Where will the strategic developments take the Smart Agriculture industry in the mid to long-term?
The global smart agriculture market size was valued at USD 14.44 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.8% from 2022 to 2030. Increasing automation of commercial greenhouses and growing implementation of the controlled environment agriculture (CEA) concept in greenhouses, in a bid to obtain a higher yield and maintain optimum growing conditions, are the key factors driving demand during the forecast period. Cultivators realize the potential benefits of growing plants inside a greenhouse, which has led to the development of commercial greenhouses. Cultivators have shifted from the conventional lighting systems to LED grow lights as the latter can easily be integrated into a CEA setup. Although LED grows lights are high in cost, they are an ideal option for indoor farming, owing to their long-term benefits in terms of energy efficiency.
Key technologies driving the market demand include livestock biometrics, such as RFID, biometrics, and GPS to help cultivators automatically obtain information regarding livestock in real-time. Furthermore, infrastructural health sensors are used for monitoring material conditions and vibrations in buildings, factories, bridges, farms, and other infrastructure. Coupled with an intelligent network, infrastructural health sensors help provide information to the maintenance team in real-time. In addition, agricultural robots are being used to automate farming processes, such as soil maintenance, weeding, fruit picking, harvesting, planting, plowing, and irrigation, among others.
Gather more insights about the market drivers, restrains and growth of the Global Smart Agriculture Market
To sustain profits, farmers are increasingly adopting smarter and more efficient agriculture technologies to deliver high-quality products to the smart agriculture market in sufficient quantities. Mobile technology aids in offering innovative services and applications that are used across the agricultural value chain.
Machine-to-Machine (M2M) applications are particularly suited for the agricultural sector, enabling farmers to monitor equipment, assess the environmental impact on production, precisely manage livestock and crops, and keep track of tractors and other agricultural equipment. M2M is an integral part of IoT, which describes the coordination of multiple devices, appliances, and machines connected to the internet through multiple networks.
The COVID-19 pandemic has brought widespread disruption to the global supply chain, resulting in food shortages and inflation. Necessary measures are required to strengthen the food supply chain and prepare for any future crisis. The ongoing pandemic has highlighted the significance of being able to carry out agricultural operations remotely. The ability of smart agricultural practices to help farmers recoup losses in a relatively shorter lead time is expected to drive future market growth.
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Contact Lenses Market - The global contact lenses market size was valued at USD 14.6 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. A significant number of research and development activities have been used in optics and optometry to advance the technology.
Eye Tracking Market - The global eye tracking market size was valued at USD 638.8 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 33.4% from 2022 to 2030. The increasing use of smart sensors for process control and decision making and the rising demand for contactless biometrics coupled with the growing adoption of Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality.
Smart Agriculture Market Segmentation
Grand View Research has segmented the Smart Agriculture market based on offering, application, and regions
Smart Agriculture Type Outlook (Revenue, USD Million; 2017 - 2030)
Precision farming
Livestock monitoring
Smart greenhouse
Others
Smart Agriculture Offering Outlook (Revenue, USD Million; 2017 - 2030)
- Hardware
o Automation & control systems
o Drones
o Application control devices
o Guidance system
o GPS
o GIS
o Remote sensing
o Handheld
o Satellite sensing
o Driverless tractors
o Mobile devices
o VRT
o Map-based
o Sensor-based
o Wireless modules
o Bluetooth technology
o Wi-Fi technology
o Zigbee technology
o RF technology
o Milking robots
o Sensing devices
o Soil sensor
o Nutrient sensor
o Moisture sensor
o Temperature sensor
o Water sensors
o Climate sensors
o Others
o HVAC system
o LED grow light
o RFID tags & readers
Software
o Web-based
o Cloud-based
Services
o System integration & consulting
o Maintenance & support
o Managed services
o Data services
o Analytics services
o Farm operation services
o Assisted professional services
o Supply chain management services
o Climate information services
Smart Agriculture Application Outlook (Revenue, USD Million; 2017 - 2030)
- Precision farming application
o Yield monitoring
o On-farm
o Off-farm
o Field mapping
o Crop scouting
o Weather tracking & forecasting
o Irrigation management
o Inventory management
o Farm labor management
Livestock monitoring application
- Milk harvesting
- Breeding management
- Feeding management
- Animal comfort management
- Others
Smart greenhouse application
- Water & fertilizer management
- HVAC management
- Yield monitoring
- Others
Smart Agriculture Regional Outlook (Revenue, USD Million; 2017 - 2030)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Market Share Insights
November 2020 - Ag Leader Technology upgraded its InCommand displays and added built-in-house SteerCommand Z2 and SteadySteer to its SteerCommand product portfolio. These products provide end-users with a single user interface that steers and controls all farming equipment.
January 2020 - CropMetrics was acquired by CropX, a leading soil and agricultural analytics company, to expand into the U.S. market. This acquisition was intended to leverage CropMetrics’s vast dealer network, service model, user-friendly platform, and Variable Rate Irrigation System to serve product offerings in major regions of the U.S.
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