Press release
Smart Oil Crops Market Set to Expand at 10.1% CAGR Through 2034, Fueled by Technological Advancements in Precision Agriculture
Smart Oil Crops Market
Smart Oil Crops Market Size is valued at US$ 781.7 Mn in 2024 and is predicted to reach US$ 1,952.1 Mn by the year 2034 at an 10.1% CAGR during the forecast period for 2025-2034.
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Oilseeds that are produced with the help of innovative technologies and environmentally friendly methods to boost yields, quality, and efficiency in the use of resources are referred to as "smart oil crops." In order to control these crops, precision agriculture techniques are used, including sensors, drones, Internet of Things devices, and data analytics. These tools enable one to monitor weather patterns, pest infestations, soil conditions, and fertilizer requirements in real time.
The aim of smart oil crop cultivation is to maximize oil production while reducing input expenses, environmental footprint, and waste of resources. There has been increasing demand for smart oil crops as technology in agriculture evolves to address challenges such as resource limitation, climate variability, and increased productivity requirements. Additionally, the smart oil crops market has been increasing considerably due to the heightened demand for high-yield and sustainable oilseeds to meet global food and biofuel needs.
List of Prominent Players in the Smart Oil Crops Market:
• Deere & Company
• CNH Industrial N.V.
• AGCO Corporation
• Trimble Inc.
• Ag Leader Technology
• Topcon Corporation
• Valmont Industries, Inc.
• Corteva
• KUBOTA Corporation
• Kinze Manufacturing
• Lindsay Corporation
• Netafim
• Jain Irrigation Systems Ltd.
• BASF
• Farmers Edge Inc.
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Market Dynamics:
Drivers-
The increased need for sustainable and high-yield farming practices all over the globe is the primary driver behind the growth of market for smart oil crops. Precision farm equipment, data-driven crop management tools, and biotech seeds are some of the intelligent oil crop technologies that farmers and agribusiness companies are using to optimize production while maintaining resources.
Moreover, as consumers opt for healthier food choices increasingly, expanding awareness of the health advantages of oils produced by oil crops such as canola, soybean, and sunflower is fuelling market growth. In addition, new technologies, such as controlled irrigation, IoT sensors, and AI-based monitoring systems, are supporting farmers in enhancing oil content, reducing crop losses, and raising overall productivity.
Challenges:
For optimizing the production of oil crops, safety, and real-time data processing technology, a smart oil crops has been considered to be a viable option. Despite this, ignorance of the benefits and uses of the systems is expected to hold back the expansion of the global smart oil crops market, despite the potential of the technologies. In the petroleum and oil industry, initiating an operational plant normally requires a major capital investment.
Therefore, the industry is very resistant to implementing newer technologies that require drastic changes to existing processes. Additionally, it is also expected that the smart oil crops market will be hindered by a lack of awareness regarding the potential advantages of such technologies, which strengthens resistance to change.
Regional Trends:
North America dominated the highest market share of smart oil crops in 2024. The development of oil crop projects throughout the country is to be credited for this. And with huge investments in research and development for digital technology, the North American region has been at the forefront of the oil and gas industry's adoption of new technology. The oil and gas sector has increased and improved due to favorable regulatory laws and a focus on safety measures that have built an atmosphere that is conducive to innovation.
The Asia Pacific smart oil crops market is predicted to grow at the highest rate during the forecast period. Asia Pacific will become a primary region for the smart oil crops due to modernization and increasing energy needs. There are enormous opportunities for the growth of the smart oil crops market since nations such as China and India are giving high priority to oil and gas exploration and production in a bid to cater to their increasing energy needs.
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Recent Developments:
• April 2024: Agremo implemented their crop monitoring and plant counting systems with Black Gold Farms in the United States. Through the use of drone-based data and Agremo's AI analytics, this deployment improved crop emergence assessment and oilseed production input management, leading to notable increases in Black Gold Farms' sustainability and productivity.
Segmentation of Smart Oil Crops Market-
By Equipment-
• Planters
• Sprayers
• Tractors
• Harvesters
By Software -
• Remote Sensing and Prescription Software
• Farm Management and Decision Support Software
By Systems-
• Smart Irrigation Systems
• Navigation and Guidance Systems
• Field Sensing and Harvest Monitoring Systems
By Application-
• Sunflower
• Soybean
• Rapeseed (Canola)
• Others
By Region-
North America-
• The US
• Canada
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Mexico
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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