2 billion in 2023, at a CAGR of 9.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. Surging use of modern technologies in agriculture and rising adoption of IoT, ROVs, and AI in aquaculture farming are among the key factors driving the growth of the smart agriculture market.
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HVAC management segment held largest share of smart greenhouse market in 2022
HVAC systems play a crucial role in smart greenhouses by maintaining an ideal temperature for plant growth and nullifying the adverse impacts of changes in the external temperature and enabling cultivation throughout the year. It is necessary to install HVAC and climate control systems in regions with a huge variation in summer and winter temperatures. Thus, the HVAC management segment held the largest share of the smart greenhouse market in 2022 and is expected to lead the market during the forecast period.
Orchid farming is expected to grow at highest CAGR during forecast period
Orchids have gained a reputation for being exceptional cut flowers and decorative potted plants, making up a substantial proportion of the worldwide floriculture industry. Additionally, orchids have been commercially traded for medicinal purposes and as a source of food for a long period of time. As a result, there is a growing market for orchids, and farmers who can produce high-quality flowers can expect to benefit from this demand. The demand for orchids is increasing globally, and this trend is expected to continue. Owing to this, orchid farming is expected to grow at the highest CAGR during the forecast period.
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Americas accounted the largest share of the smart agriculture market in 2022
In 2022, the Americas held the largest share of the smart agriculture market and are expected to do so during the forecast period. The growth can be attributed to the huge adoption of advanced technologies to increase crop production, improve crop management, reduce the wastage of valuable resources such as water and fertilizers, save operational costs, enhance soil productivity, and meet the rising food demand of the increasing population. The region was an early adopter of technologies, including IoT, artificial intelligence, and farm monitoring devices driving market growth in the region.
Deere & Company (US), Trimble Inc. (US), AGCO Corporation (US), Topcon Positioning Systems (US), DeLaval (Sweden), AKVA Group (Norway), Allflex Livestock Intelligence (US), Innovasea Systems Inc. (US), Afimilk Ltd. (Israel), and Heliospectra AB (Sweden) are some of the key players in the smart agriculture market.
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Smart Agriculture Market Worth $25.4 Billion by 2028