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. 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.
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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.
About Polaris Market Research
Polaris Market Research is a global market
research and consulting company. The company specializes in providing
exceptional market intelligence and in-depth business research services for our
clientele spread across different enterprises.
Contact Us:
Polaris Market Research
Phone: 1–646–568–9980
Email: sales@polarismarketresearch.com
Web: www.polarismarketresearch.com
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