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In-Depth Analysis of the Remote Sensing Technology for Agriculture Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Remote Sensing Technology for Agriculture Market
The advancement in the agricultural sector, driven by increased cultivation for crop growth businesses, is predicted to spur the development of remote sensing technology in the agricultural market. The technology is utilized to enhance farming yields by improving soil properties, crop species, and monitoring weeds and crop diseases. For example, Victoria's agriculture and food industries reported a record-setting $20.2 billion for its gross value of agricultural production (GVAP) in 2021-2022, according to the Australia-based Department of Agriculture and Food Security in August 2024. This is a significant 15%, or $2.7 billion, progression in comparison to the preceding year's GVAP. Therefore, the accelerating advancement in the agricultural sector is fueling the growth of the remote sensing technology market for agriculture.
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What growth opportunities are expected to drive the remote sensing technology for agriculture market's CAGR through 2034?
The market size of agricultural remote sensing technology has experienced robust growth in recent years. It's projected to rise from $1.93 billion in 2024 to $2.08 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%. The historic growth can be linked to the assimilation of geographic information systems (GIS), the emergence of satellite-based solutions, the advancement of unmanned aerial vehicles (UAVs), the progression of image processing techniques, and precision agriculture initiatives.
Expectations for the agriculture remote sensing technology market are positive for the upcoming years, projecting robust expansion. It is estimated to escalate to $3.05 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 10.0%. This anticipated growth in the forecast period can be credited to factors like government investment and schemes, an emphasis on sustainable farming, the incorporation of IoT and sensors, acceptance of precision farming, and improved satellite imaging offerings. Key trends for this forecast timeframe incorporate governmental backing and initiatives, the rise of big data analysis, IoT proliferation in farming, focus on high-precision farming, and creation of satellite-based solutions.
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What are the emerging trends shaping the future of the remote sensing technology for agriculture market?
Strategic alliances are becoming an increasingly popular trend in the agricultural remote sensing technology field. Notable companies in this sector are collaborating to innovate in agricultural practices. For example, General Mills Inc., a multinational manufacturer from the USA, formed a partnership with Regrow Agriculture Inc., a company based in the UK that focuses on remote sensing technology in agriculture in January 2022. The aim of this alliance is to supervise agricultural practices and expand their global prospects. Additionally, in February 2023, EOS Data Analytics (EOSDA), an American company known for its AI-empowered satellite imagery analytics, collaborated with Agrvision. This partnership seeks to address key environmental, agricultural and sustainability issues and boosts the regenerative agricultural initiatives of the farmers involved. The goal is to empower local farmers to make informed decisions regarding their crop cultivation, sharing insights on agricultural analytics and remote sensing technologies. Agrvision, based in Kenya, offers agri-tech solutions to both agricultural and forestry industries.
Which growth-oriented segments of the remote sensing technology for agriculture market are leading the industry's development?
The remote sensing technology for agriculture market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Application: Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking And Forecasting, Irrigation Management, Inventory Management, Farm Labor Management, Other Applications
Subsegments:
1) By Hardware: Sensors, Drones And UAVs (Unmanned Aerial Vehicles), Ground-Based Equipment
2) By Software: Data Analytics Software, Geographic Information System (GIS) Software, Image Processing Software
3) By Services: Data Acquisition And Management Services, Consulting And Advisory Services, Training And Support Services
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What regions are leading the charge in the remote sensing technology for agriculture market?
North America was the largest region in the remote sensing technology for agriculture market in 2024. The regions covered in the remote sensing technology for agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the remote sensing technology for agriculture market?
Major companies operating in the remote sensing technology for agriculture market include Yara International ASA, Koch Ag & Energy Solutions, Coromandel International Limited, Agriculture Solutions Inc., Sapec Agro S.A, Kugler Company, ICL Group Ltd., Honeywell International Inc., Green Peak Technologies LLC, ABB Ltd., Kheti Buddy Pvt. Ltd., Trimble Inc., PrecisionHawk Inc., Deere & Company, Ag Leader Technology, Raven Industries Inc., Topcon Corporation, AgJunction Inc., SST Software BV, The Climate Corporation, Iteris Inc., Taranis Inc., Gamaya, MicaSense Inc., TerrAvion Inc., Descartes Labs, CropX Technologies Inc., Granular Inc.
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What Is Covered In The Remote Sensing Technology for Agriculture Global Market Report?
• Market Size Forecast: Examine the remote sensing technology for agriculture market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the remote sensing technology for agriculture market for a structured understanding.
• Key Players Overview: Analyze major players in the remote sensing technology for agriculture market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the remote sensing technology for agriculture market.
• Segment Contributions: Evaluate how different segments drive overall growth in the remote sensing technology for agriculture market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the remote sensing technology for agriculture market.
• Industry Challenges: Identify potential risks and obstacles affecting the remote sensing technology for agriculture market.
• Competitive Landscape: Review strategic developments in the remote sensing technology for agriculture market, including expansions, agreements, and new product launches.
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