Revolutionizing Agriculture: Crop Monitoring Market Set to Reach $8.9 Billion by 2030

Meticulous Research® announces an exciting forecast for the global crop monitoring market, which is expected to achieve a valuation of $8.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 19.3% during the forecast period. This significant growth is driven by several key factors, including the rising demand for remote sensing technologies to enhance precision farming, increasing government support for IoT adoption in agriculture, and the growing need for high-quality agricultural products due to a rising global population. However, the market may face challenges such as high costs associated with advanced agricultural equipment and fluctuating government regulations in the sector.

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Opportunities and Challenges:
The integration of AI and IoT technologies into crop monitoring devices and the continuous advancements in mapping and navigation solutions are set to offer substantial growth opportunities. Yet, the lack of technical expertise among farmers and the limited penetration of agricultural technologies in developing countries may present hurdles to market expansion.

Market Segmentation and Insights:
Meticulous Research® has segmented the crop monitoring market based on offering, technology, farm type, application, and geography to provide a detailed analysis:

Offering: The market is divided into hardware, software, and services. In 2024, the hardware segment is anticipated to hold the largest market share. This dominance is attributed to the rapid automation of agricultural processes, increased use of drones for yield monitoring, and rising labor costs. Notably, in November 2021, XAG Co., Ltd. (China) launched the V40 and P40 agricultural drones designed to enhance efficiency in rural areas with aging populations and limited infrastructure.

Technology: The market is categorized into remote sensing, AI & computer vision, IoT, cloud technologies, big data, automation & robotics, and other technologies. The remote sensing segment is expected to be the largest in 2024, thanks to decreasing sensor prices, accelerated automation, and increased government funding for farm automation systems. For example, Farmsense (U.S.) introduced the FlightSensor in June 2022, a real-time pest monitoring system aimed at optimizing crop management.

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Farm Type: The market is segmented into small farms (less than 2 hectares), medium farms (2-10 hectares), and large farms (more than 10 hectares). The large farms segment is projected to lead the market in 2024 due to the extensive adoption of advanced technologies for comprehensive crop assessment over large areas.

Application: Segments include yield monitoring, field mapping, crop scouting, nutrient monitoring, pest control, and other applications. Yield monitoring is expected to dominate in 2024, driven by precision farming practices, increased food consumption, and government subsidies in the agriculture sector. An example is NASA's partnership with CropX Inc. (Israel) in March 2021 to enhance water usage estimates and improve crop yields.

Geography: The market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe is forecasted to capture the largest market share in 2024, propelled by the high demand for advanced food products, farmer interest in precision farming, and substantial government investments. Noteworthy is the European Union's USD 9.3 million funding for the Robs4Crops project, which aims to advance robotics and automation in European agriculture.

Key Players:

Leading companies 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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Air Quality Monitoring Market: https://www.meticulousresearch.com/product/air-quality-monitoring-market-5646

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Remote Asset Monitoring Market: https://www.meticulousresearch.com/product/remote-asset-monitoring-market-5544

Environmental Monitoring Market: https://www.meticulousresearch.com/product/environmental-monitoring-market-5024

Mr. Khushal Bombe
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This release was published on openPR.