Press release
Remote Sensing Technology for Agriculture Market Anticipated To Witness Robust Growth, Surpassing $3.05 Billion By 2029
Remote Sensing Technology for Agriculture
How Big Is the Remote Sensing Technology for Agriculture Market Size Expected to Be by 2034?
The market size for agricultural remote sensing technology has seen robust growth in the past few years. It is projected to increase from $1.93 billion in 2024 to $2.08 billion in 2025, at a compound annual growth rate (CAGR) of 7.7%. This growth during the historical period can be related to the incorporation of geographic information systems (GIS), the emergence of satellite-based solutions, the development of unmanned aerial vehicles (UAVs), the advancement of image processing techniques, and initiatives in precision agriculture.
The market size for agricultural remote sensing technology is anticipated to witness considerable growth in the upcoming years, reaching $3.05 billion by 2029 with a compound annual growth rate (CAGR) of 10.0%. The growth during the forecast period can be credited to factors such as government funding and programs, emphasis on sustainable farming methods, integration of IoT and sensors, increased adoption of precision agriculture, and improved satellite imaging services. Key trends during the forecast period encompass government initiatives and backing, development of big data analytics, growth of IoT applications in agriculture, concentration on precision agriculture, and advancement of satellite-centric solutions.
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How Are Emerging Segments Shaping the Remote Sensing Technology for Agriculture Market Landscape?
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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Which Growth Factors Are Influencing Remote Sensing Technology for Agriculture Market Expansion?
The growth of remote sensing technology in the agriculture market is anticipated to be fueled by increased adoption in the agricultural sector. This sector is defined as the cultivation of ground for businesses mainly focusing on crop production. To boost farm production, remote sensing technology is utilized, enhancing soil attributes, crop varietals, along with identification and monitoring of weed infestations and crop diseases. For example, data from Victoria's agricultural and food industries, managed by the Australia-based Department of Agriculture and Food Security, revealed in August 2024 that Victoria's gross value of agricultural production (GVAP) soared to a record $20.2 billion in the fiscal year 2021-22. This indicates an impressive 15% growth, or an increase of $2.7 billion, compared to the GVAP of the preceding year. Consequently, the expanding utilization of the agricultural sector propels the remote sensing technology in the agriculture market.
Who Are the Dominant Players Across Different Remote Sensing Technology for Agriculture Market Segments?
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.
What Are the Latest Developing Trends in the Remote Sensing Technology for Agriculture Market?
One of the primary trends gaining traction in the remote sensing technology for the agriculture market is the formation of strategic alliances. Major companies in this market are forging partnerships to enhance agricultural techniques. For instance, General Mills Inc., a multinational manufacturing firm from the US, entered into a partnership with Regrow Agriculture Inc., a UK-based company specializing in remote sensing technology for agriculture, in January 2022. The goal of this collaboration is to oversee agricultural procedures and expand their prospects on a global scale. Moreover, in February 2023, EOS Data Analytics (EOSDA), an American firm offering AI-driven satellite imagery analytics, entered into a partnership with Agrvision. The aim here is to address significant ecological, agricultural, and sustainability issues while supporting the regenerative agriculture goals of farmers involved. This collaboration is expected to enable local farmers to make knowledgeable decisions regarding crop growth and furnish them with insights about agricultural analytics and remote sensing technologies. Agrvision, based in Kenya, offers cutting-edge solutions to the agricultural and forestry markets.
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Which Geographic Regions Are Expected to Dominate the Remote Sensing Technology for Agriculture Market in the Coming Years?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Remote Sensing Technology for Agriculture Market?
2. What is the CAGR expected in the Remote Sensing Technology for Agriculture Market?
3. What Are the Key Innovations Transforming the Remote Sensing Technology for Agriculture Industry?
4. Which Region Is Leading the Remote Sensing Technology for Agriculture Market?
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