According to the research report "Smart Agriculture Market by Agriculture Type (Precision Farming, Livestock, Aquaculture, Greenhouse), Hardware (GPS, Drones, Sensors, RFID, LED Grow Lights), Software, Services, Application, Farm Size, and Geography - Global Forecast to 2025", The smart agriculture market is estimated to grow from USD 13.8 billion in 2020 to USD 22.0 billion by 2025, at a CAGR of 9.8%.
The rapid growth of the smart agriculture market can be attributed to the rising pressure on the food supply system owing to the rapidly growing population, the surging use of modern technologies in agricultural farms, the growing income levels and demand for protein-rich aqua food, the growing focus of farmers on livestock monitoring and disease detection, and the increasing emphasis on reducing the management cost by adopting advanced livestock monitoring products. Also, the surging adoption of advanced technologies such as IoT and AI in aquaculture farms, livestock monitoring, and smart agriculture farms to improve farm yield is propelling the growth of the smart agriculture market.
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“Hardware offerings expected to hold largest market share during forecast period.”
The hardware segment is likely to account for the largest share of the smart agriculture market in 2020. The growing adoption of new technologies and modern smart agricultural devices is expected to drive the growth of the smart agriculture market for hardware during the forecast period.
“Precision farming segment expected to hold largest market share from 2020 to 2025”
Precision farming accounted for the largest share of ~46% of the smart agriculture market, by agriculture type, in 2019. This market growth can be attributed to the early adoption of GPS-based guidance technology, which allows growers to reduce overlapping of equipment and tractor passes, thereby saving fuel, labor, time, and soil compaction. The main components needed for a guidance technology-based system or device are a GPS/GNSS, DGPS receiver, antenna, controller, guidance and steering, handheld devices and displays, along with the accompanying wiring harness. Other optional items include a data logger, sound device, or visual display. Guidance technology has been categorized into GPS/GNSS-based guidance technology and GIS-based guidance technology.
“Yield monitoring application (precision farming), and feeding management (livestock monitoring) expected to hold largest market share from 2020 to 2025”
Precision farming tools are most widely used for the yield monitoring application as these tools play a vital role in understanding this variability and help farmers in maximizing their yields. Yield monitoring provides farmers the information about weather conditions, soil properties, and fertilizers, which may affect the overall grain production. Yield monitors are combinations of various components that include mass flow sensors, moisture sensors, ground speed sensors, and GPS receivers that are installed in the vehicle that controls the integration and interaction of these components.
“Americas expected to account for largest market share from 2020 to 2025”
Countries from the Americas, including the US and Canada, are the early adopters of precision farming technologies. Hence, the Americas is expected to continue to hold a significant market share during the forecast period. Further, South American countries such as Brazil and Argentina are likely to adopt smart agriculture technology at a rapid rate due to the speedily increasing population, easy availability of arable farms, and strong support from governments in this region.
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Key players in the smart agriculture market are Deere & Company (US), Trimble, Inc. (Trimble) (US), Topcon Positioning Systems (US), DeLaval (Sweden), Heliospectra (Sweden), Antelliq (France), Afimilk Ltd. (Israel), AKVA group (Norway), InnovaSea Systems (US), LumiGrow (US), AG Leader Technology (US), Raven Industries (US), AgJunction (US), The Climate Corporation (US), Nedap NV (Netherlands), BouMatic (US), Fancom BV (Netherlands), Aquabyte (US), Steinsvik (Norway), VEMCO (Nova Scotia), Nexus Corporation (US), and Certhon (Netherlands).