Global Smart Agriculture Market by Agriculture Type (Precision Farming, Livestock Monitoring) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global smart agriculture market was valued at USD 13.15 Billion in 2020. It is expected to grow at a compound annual rate of 10.6% between 2021 and 2028. The key drivers of demand are increasing automation in commercial greenhouses and the growing use of Controlled Environment Agriculture (CEA), in order to increase yield and maintain optimal growing conditions. The potential benefits of greenhouse farming are being recognized by cultivators, which has led to an increase in the number of commercial greenhouses. Because LED grow lights can easily be integrated into a CEA setup, cultivators have moved their focus away from traditional lighting systems. They are not cheap, but they are ideal for indoor growing because of their long-term energy savings.

The following technologies are key to driving market demand:

Biometrics for livestock: GPS, biometrics and RFID allow cultivators to instantly obtain information about their livestock.

Infrastructural Health Sensors: These sensors monitor material conditions and vibrations within buildings, factories, bridges and farms. Infrastructural sensors, when paired with an intelligent network can provide real-time information to maintenance personnel.

Agricultural robots These robots are used to automate agricultural processes like soil maintenance, weeding and fruit picking, harvesting, plowing and irrigation.

Farmers are increasingly adopting more efficient and smarter agriculture technologies to ensure they can continue making profits. Mobile technology allows farmers to offer innovative services and apps that can be used throughout the entire agricultural value chain.

Machine-to-Machine applications (M2M), are especially suited to the agricultural sector. They enable farmers to monitor equipment and assess the impact on production. M2M is an integral component of the Internet of Things, which refers to the coordination of multiple devices and appliances connected to the internet via multiple networks.

COVID-19 Impact Analysis

COVID-19, which caused widespread disruption in the global supply chain, has led to food shortages and inflation. It is necessary to take the necessary steps to improve the food supply chain and be prepared for any future crises. It is important to be able remotely manage agricultural operations due to the ongoing pandemic. Future market growth will be driven by smart agricultural practices that allow farmers to quickly recover their losses.

Agriculture Type Insights

The smart farming market is segmented based on the type of agriculture. Other segments include horticulture and fish farming. The global smart farming market's revenue share was 22.04% in 2020 for the livestock monitoring segment. Precision livestock monitoring allows for real-time monitoring and control of the health, productions, welfare, and performance of livestock in order to maximize yields. Market players have been urged to concentrate on new product launches and significant cost savings as a result of technological advances, such as precision livestock tracking.

Market estimates and forecasts for the smart greenhouse segment include Vertical farming. The smart greenhouse allows farmers to grow crops without the need for human intervention. Every variation in climatic conditions, such as soil moisture, temperature and humidity, triggers an automatic action.

Smart farming is a holistic approach to managing farming activities. It includes the implementation of IoT as well as information communication technologies. Smart farming uses real-time information about the soil, air and crops. This technology aims to ensure profitability and sustainable farm yields while also protecting the environment.

Offering Insights

The market can be divided into three segments based on its offerings: hardware, software, or services. The market's highest CAGR is expected to be 13.4% during the forecast period. The hardware segment can be further divided into automation and control, HVAC systems and LED grow lights. RFID tags and readers are also included. The automation and control systems can be further divided into milking robots and guidance systems, driverless tractor, mobile devices and remote sensing.

Future growth in automation in raw material production and product manufacture in the dairy and food industries is expected to propel the milking robotics segment. The automation technology has made it possible to improve the quality of milk and the welfare of animals. It is expected that the rising demand for labor cost reduction and improved productivity will positively impact profitability in the dairy and food processing sectors. Demand for milking robots is driven by factors such as higher milk frequency, efficient herd management, cow health and welfare benefits.

Over the forecast period, the fastest growth rate is expected for the drones sub-segment. There are many types of drones, including fixed-wing and hybrid. Fixed-wing drones are made up of a rigid wing with a predetermined airfoil. This aids in flight by creating lift due to the drone's forward speed. This airspeed is generated by the forward thrust of a propeller, an electrical motor or an internal combustion engine.

Rotor blade drones are a combination of single-rotor and multirotor drones. They revolve around a fixed mast that allows them to fly in all directions as well as hovering at the same place. Because hybrid drones are powered by multiple energy sources, they can fly for many years. The hybrid drones are powered by solar panels on their wings.

Application Insights

Applications include crop labor management, yield monitoring and crop scouting. Forecasting and weather monitoring will see the fastest growth over the forecast period. The yield monitoring segment held 44.53% of the market in 2020. This can be attributed to the increasing demand for monitoring crop growth, reducing overall wastage and providing water and minerals when needed.

