Smart Agriculture Market Set to Exhibit Staggering Growth at 15.55% CAGR to Accrue USD 45.39 Bn by 2030, Driven by Notable Technological Advancements, States Kings Research
The global smart agriculture market is set to depict a CAGR of 15.55% from 2023 to 2030. Several factors driving the growth of the market include notable technological advancements, the presence of key technology providers, and the increasing availability of farmland.
Dubai, UAE, Oct. 25, 2023 (GLOBE NEWSWIRE) —
As per the latest report by Kings Research, the global Smart Agriculture Market recorded a valuation of USD 14.32 billion in 2022 and is expected to reach USD 45.39 billion in revenue by 2030, recording a robust CAGR of 15.55% from 2023 to 2030. Key factors fueling the market growth include increasing available farm size and technological advancements.
Additionally, the escalating automation of commercial greenhouses and the adoption of smart technology operations in greenhouses for enhanced monitoring, precise control of environmental factors, and optimized crop production propels market expansion. Smart agriculture optimizes the utilization of resources by using cutting-edge technology including IoT, sensors, robots, AI, and positioning systems. Its objective is to increase crop quality and yield while lowering operating expenses and achieving the best use of labor.
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Leading players are concentrating on a number of critical business strategies, including alliances, mergers & acquisitions, product innovations, and joint ventures, to broaden their product portfolios and boost their market shares across various geographies. Expansion and investments, such as investments in R&D projects, new production facilities, and supply chain optimization, are some major strategies adopted by industry participants.
For instance, Trimble Inc. introduced new agricultural displays in October 2022 that offer cutting-edge capabilities. With the help of these innovative displays, farmers can optimize their agricultural operations and boost output due to better capabilities like improved connection, user-friendly interfaces, and integrated precision agriculture technologies.
Prominent players in the global smart agriculture market include:
- Deere & Company
- Trimble Inc.
- Raven Industries
- Topcon Positioning Systems
- Autonomous Solutions, Inc.
- DeLaval Inc
- Farmers Edge Inc
- BouMatic Robotic B.V.
- AgJunction, Inc.
- AGCO Corporation
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Trending Now: MARDI and UKM Launch Smart Laboratory for AI, Smart Farming, and IoT Innovations
A smart lab has been established by the Malaysian Agricultural Research and Development Institute (MARDI) and the University of Malaya (UKM) to facilitate innovations in artificial intelligence (AI), smart farming, and the Internet of Things (IoT). Research and development in several fields, including precision agriculture, crop monitoring, and pest management, will be the main focus of the facility.
IoT, AI, and smart farming are all emerging technologies that could completely change the agriculture industry. The goal of the laboratory is that farmers can increase crop yields, decrease food waste, and preserve the environment by utilizing this technology.
The global Smart Agriculture Market is segmented as:
- Precision Farming
- Livestock Monitoring
- Fish Farm Monitoring
- Smart Greenhouse
Advantages of Precision Farming in Smart Agriculture to Fuel Market Growth
By application, the precision farming segment is expected to be the fastest-growing segment with a projected valuation of USD 30.52 billion by 2030. This growth is attributable to its ability to optimize resource utilization, boost crop yield, and enhance operational efficiency through data-driven decision-making. Among the techniques used in precision agriculture are information management systems, yield mapping and monitoring tools, and irrigation systems. Advanced descriptive, predictive, and prescriptive analytics engines are used in precision agriculture to evaluate data and support data-driven management decisions for the implementation of cost-efficient, environmentally friendly, and sustainable modern farming practices. These elements are anticipated to substantially fuel the segment’s revenue growth.
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Demand for Smart Agriculture Hardware Set to Rise as It Aids in Increasing Production
Based on type, the hardware segment accounted for the largest share of the global smart agriculture market in 2022 and is anticipated to continue its dominance with a valuation of USD 24.95 billion by 2030. The segment is witnessing notable progress as a result of the vital function it plays in enabling data gathering, automation, networking, and control systems for increasing production and efficiency.
Infrastructure Health Sensors’ Introduction to Augment Smart Agriculture Market Revenue
Sensors that measure the health and condition of agricultural infrastructure, such as irrigation systems and storage facilities, are known as Infrastructural Health (IH) sensors. These sensors allow farmers to optimize their operations and save resources by continuously gathering data on important aspects. The use of IH sensors boosts productivity and ensures sustainable agricultural practices. The adoption of these sensors is anticipated to significantly fuel the growth of the smart agricultural market due to the mounting emphasis on precision farming and sustainable agricultural practices.
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Presence of Key Technology Providers in North America to Support Market Expansion
North America dominated the global smart agriculture market in 2022 and is anticipated to observe the fastest growth with a market value of USD 14.48 billion by 2030. The region’s well-established agricultural industry, which depends on cutting-edge technologies to increase production and efficiency, is responsible for the domestic industry growth. The increasing adoption of smart agriculture technologies is facilitated by the presence of prominent technology providers in the region. As a result, North America remains a key location for investments and breakthroughs in smart agriculture.
Adoption of Modern Agricultural Technologies to Boost APAC Market Development
The Asia-Pacific smart agriculture industry reached USD 3.49 billion in revenue in 2022 and is expected to observe remarkable expansion through the forecast timeline. The region has adopted modern agricultural technologies as a result of a tendency towards sustainable practices and effective resource management, particularly water conservation. To improve their crop management and water usage, farmers in the APAC region are implementing smart solutions, including data-driven analytics, sensor-based monitoring, and precision irrigation systems. The Asia-Pacific region is leading the global adoption of smart agriculture practices, which is projected to foster the market outlook.
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Major Points from TOC:
1 Introduction of the Global Smart Agriculture Market
2 Executive Summary
3 Research Methodology
4 Global Smart Agriculture Market Outlook
5 Impact of Russia-Ukraine War
6 Global Smart Agriculture Market, By Type
7 Global Smart Agriculture Market, By End-Use
8 Global Smart Agriculture Market, By Geography
9 North America
12 Middle East & Africa
13 Latin America
14 Global Smart Agriculture Market Competitive Landscape
15 Company Profiles
Browse Complete TOC: https://www.kingsresearch.com/toc/smart-agriculture-market-34
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