New York, NY 14 Nov 2019 : The global smart
agriculture market is projected to reach USD 20,635 million by
2026 growing at a CAGR of more than 14% from 2019 to 2026, as per a new
research report published by Polaris Market Research. The report ‘Smart
Agriculture Market, [By Component (Hardware, Software, Services); By
Application (Precision Farming, Yield Monitoring, Soil Monitoring, Irrigation
System, Fish Farming, Horticulture, Livestock Monitoring, Smart Greenhouse,
Others); By Region]: Market Size & Forecast, 2019 – 2026’ offers
a wide analysis of different applications in smart farming along with insights
related to current and future trends in the market.
During the last decade, the
agriculture industry has undergone enormous transformation due to ever
increasing demand for sustainable practices in farming. Multiple companies are
involved in developing sustainable solutions and systems for farming. Also, it
is observed that due to benefits of smart agriculture solutions, farmers gain
the capability to improve yield via optimizing inputs and well-organized
management of their farms. These factors have collectively resulted in rapid
deployment of the smart farming solutions in various applications.
Consequently, significant growth is anticipated in this market owing to the
attractiveness of well suited and smart agriculture solutions over the risks
associated with traditional farming methods.
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Growth in population, and
increasing preference towards automation of farm operations is expected to
further support the market growth. The need for automation in faming operations
is driven by the capability of improvement in produced crop quality,
maximization of crop production, and enhanced productivity. Increased necessity
to monitor livestock, along with the need to minimize the use of pesticides and
fertilizers further boosts the adoption of smart agriculture. Other factors
driving the growth of smart farming market include growth in the global
agricultural industry, reducing availability of labour, and high labour costs.
However, high initial investment costs associated with adoption of smart
agriculture systems might restraing the growth in this market. Demand from
emerging economies coupled with technological advancements are factors expected
to present numerous opportunities for the growth in smart farming market during
the forecast period.
North America accounted for the
highest revenue share among all regions in the smart farming market during
2018. This is primarily due to high market penetration in U.S. and is further
supported by extensive R&D activities by companies and presence of proper
regulatory environment in this region.
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The
different components used in precision farming include hardware, software, and
services. During 2018, the hardware component segment accounted for the largest
share in this market due to popularity and demand of hardware components such
as Automation & control systems, sensing devices, LED grow lights, and HVAC
systems which are widely used in farms to increase crop yield and improve
productivity.
Some of the key players profiled in
the smart farming market report include AG Leader Technology, AGCO
Corporation, Trimble Inc., Precision Planting, Inc., AgJunction, Inc.,
Agribotix LLC, Deere & Company, The Climate Corporation, Autonomous
Solutions, Inc., Drone Deploy, Raven Industries, CLAAS KGaA mbH, and CNH
Industrial. Due to presence of higher amount of small and medium sized
companies along with the large enterprises operating in this space, the market
is observed to be highly fragmented.
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