Smart Agriculture Market is Expected to Reach USD 45.39 Billion by 2030
As per the report published by Kings Research, the global Smart Agriculture Market was valued at USD 14.32 billion in 2022 and is projected to reach USD 45.39 billion by 2030, growing at a CAGR of 15.55% from 2023 to 2030.
The market for smart agriculture is expected to witness significant growth, fueled by the increasing size of farms and advancements in technology. These developments enable improved efficiency, productivity, and profitability within the industry. However, the smart agriculture market might experience a relatively slower growth rate due to the fragmented nature of the agriculture industry, which poses challenges in the adoption and implementation of advanced technologies and solutions.
- Based on the type, hardware was the largest segment valued at USD 7.57 billion in 2022
- Based on application, the precise farming segment held the greatest market share of 62.52%
- On the basis of region, Asia-Pacific is the fastest-growing region with a CAGR of 19.99%
Topcon's Groundbreaking Transplanting Technology Revolutionizes Specialty Farming Operations
In February 2023, Topcon Positioning Systems launched transplanting guidance and control technology specifically designed for specialty farmers. This technology aims to optimize transplanting operations, ensuring precise and efficient planting. The new solution enhances accuracy, reduces labor requirements, and improves overall productivity for specialty crop growers.
Farmers Edge Launches Smart Carbon For Farmers to Track and Manage Emissions for Sustainable Agriculture
In June 2021, Farmers Edge Inc. introduced Smart Carbon, a new product that enables farmers to track and manage their carbon emissions and sequestration. This technology offers opportunities for data-driven insights and allows farmers to participate in carbon credit markets. Smart Carbon empowers farmers to make informed decisions while contributing to environmental sustainability.
Introduction of Infrastructural Health Sensors to Play Crucial Role in Fueling Market Growth
Infrastructural Health (IH) sensors play a vital role in monitoring the health and condition of agricultural infrastructure such as irrigation systems and storage facilities. By continuously collecting data on crucial parameters, these sensors enable farmers to optimize their operations and conserve resources. The implementation of IH sensors improves efficiency and ensures sustainable practices in agriculture. With the increasing focus on precision farming and sustainable agricultural practices, the adoption of these sensors is expected to drive significant growth in the smart agricultural market.
Traditional Farming Practices Pose Adoption Barriers to The Market Growth
The growth of the smart agriculture market may face hurdles due to adoption barriers in traditional farming practices. Many farmers are accustomed to conventional methods and may be resistant to change. The cost of implementing smart agriculture technologies, such as sensors, drones, and automated systems, can also be a significant barrier for small-scale farmers with limited resources. Moreover, the lack of awareness and knowledge about these advanced solutions among farmers may further impede their adoption. Overcoming these barriers will require extensive education, training programs, and incentives to encourage farmers to embrace smart agriculture practices and unlock the full potential of the market.
Asia-Pacific Leads Smart Agriculture Market with Focus on Water Conservation
The remarkable surge in smart agriculture market is expected to be largely driven by the Asia-Pacific region. The inclination towards sustainable practices and proficient management of resources, primarily water conservation, has led to the adoption of advanced agricultural technologies in the region. Farmers in the APAC region are readily adopting smart solutions such as sensor-based monitoring, data-driven analytics, and precision irrigation systems to refine their crop management and water utilization. This trend is expected to continue, with the Asia-Pacific region heading the worldwide adaptation of smart agriculture practices, thus propelling the growth of the market in upcoming years.
Companies Concentrate on Releasing Cutting-edge Products to Expand Their Market Reach
The market is fragmented with key players such as Deere & Company, Trimble Inc., Raven Industries, Agco Corporation, Topcon Positioning Systems, Autonomous Solutions, Inc., Delaval Inc, Farmers Edge Inc, Boumatic Robotic B.V., Agjunction, Inc., and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.