Press release
2024 Agriculture Imaging Sensor Market: Latest Innovations and Growth Trends
Agriculture Imaging Sensor Market
According to The Business Research Company's, The agriculture imaging sensor market size has grown rapidly in recent years. It will grow from $1.09 billion in 2023 to $1.24 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to increased demand for data-driven decision-making, global food security concerns, and integration with digital agriculture platforms.
The agriculture imaging sensor market size is expected to see rapid growth in the next few years. It will grow to $2.11 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to expansion of precision agriculture practices, demand for sustainable agriculture solutions, digital transformation in agriculture, and rapid urbanization and land use changes. Major trends in the forecast period include integration with AI and machine learning, drone-based sensing solutions, cloud-based data management and analytics, focus on sustainability and climate resilience, and emerging applications in agtech.
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Market Drivers and Trends:
The increasing adoption of precision agriculture is expected to propel the growth of the agriculture imaging sensor market going forward. Precision agriculture refers to the application of cutting-edge technology and data analytics to agricultural production management to optimize crop yield through precise management. The adoption of precision agriculture is increasing due to several factors, including the growing demand for food and agricultural products caused by an increasing world population. Agricultural imaging sensors play a significant role in facilitating precision agriculture by furnishing farmers with immediate, comprehensive field data, empowering informed decision-making, and enhancing resource management efficiency. For instance, in August 2023, according to GeoPard Agriculture, a Germany-based developer of an agriculture analytics platform, the adoption of precision agriculture practices experienced gradual growth, starting at 25% in 2021 and subsequently rising to 27% in 2022. Therefore, the increasing adoption of precision agriculture is driving the growth of the agriculture imaging sensor market.
Major companies operating in the agriculture imaging sensor market are focusing on developing innovative solutions, such as tractor-mounted sensors, to gain a competitive edge in the market. A tractor-mounted sensor in agriculture imaging refers to a specialized device or piece of equipment that is attached to a tractor to collect various types of data and imagery related to agricultural fields and crops. For instance, in October 2023, Aurea Imaging, a Netherlands-based crop intelligence firm, launched TMS TreeScout to revolutionize precision orchard management by introducing the world's first fully integrated tractor-mounted sensor powered by AI and 3D computer vision technology. TMS TreeScout is a groundbreaking solution developed by Aurea Imaging for precision orchard management. This innovative system integrates AI and 3D computer vision technology to provide fruit growers with advanced capabilities such as tree scanning, blossom mapping, vigor scoring, and precision thinning.
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Major Key Players of the Market:
Topcon Corporation, BASF SE, Bayer AG, Deere & Company, Honeywell International Inc., Syngenta Group, Yara International ASA, CNH Industrial, Kubota Corporation, Corteva Agriscience, AGCO Corporation, Teledyne Technologies Incorporated, Trimble Inc., FLIR Systems Inc., Raven Industries, The Climate Corporation, Parrot SA, Ag Leader Technology, Taranis, Sentera Inc., Farmers Edge Inc., PrecisionHawk, MicaSense Inc., Agribotix LLC, Slantrange Inc.
Agriculture Imaging Sensor Market 2024 Key Insights:
• The agriculture imaging sensor market size is expected to see rapid growth in the next few years. It will grow to $2.11 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%.
• The Role Of Precision Agriculture In Driving Agriculture Imaging Sensor Market Growth
• Innovative Solutions Transforming Precision Orchard Management
• North America was the largest region in the agriculture imaging sensor market in 2023
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