Remote Sensing Technology for Agriculture Market Expanding at a Healthy Rate of 7.60% in the Forecast Period| Key Players: Yara (Norway), Koch AG & Energy Solutions LLC (U.S.), Coromandel International Limited (India)

Market Definition

Access to real-time data on crop, soil, and ambient air conditions, as well as other relevant information such as hyper-local weather forecasts, labour costs, and equipment availability, is part of the approach. Data is used by predictive analytics software to advise farmers on crop rotation, optimal planting and harvesting times, and soil management. Sensors in the field measure the moisture content and temperature of the soil as well as the surrounding air. Images can be processed and integrated with sensor and other data to provide guidance for immediate and future decisions, such as which fields to water and when or where to plant a specific crop.

Data Bridge Market Research analyses that the remote sensing technology for agriculture market which was growing at a value of 1.7 billion in 2021 and is expected to reach the value of USD 3.05 billion by 2029, at a CAGR of 7.60% during the forecast period of 2022-2029 In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

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Remote Sensing Technology for Agriculture Market Analysis and Size

A modern farm and agriculture management approach that employs information technology to ensure that crops and soil receive exactly what they require for optimum health and productivity. Remote sensing technologies in agriculture aims to ensure profitability, sustainability, and environmental protection.

Remote Sensing Technology for Agriculture Market Dynamics

Drivers

The shortage of labours in agricultural practices

The primary factor driving farming communities to use efficient agricultural methods is a labour shortage in agricultural practises. High-value crops such as apples, strawberries, and sweet peppers are becoming less economically viable due to rising labour costs and a decrease in the number of skilled workers. Farmers of such fruits are increasingly turning to crop sensing solutions to facilitate effective plucking without causing physical damage to the crop.

Implementation of smart agricultural practices to meet rising food demand globally

Rapid population growth is putting pressure on the agricultural sector around the world to increase productivity in order to meet rising food demand. Farmers are increasingly implementing smart harvest technologies such as harvesting robots, automation, control systems, sensors, and imaging systems to increase profitability and output in less time and at a lower cost. The scarcity of arable land is a major factor driving demand for indoor farming activities and the increased use of remote sensing technologies to reduce labour costs.

Opportunity

Firms in the target industry focuses on business growth through strategies such as advanced product launches, capacity expansion, and heavy production investments in their facilities, which are expected to flourish in the near future as the global remote sensing technology for agriculture market grows. Furthermore, site-specific nutrient management with precision agriculture, increased demand for industrial crops, and investment in agricultural operations in developing countries provide profitable opportunities to market participants.

Some of the major players operating in the remote sensing technology for agriculture market are:
Yara (Norway)
Koch AG & Energy Solutions LLC (U.S.)
Coromandel International Limited (India)
AGRICULTURE SOLUTIONS INC. (Canada)
Hafia Groups (Israel)
Sapec Agro S.A. (Portugal)
Kugler Company (U.S.)
ICL (Israel)
Van Iperen International (Netherlands)
U.S. AG LLC (U.S.)
Levant Power Corporation (U.S.)
Honeywell International, Inc. (U.S.)
Green Peak Technologies (Netherlands)
Fujitsu (Japan)
ABB(Switzerland)
Texas Instruments Inc. (U.S.)
ST Microelectronics (Switzerland)

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COVID-19 Impact on Remote Sensing Technology for Agriculture Market

The Covid-19 analysis has an impact on production and demand by disrupting the remote sensing technology market research sales channel. Because of the pandemic, most flights have been cancelled or prohibited. The emergency is declared for a specific period of time, which slows the market and lowers market trends for remote sensing satellites. As a result of the epidemic, there has been an increase in public panic, lack of confidence, and concern about the future in the sector. To combat this pandemic, the government and key remote sensing technology market demand players are implementing a variety of features and functionalities that will help the industry regain its appeal. Taking these factors into consideration, the industry can devise a variety of strategies to recover from the situation and boost the economy.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

In March 2021, China planned to launch a new satellite with a LiDAR (light detection and ranging) system to monitor CO2 levels in the atmosphere. Since 2016, China has launched three satellites into orbit for CO2 monitoring and research, all equipped with passive optical remote sensing technology.

Global Remote Sensing Technology for Agriculture Market Scope

The remote sensing technology for agriculture market is segmented on the basis of components and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Components
Hardware
Software
Services

Application
Yield Monitoring
Field Mapping
Crop Scouting
Weather Tracking & Forecasting
Irrigation Management
Inventory Management
Farm Labour Management
Others

Remote Sensing Technology for Agriculture Market Regional Analysis/Insights

The remote sensing technology for agriculture market is analysed and market size insights and trends are provided by country, components and application as referenced above.

The countries covered in the remote sensing technology for agriculture market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.

North America had the largest market share, accounting for 38.10 percent. This share is accounted for by the presence of significant market players such as Lockheed Martin Corporation, Esri, and General Dynamics Mission Systems, Inc., among others.

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