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Smart Farming Market is Slated to Witness Tremendous Growth in Coming Years | by Ag Leader Technology, AGCO Corporation, AgJunction Inc

11-01-2022 12:55 PM CET | Industry, Real Estate & Construction

Press release from: INFINITY BUSINESS INSIGHTS

Smart Farming Market is Slated to Witness Tremendous Growth

New Jersey, United States - Analysis of Smart Farming Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The size of the worldwide smart farming market, estimated at USD 14.44 billion in 2021, is anticipated to rise at a CAGR of 10.8% from 2022 to 2030. The primary factors driving demand during the projection period are the rising automation of commercial greenhouses and the expanding usage of the controlled environment agriculture (CEA) concept in greenhouses in an effort to increase yield and maintain ideal growth conditions. Commercial greenhouse construction has resulted from cultivators realising the potential advantages of growing plants in a greenhouse. Due to the ease with which LED grow lights can be included into a CEA setup, cultivators have turned away from conventional lighting systems. Despite the price of LED grow lights, Due to their long-term advantages in terms of energy efficiency, they are a perfect choice for indoor farming.

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Animals biometrics such as RFID, biometrics, and GPS, which assist growers in automatically obtaining information about livestock in real-time, are among the key technologies driving market demand. Additionally, the material conditions and vibrations in buildings, industries, bridges, farms, and other infrastructure are monitored by infrastructural health sensors. Infrastructure health sensors assist in delivering information to the maintenance crew in real-time when combined with an intelligent network. Additionally, farming operations like soil upkeep, weeding, fruit picking, harvesting, planting, ploughing, and irrigation are among those being automated by agricultural robots.

Farmers are increasingly implementing smarter, more efficient farming technologies to deliver high-quality products to the market in order to maintain profits sufficient market for clever agriculture. Innovative services and applications that are employed throughout the agricultural value chain are made possible with the help of mobile technology.

Division Segment:

Depending on the type of farming, the livestock monitoring category held a 21.97% market share of the worldwide smart farming market in 2021. The smart farming market has also been divided into categories like smart greenhouses and precision farming. Horticulture and fish farming are included in the others category. To maintain maximum yields, precision livestock monitoring helps to continuously monitor the welfare, health, and production of livestock. A growing number of factors, including the scale of dairy farms and technology developments like precision livestock monitoring, have compelled market participants to concentrate on new product launches and significant cost savings related to livestock monitoring management.

From 2022 to 2030, the software segment is anticipated to exhibit the fastest growth rate based on offerings. It was estimated to be worth USD 3,012.4 million in 2021 and is anticipated to grow at a CAGR of 13.5% during the following five years. The hardware market has also been divided into systems for automation and control, HVAC, LED grow lights, RFID tags and readers, and sensing equipment. The subcategories of automation and control systems include wireless modules, milking robots, guiding systems, autonomous tractors, mobile devices, remote sensing, and variable rate technologies.

Regional Analysis:

With a market share of 45.09% in 2021, North America dominated the global market for smart farming. From 2022 to 2030, a CAGR of 9.4% is anticipated. During the projected period, increasing government activities and regulations to improve the region's agriculture sector are anticipated to fuel regional demand in North America. The North America Climate Smart Agriculture Alliance (NACSAA), a platform for educating and equipping cultivators for sustainable agricultural productivity, was created by a number of agricultural groups. Governments in North America are actively offering subsidies to improve the applications of smart irrigation in response to the growing concern over water conservation. For instance, the Californian government has offered a discount on smart controllers.

The region forecast to experience the highest growth is the Asia Pacific. Despite being in the adoption stage in this region, smart farming is likely to get more government assistance and growers' understanding help fuel regional demand during the course of the forecast. For instance, Japan's agriculture ministry has been funding the advancement of precision agriculture. Each nation's farmers' associations and community-based organisations do a lot to advance sustainable agriculture.

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Competitive Analysis:

Key players in the global smart agriculture market include:
• 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 mbH
• CLAAS KGaA mbH
• CropZilla
• Deere & Company
• DICKEY-john

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