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Crop Monitoring Market Size, Share, Forecast, & Trends Analysis | Meticulous Research
Meticulous Research®, a premier global market research firm, 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.'Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5659
In the prognostications detailed in this new publication, Meticulous Research® forecasts that the global crop monitoring market will surge to $8.9 billion by 2030, exhibiting a robust CAGR of 19.3% throughout the forecast period. This upward trajectory is underpinned by the escalating demand for remote sensing technologies in precision farming, burgeoning governmental support for IoT adoption in agriculture, and the relentless global pursuit for high-quality agricultural products fueled by population growth. However, challenges such as the high costs associated with advanced agricultural equipment and the dynamic regulatory landscape governing the agriculture sector pose potential constraints on market expansion.
The integration of AI and IoT technologies into crop monitoring devices, coupled with continual advancements in mapping and navigation solutions, is anticipated to unlock significant growth avenues for the global crop monitoring market. Nevertheless, obstacles like the lack of technical proficiency among farmers and the limited penetration of agricultural technologies in developing nations could impede market growth.
Meticulous Research® has meticulously segmented the market based on offering, technology, farm type, application, and geography for a comprehensive analysis. The study not only assesses industry competitors but also scrutinizes the market at regional and country levels.
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Offering Insights:
Hardware Dominates: In 2023, the hardware segment is poised to dominate the global crop monitoring market. This ascendancy is credited to the swift automation of agricultural processes, an upsurge in drone demand for yield monitoring, and the rising costs of labor. Notably, XAG Co., Ltd. (China) introduced V40 and P40 agricultural drones in November 2021, specifically designed for rural areas with aging populations and weak infrastructure, enabling mapping, spraying, and broadcasting on farms.
Technology Landscape:
Remote Sensing Leads: The remote sensing segment is anticipated to command the largest share of the global crop monitoring market in 2023. This dominance is fueled by decreasing sensor prices, the rapid automation of agricultural processes, and increasing governmental investments in promoting farm automation systems. Noteworthy is Farmsense's (U.S.) launch of FlightSensor in June 2022, a real-time pest monitoring system enhancing pest management efforts for commercial farmers.
Farm Type Dynamics:
Large Farms Prevail: The large farms segment is expected to seize the largest share in 2023, driven by the escalating adoption of advanced technologies for comprehensive assessment of crop health, growth, and yield across extensive land areas.
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Application Focus:
Yield Monitoring Takes the Lead: In 2023, the yield monitoring segment is projected to dominate the global crop monitoring market. This prevalence is attributed to the increasing adoption of precision farming, surging population, government subsidies in the food and agriculture industry, and the quest for improved profitability and yield.
Regional Overview:
Europe at the Helm: Europe is poised to claim the largest share of the global crop monitoring market in 2023. The region's supremacy is fueled by an increasing demand for enhanced food products, a growing farmer interest in precision farming, and substantial government investments in IoT solutions. Notably, in January 2021, the European Union allocated USD 9.3 million (EUR 7.9 million) funding for the Robs4Crops project, aiming to accelerate the widespread adoption of robotics and automation in European farming over four years.
Key Players:
Leading the charge in the global crop monitoring market are top-tier entities such as 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), and other notable industry players.
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About Meticulous Research®
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.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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