- The energy management market in agriculture industry is projected to expand at a CAGR of 4.7% during 2022 to 2031
- Surge in investments toward energy efficiency by governments of several nations globally is boosting the market growth
- Increase in the use of advanced agriculture technologies in North America is propelling the regional market
WILMINGTON, Del., Aug. 16, 2022 /PRNewswire/ -- The global energy management market in agriculture industry is estimated to be valued at US$ 275.9 Mn by 2031, notes an assessment by Transparency Market Research (TMR). Hence, the market is prognosticated to expand at CAGR of 4.7% during the forecast period of 2022 to 2031.
The TMR analysis offers in-depth knowledge on important facets of the global market including the growth drivers, restraints, R&Ds, and the list of key vendors in energy management market in agriculture industry. Moreover, the report sheds light on the recent trends in the energy management market in agriculture industry. In addition, the study sheds light on the future of energy management market in agriculture industry.
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Energy Management Market in Agriculture Industry: Key Findings
- The use of energy management services is being increasing across several developing and developed nations globally. While the adoption of latest technological advancements is being rising around the world, the understanding on the importance of energy management is also increasing. These factors are expected to result into increasing demand for energy management market in agriculture industry during the forecast period.
- Energy efficiency is gaining impetus in the recent years as a vital part of the management of sustainable energy so as to reduce the energy consumption and utilize it for the economic growth of a nation. Approximately 30% of the global energy is being utilized by the agriculture and food sectors. Thus, a surge in the agricultural energy efficiency is foreseen to assist in decreasing the demand for energy. As per the United States Department of Agriculture (USDA), farms are both energy consumers as well as producers. Majority of the farms utilize non-renewable fossil fuels including gasoline, propane, and diesel. Moreover, these farms can generate notably higher amount of energy than they utilize, note analysts of a TMR study on the global energy management market in agriculture industry.
- The quality of products is also being improving due to technological advancement in the energy management, resulting in to more user-friendly designs. Moreover, such systems utilize minimum labor and less time to operate. This aside, they do not require any programming. As a result, the energy management helps in decreasing the service and maintenance costs. Hence, rise in the investments on energy efficiency are expected to help in fueling the applications of energy management market in agriculture industry in the near future. This, in turn, is likely to boost the market demand for energy management in agriculture industry.
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Energy Management Market in Agriculture Industry: Growth Boosters
- Rise in the investments by developed and developing nations for energy efficiency is expected to fuel the expansion in the energy management market in agriculture industry
- Reduction in operational costs and technological advancements are expected to fuel the sales growth in the energy management market in agriculture industry in the near future
- Surge in the utilization of solar irrigation globally is propelling the energy management market in agriculture industry
Energy Management Market in Agriculture Industry: Regional Analysis
- The energy management market in agriculture industry in North America is expected to show profitable prospects during the forecast period owing to rise in the adoption of and investments in the next-gen agriculture technologies across the regional agriculture industry
- The market is anticipated to gain notable business opportunities in Asia Pacific and Europe due to many factors including rise in the technological developments in these regions
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Energy Management Market in Agriculture Industry: Key Players
Some of the key players profiled in the report are:
- GDS Associates, Inc. Engineers and Consultants
- Navy Blue Energy
- Integrated Technology Australia
- Enfragy Solution India Private Limited
- Logics PowerAMR Private Limited
Energy Management Market in Agriculture Industry Segmentation
- Source
- Biomass Fuel
- Conventional Energy
- Renewable Energy
- Application
- Indore Agriculture
- Vertical Agriculture
- Hydroponic Agriculture
- Others
- Greenhouse Agriculture
- Outdoor Agriculture
- Component
- Hardware
- Software
- Control System
- Energy Storage System
- Others
Regional Analysis
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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