Crop Monitoring Market to be Worth $8.9 Billion by 2030

Leading global market research firm, Meticulous Research®, has unveiled its latest research report titled, 'Crop Monitoring Market by Offering, Technology (Remote Sensing, AI & Computer Vision, Automation & Robotics, Others), Farm Type, Application (Yield Monitoring, Crop Scouting, Nutrient Monitoring, Others), and Geography - Global Forecast to 2030.'

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In this groundbreaking publication, Meticulous Research® forecasts the global crop monitoring market to achieve a remarkable valuation of $8.9 billion by 2030, exhibiting a compelling CAGR of 19.3% during the forecast period. The unprecedented growth trajectory of the crop monitoring market is underpinned by the escalating demand for remote sensing technologies for precision farming, augmented by increasing government initiatives advocating the adoption of IoT in the agriculture sector. Additionally, the surge in global population and the burgeoning demand for high-quality agricultural products further contribute to this market's expansion. However, challenges such as the high costs of advanced agricultural equipment and the dynamic regulatory landscape for the agriculture sector pose potential constraints to market growth.

The integration of AI and IoT technologies into crop monitoring devices, coupled with continuous advancements in mapping and navigation solutions, presents substantial growth opportunities for the global crop monitoring market. Nevertheless, obstacles like a lack of technical knowledge among farmers and the limited penetration of agricultural technologies in developing countries may impede the market's progress.

Meticulous Research® has meticulously segmented the market based on offering, technology, farm type, application, and geography to facilitate comprehensive analysis. The study delves into industry competitors and offers in-depth analyses at both regional and country levels.

Offering Insights:
The global crop monitoring market is categorized into hardware, software, and services. In 2023, the hardware segment is anticipated to dominate the market, driven by the rapid automation of agricultural processes, the surging demand for drones to monitor yield, and rising labor costs. For instance, XAG Co., Ltd. (China) launched V40 and P40 agricultural drones in November 2021, designed to improve crop yields, reduce costs, and monitor crop health.

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Technology Landscape:
The technology segment includes remote sensing, AI & computer vision, IoT, cloud technologies, big data, automation & robotics, and other technologies. The remote sensing segment is poised to capture the largest market share in 2023, fueled by decreasing sensor prices, the swift automation of agricultural processes, and government spending to promote farm automation systems. For example, Farmsense (U.S.) launched FlightSensor in June 2022, a real-time pest monitoring system supporting commercial farmers in efficient pest management, optimizing crop yield, and enhancing insect monitoring and crop management efforts.

Farm Type Dynamics:
The market segmentation based on farm type comprises small farms (less than 2 hectares), medium farms (between 2 - 10 hectares), and large farms (more than 10 hectares). In 2023, the large farms segment is anticipated to lead the market, propelled by the increasing adoption of advanced technologies for swift and accurate assessment of crop health, growth, and yield across expansive land areas.

Application Insights:
Applications include yield monitoring, field mapping, crop scouting, nutrient monitoring, pest control, and other applications. The yield monitoring segment is projected to hold the largest market share in 2023, driven by the rising adoption of precision farming, increasing food consumption due to a growing population, government subsidies in the food and agriculture industry, and the pursuit of enhanced profitability and yield. Notably, NASA (U.S.) collaborated with CropX Inc. (Israel) in March 2021 to establish parameters for water usage estimates, yield prediction, soil quality, and sustainable agriculture improvement.

Geographical Overview:
The global crop monitoring market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe is expected to dominate the market in 2023, owing to increased demand for improved food products, growing farmer interest in precision farming, and rising government investments in IoT solutions. For instance, in January 2021, the European Union allocated USD 9.3 million (EUR 7.9 million) funding to the Robs4Crops project, aiming to accelerate the large-scale implementation of robotics and automation in European farming.

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Key Players:
Key players in the global crop monitoring market include Topcon Corporation (Japan), Trimble Inc. (U.S.), Climate LLC (U.S.), Yara International ASA (Norway), CropX Inc. (Israel), EOS Data Analytics, Inc. (U.S.), The Cropio Group (U.S.), PrecisionHawk (U.S.), Taranis (Israel), Ag Leader Technology (U.S.), Deere & Company (U.S.), AGCO Corporation (U.S.), Sentera (U.S.), American Robotics, Inc. (U.S.), SGS S.A. (Switzerland), Cropin Technology Solutions Private Limited (India), Arable (U.S.), and Small Robot Company (U.S.).

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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