Press release
Smart Farms Market Size To Grow By USD 30399 Million By 2030| Aerofarms (US), Freight Farms (US), Lumigrow (US)
The Global Smart Farms Market size was valued at USD 16200 Million in 2023 and is projected to reach USD 30399 Million by 2030, growing at a CAGR of 9.40% from 2023 to 2030.
The Smart Farms Market revolves around the adoption of technology and digital solutions in agricultural practices to enhance efficiency, productivity, and sustainability. Smart farming, also known as precision agriculture, involves the integration of sensors, drones, data analytics, IoT (Internet of Things) devices, and AI (Artificial Intelligence) to monitor and manage various aspects of farming operations. These technologies enable farmers to make data-driven decisions, optimize resource allocation, and improve crop yields while minimizing environmental impact.
The global Smart Farms Market has experienced significant growth due to the increasing need to address food security challenges, optimize resource usage, and meet the demands of a growing global population.
Top Key Players Involved Are:
AeroFarms (US), Freight Farms (US), LumiGrow (US), Osram (Germany), Philips Lighting (Netherlands), Signify (Netherlands), Ag Leader Technology (US), AGCO (US), Deere & Company (US), Precision Planting (US), Raven Industries (US), Sentera (US), TeeJet Technologies (US), Topcon Positioning Systems (US), Trimble Navigation (US), Aerotech (US), AG Junction (US), AutoCopter Corp. (US), BouMatic Robotics (US), Fullwood Packo (UK) and Other Major Players.
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Market Dynamics:
Driver:
Global Food Security Concerns: The rising global population necessitates increased food production. Smart farming technologies help farmers optimize cultivation practices, leading to higher crop yields and improved food security. The development of IoT and AI technologies has enabled the creation of smart sensors, predictive analytics, and automation systems. These technologies provide farmers with real-time data insights for better decision-making. The scarcity of resources such as water, arable land, and labor has led to the need for sustainable farming practices. Smart farms enable precise resource management, reducing waste and environmental impact.
Opportunities:
Vertical Farming and Indoor Agriculture: Smart farming technologies are well-suited for vertical farming and indoor agriculture, where space is limited. Companies can develop solutions tailored to these environments, improving resource utilization and crop growth. Developing remote monitoring and automation solutions can assist farmers in managing their operations from anywhere. This includes remote control of irrigation systems, drones for crop surveillance, and robotic automation for tasks like harvesting. In conclusion, the Smart Farms Market is driven by the need for increased food production, resource optimization, and technological advancements. Companies operating in this market can capitalize on opportunities in data-driven farming, precision application technology, AI-powered crop management, vertical farming, farm management software, and remote monitoring to foster growth and success in the smart farming industry.
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Market segmentation
By Agriculture Type
• Precision Farming
• Livestock Monitoring
• Fish Farming
• Smart Greenhouse
• Others
By Offering
• Hardware
• Software
• Services
By Services
• System Integration and Consulting
• Support and Maintenance
• Connectivity Services
• Managed Services
• Professional Services
By Solution
• Network Management
• Agriculture Asset Management
• Supervisory Control
• and Data Acquisition
• Logistics and Supply Chain Management
• Smart Water Management
• Others
By Application
• Irrigation Management
• Yield Monitoring
• Crop Scouting
• Field Mapping
• Weather Tracking And Forecasting
• Inventory Management
• and Farm Labour Management
• Others
Regional Analysis of The Global Smart Farms Market
North America is Expected to Dominate the Market Over the Forecast Period.
The Global Smart Farms Market is experiencing significant growth in North America. The region is one of the largest adopters of technology-driven agriculture and has been an early adopter of smart farming practices. The key drivers behind the growth of the smart farms market in North America are as follows: North America is one of the most technologically advanced regions in the world, and the agriculture sector is no exception. With the adoption of precision farming techniques, advanced analytics, and IoT-based solutions, farmers are able to monitor crop health, irrigation, and weather conditions in real time, thereby reducing crop losses and improving productivity.
Geographic Segment Covered in the Report
• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)
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Key Industry Developments in the Global Smart Farms Market
In January 2021, AeroFarms announced a partnership with Hortifrut, a leading berry producer, to develop vertical farming solutions for berries.
In April 2021, AGCO announced a new partnership with Solinftec, a Brazilian agtech company, to expand its precision farming capabilities. The partnership aims to integrate Solinftec's digital agriculture platform with AGCO's equipment to provide farmers with more precise insights into their operations.
Table of content:
Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Agriculture Type
3.2 By Offering
3.3 By Services
3.4 By Solution
3.5 By Application
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological Roadmap
4.6 Regulatory Landscape
4.7 SWOT Analysis
4.8 Price Trend Analysis
4.9 Patent Analysis
4.10 Analysis of the Impact of Covid-19
4.10.1 Impact on the Overall Market
4.10.2 Impact on the Supply Chain
4.10.3 Impact on the Key Manufacturers
4.10.4 Impact on the Pricing
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Chapter 5: Smart Farms Market by Agriculture Type
5.1 Smart Farms Market Overview Snapshot and Growth Engine
5.2 Smart Farms Market Overview
5.3 Precision Farming
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size (2016-2030F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Precision Farming: Geographic Segmentation
5.4 Livestock Monitoring
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size (2016-2030F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Livestock Monitoring: Geographic Segmentation
5.5 Fish Farming
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size (2016-2030F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Fish Farming: Geographic Segmentation
5.6 Smart Greenhouse
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size (2016-2030F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 Smart Greenhouse: Geographic Segmentation
5.7 Others
5.7.1 Introduction and Market Overview
5.7.2 Historic and Forecasted Market Size (2016-2030F)
5.7.3 Key Market Trends, Growth Factors and Opportunities
5.7.4 Others: Geographic Segmentation
Chapter 6: Smart Farms Market by Offering
6.1 Smart Farms Market Overview Snapshot and Growth Engine
6.2 Smart Farms Market Overview
6.3 Hardware
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size (2016-2030F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Hardware: Geographic Segmentation
6.4 Software
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size (2016-2030F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 Software: Geographic Segmentation
6.5 Services
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size (2016-2030F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Services: Geographic Segmentation
To be continued…..
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