Press release
Agriculture Sensor Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
Agriculture Sensor Market
Market Size And Growth Forecast:
The agriculture sensor market size has grown rapidly in recent years. It will grow from $1.78 billion in 2023 to $2.09 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to global population growth, government initiatives and subsidies, precision agriculture adoption, climate change and environmental concerns, rise in crop losses.
The agriculture sensor market size is expected to see rapid growth in the next few years. It will grow to $3.84 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to emerging markets, increasing demand for automation, increasing demand for agricultural products, adoption of smart farming techniques, increasing public and private sector funding. Major trends in the forecast period include multi-parameter sensors, edge computing, artificial intelligence (ai) and machine learning, remote sensing, iot-enabled sensors.
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Market Segmentation:
The main types of agriculture sensors are humidity sensors, electrochemical sensors, mechanical sensors, optical sensors, pressure sensors, water sensor, soil sensors, and location sensors. The humidity sensor market consists of sales of humidity sensors by entities (organizations, sole traders, and partnerships) that are used to check the moisture and humidity ratio of land. There are four main types of humidity sensors, namely, conductive humidity sensors, thermal conductivity sensors, optic hygrometers, and oscillating hygrometers. It has various end user industry such as manufacturing, automotive, aerospace, packaging, healthcare, electronics and other end-users. These agriculture sensors are used for soil monitoring, yield mapping and monitoring, disease detection and control, weed mapping, and other applications.
Major Driver - Increasing Adoption Of Smart Farming Practices Drives The Agriculture Sensor Market
The increasing adoption of smart farming practices is expected to propel the growth of the agriculture sensor market over the coming years. Agriculture sensors are widely utilized in smart farming practices for various on-field activities such as weather forecasts, measuring leaf wetness and trunk diameter, spreading pesticides as well as insecticides, and others. The advantages of the sensor over existing technologies, such as easy installation, cheaper use, minimizes pollution and global warming, and remotely controllable, have led to a rapid surge in the utilization of technologies related to sensors in agricultural applications. For instance, according to the study conducted by McKinsey Global Institute, a business and economics research wing of McKinsey, smart farming practices are expected to create up to $11 trillion in economic benefits globally by 2025. Thus, the rapid growth in the adoption of smart farming practices by agricultural communities is expected to drive the growth of agricultural sensor market during the forecast period.
Competitive Landscape:
Major companies operating in the agriculture sensor market include Libelium Comunicaciones Distribuidas S.L., Auroras, Acuity Agriculture, Pycno, AgSmarts Inc., edyn Limited, Acclima Inc., CAIPOS GmbH, Vegetronix Inc., Sentek Pty Ltd., AquaSpy Inc., CropX, Ag Leader Technology, Sol Chip Ltd., Sentera LLC, dol-sensors A/S, Glana Sensors AB, Monnit Corporation, Sensoterra, Phytech Ltd., Stellapps Technologies Pvt. Ltd., Mastiline Electronics, CanopyBoulder, Motorleaf Inc., Spensa Technologies Inc., FieldIn, Saturas Ltd., Farmobile LLC, Grassometer, Farmers Edge Inc., Advanced Animal Diagnostics Inc., Granular Inc., Trace Genomics, Arable Labs Inc., CropMetrics LLC, AgriData Inc.
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Top Trend - Emergence Of Advanced Technologies In Agricultural Sensor
The emergence of advanced technologies is a key trend gaining popularity in the agriculture sensor market. The key players in the agriculture sensor market are focusing on developing innovative products with emerging technologies and low-cost features to meet the growing demand for smart farming technologies and solutions across the globe. For instance, in March 2021, Monnit Corporation, a USA-based manufacturer of remote monitoring and wireless sensors, launched the ALTA Soil Moisture Sensor, which alerts operators on mobile devices and computers on the location of crops or commercial landscaping to be watered. The two-in-one sensor soil moisture sensor measures both soil water tension and temperature and alerts the operator.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Agriculture Sensor Market Characteristics
3. Agriculture Sensor Market Trends And Strategies
4. Agriculture Sensor Market - Macro Economic Scenario
5. Agriculture Sensor Market Size And Growth
…..
27. Agriculture Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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