Water scarcity is increasing and consumers are more conscious about the environment. This has prompted the need to modify agricultural management practices in order to conserve natural resources like soil and water. Over the forecast period, irrigation management is expected to experience significant growth. Precision irrigation is a combination solution that matches irrigation inputs with yields for each field.

Smart greenhouses can be used for water and fertilizer management as well as HVAC management and yield monitoring. The smart greenhouse farming trend will see a rise in HVAC management. HVAC management is in high demand because it is necessary to maintain different temperatures and humidity levels for aquaculture and hydroponic grow rooms.

The following are some examples of livestock monitoring: milk harvesting, breeding, feeding management, animal comfort, management, and so on. According to the Food and Agriculture Organization, technological advances in livestock and agricultural production systems will play an important role in addressing food scarcity. The ability to monitor and manage the animal's well-being and comfort allows farmers to do so. Automated solutions are expected to surpass the limitations of human labor and provide the species-appropriate behavior.

Regional Insights

North America was the world's largest market in terms of revenue with a 45.61% revenue share in 2020. From 2021 to 2028, it is expected to grow at 9.3%. The region's demand will be driven by government initiatives and regulations that aim to improve the agricultural industry. The North America Climate Smart Agriculture Alliance has been formed by a number of agricultural organizations. It is a platform that educates and equips cultivators to increase their agricultural productivity. North American governments are providing subsidies to support smart irrigation because of rising water conservation concerns. California, for example, has offered a rebate on smart controllers.

Asia Pacific will likely see the fastest CAGR during the forecast period. Despite smart farming being in its infancy in this region, growing government support and increased awareness among growers are expected to boost regional demand during the forecast period. In Japan, for example, the ministry has provided funds to develop precision agriculture. Each country's farmers' association and community-based organisations play an important role in the promotion of sustainable agriculture. As 90% of Singapore's food imports are used, the market for Singapore will also see significant growth. Over the forecast period, the demand for regional markets will be boosted by the growing acceptance of organic agriculture by small farmers in South America.

Market Share Insights & Key Companies

In their quest to increase their product range, industry players engage in many inorganic growth strategies such as frequent mergers or acquisitions. Ag Leader Technology, for instance, upgraded its InCommand displays in November 2020 and added SteadySteer and SteerCommand Z2 to its SteerCommand product line. End-users can use these products to control and steer all farm equipment from one interface. CropX acquired CropMetrics in January 2020 to expand its presence in the U.S. market. CropMetrics's extensive dealer network, service model and user-friendly platform were all used to help CropMetrics serve major U.S. regions.

To strengthen their market presence and customer base, key market players are actively seeking partnerships and collaborations. AGCO Corporation formed a strategic partnership in April 2021 with EZ-Drops (an innovative manufacturer of agricultural equipment) to give its dealers in North America access to a new nutrient supply network. AGCO RoGator dealers can offer customized configurations of the nutrient application system. This system will allow farmers to reduce nitrogen spraying, which can lead to lower farm profitability. These are some of the major players in the smart agriculture market.

• Ag Leader Technology

• AGCO Corporation

• AgJunction, Inc.

• AgEagle Aerial Systems Inc.

• Autonomous Solutions, Inc.

• Argus Control Systems Ltd

• BouMatic Robotic B.V.

• CropMetrics

• CLAAS KGaA

• CropZilla

• Deere & Company

• DICKEY-john

• DroneDeploy

• DeLaval Inc.

• Farmers Edge Inc.

• Grownetics, Inc.

• Granular, Inc.

• Gamaya

• GEA Group Aktiengesellschaft

• Raven Industries

• SST Development Group, Inc.

• Trimble Inc.

• The Climate Corporation

• Topcon

Up Market Research published a new report titled “Smart Agriculture Market research report which is segmented by Agriculture Type (Precision Farming, Livestock Monitoring), By Players/Companies CLAAS KGaA mbH, AgEagle Aerial Systems Inc, Granular Inc, Trimble Inc, Topcon, The Climate Corporation, AgJunction Inc, Ag Leader Technology, CropZilla, DICKEY-john, SST Development Group Inc, Argus Control Systems Ltd, Autonomous Solutions Inc, GEA Group Aktiengesellschaft, Deere & Company, BouMatic Robotic BV, Farmers Edge Inc, Gamaya, DroneDeploy, CropMetrics, AGCO Corporation, DeLaval Inc, Grownetics Inc, Raven Industries”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Smart Agriculture Market Report Segments:

The market is segmented by Agriculture Type (Precision Farming, Livestock Monitoring).

Smart Agriculture Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Smart Agriculture Market

Overview of the regional outlook of the Smart Agriculture Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Smart Agriculture Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Smart Agriculture Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Precision Farming

                2. Livestock Monitoring

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Smart Agriculture Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
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Reasons to Purchase the Smart Agriculture Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.