BANGALORE, India, Oct. 14, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Smart Agriculture Market by Type (Precision Farming, Livestock, Aquaculture, and Greenhouse), and Component (Solution, Service, and Connectivity Technology) and Region - Global Forecast to 2027", published on Valuates Reports.
The global smart agriculture market size was valued at USD 16,746.7 million in 2019 and is estimated to reach USD 29,234.6 million by 2027, with a CAGR of 9.7% from 2021 to 2027.
Some of the major trends influencing the smart agriculture market size are the rapidly rising population, increasing strain on the food supply system, the growing use of new technology in agricultural products, and farmers' growing focus on tracking livestock.
Smart agriculture offers real-time data on the conditions of soil, air, and crops. It aims at ensuring that the farm yield is productive and sustainable while preserving the environment.
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SMART AGRICULTURE MARKET OUTLOOK
The global competition between players will be increased by new players joining the global smart agriculture market. In order to retain their position in the industry, existing players are interested in the advancement of existing technology. Some of these players are trying to maintain the market through mergers and acquisitions.
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TOP COMPANIES IN THE SMART AGRICULTURE MARKET ARE:
Trimble Inc., Deere & Company, Topcon Positioning Systems, DeLaval Inc., AgEagle Aerial Systems Inc., Afimilk Ltd, Raven Industries, Inc., Ag Junction LLC., AGCO Corporation, and GEA Group.
TRENDS INFLUENCING THE SMART AGRICULTURE MARKET SIZE
The growing adoption of automation and control systems, such as GPS/GNSS receivers, irrigation controllers, and guidance and steering systems, has created a new approach to farming practices. This, in turn, is expected to increase the growth of the smart agriculture market size during the forecast period.
It is anticipated that growing investment and R&D spending on agricultural technology around the world and increasing the popularity of land-based recirculating aquaculture systems would fuel the growth of the smart agriculture market size.
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COVID-19 IMPACT ON SMART AGRICULTURE MARKET
Due to the COVID-19 pandemic, the smart agriculture market is expected to see a marginal fall in 2020 as movement restrictions and lockdowns have led to supply chain disruptions.
As the access to animal feed has diminished and decreased slaughterhouses' capacity due to logistical constraints and labor shortages, the impact of COVID-19 on the livestock sector is even more evident. It is expected that the closure of enterprises and quarantine steps would have a negative effect on suppliers of goods for controlling livestock.
However, the usage of remote monitoring technology and farm management software tools could lead to higher adoption during the post-COVID-19 period.
SMART AGRICULTURE MARKET SHARE ANALYSIS
Based on type, the precision farming segment held the largest market share in 2019. in terms of market share for smart agriculture and is expected to retain its dominance during the forecast period. In the agriculture sector, improvements in software and hardware technologies such as sensors, robotic automation, and others are boosting the demand for precision farming.
North America is expected to hold the largest smart agriculture market share during the forecast period. North America's dominance is attributed to the growing government initiatives and regulations to improve the agricultural industry in the region.
Asia Pacific is expected to witness the highest growth during the forecast period. While smart farming is at the early stage in this region, increasing government support and growing knowledge among farmers propel the adoption during the forecast period.
KEY MARKET SEGMENTS
By type
- Precision Farming
- Livestock
- Aquaculture
- Greenhouse
By Component
- Solution
- Hardware
- HVAC System
- LED Grow Lights
- Valves & Pumps
- Sensor & Control Systems
- Others
- Software
- Network Management
- Agriculture Asset Management
- Smart Water Management
- Irrigation Management
- Service type
- Consulting
- System Integration and Deployment
- Support and Maintenance
- Connectivity Technology Type
- Cellular IoT
- LoRa
- NB-IoT
- Global Navigation Satellite System (GNSS)
- Wi-Fi
- SIGFOX
- Wireline
- Wireless Personal Area Network (WPAN)
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia & New Zealand
- Korea
- ASEAN
- Rest of Asia-pacific
- LAMEA
- Brazil
- South Africa
- Turkey
- Saudi Arabia
- Rest of LAMEA
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SIMILAR REPORTS
?Precision Farming Market Report
The Global Precision Farming Market size is expected to grow from USD 6,275.40 Million in 2019 to USD 12,865.10 Million by 2025 at a Compound Annual Growth Rate (CAGR) of 12.70%.
View Full Report: https://reports.valuates.com/market-reports/360I-Auto-9S251/the-global-precision-farming
?Aquaculture Market Report
The aquaculture market size was valued at USD 169 Billion in 2015 and is anticipated to grow at a CAGR of 5.3% to reach USD 242 billion by 2022.
View Full Report: https://reports.valuates.com/market-reports/ALLI-Auto-4P104/aquaculture
?Smart Agriculture Solution Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-13F1981/global-smart-agriculture-solution
?Smart Agriculture Precision Farming Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-28D2813/global-smart-agriculture-precision-farming
?Smart Agriculture Smart Greenhouse Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-16G3032/global-smart-agriculture-smart-greenhouse
?Smart Agriculture Tools Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-9R1874/global-smart-agriculture-tools
?Climate-Smart Agriculture Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-30E2901/global-climate-smart-agriculture
?Smart Agriculture Precision Forestry Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-28J2783/global-smart-agriculture-precision-forestry
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