Smart Agriculture Market Report 2016-2024 by Goldstein Research

New York, USA, 2018-Dec-05 — /EPR Network/ —

Market Landscape 

Global Agriculture and food industry are one of the largest sectors that will account of worth over USD 6.0 trillion by 2020, which is augmented by the growing global population and expected an upsurge in demand for food crops in coming years. Hence to meet future demand, high crop production is required which is considerably enhancing the adoption of smart agriculture practices around the world. Advanced agricultural technologies have solid business opportunities strengthened with the deployment of advanced technologies such as big data analytics, cloud-based platforms and IoT (Internet of Things). Not only developed nations but developing countries are also investing in this high potential market to exploit market opportunities.

For instance, in 2015, over 25 IoT based agricultural technology startups were established in India. Moreover, United States based startups associated with smart agriculture generated over USD 2.0 billion from connected agricultural projects in 2016. Geographically, North America is the dominating Smart Agriculture Market and accounted for over 70.0% of global smart agriculture market in 2016. Where Smart Agriculture Market Size is growing at a CAGR of 28.28% for the forecast period of 2016-2024

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The agriculture sector is significantly benefited from the incorporation of drone technology, biosensors, and IoT platforms into their business. Integration of drone technology has considerably enabled the agriculture sector to become a highly data-driven industry, which ultimately will lead to the upsurge in productivity and crop yields.

“Global Smart Agriculture Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in the smart agriculture industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, Smart agriculture manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall smart agriculture industry.

Global Smart Agriculture Market Segmentation can be classified on the basis of:-

Based on Components

• Hardware
• Drones
• Sensors
• RFID Tags
• Others(Transmitters, Sprinklers)
• Software
• Data Management
• Network Management
• Security
• Remote Monitoring
• Real Time Streaming Analysis
• Platforms

Based on Application

• Precision Farming
• Aquaculture(Fish Farming)
• Precision Livestock Monitoring
• Smart Greenhouse
• Other ( Horticulture, Animal Husbandry)

Based on Geography

• North America (U.S. & Canada)  {Market Size (USD Billion), Growth Analysis (%) and Opportunity Analysis}
• Latin America (Brazil, Mexico & Rest of Latin America) {Market Size (USD Billion), Growth Analysis (%) and Opportunity Analysis}
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) {Market Size (USD Billion), Growth Analysis (%) and Opportunity Analysis}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) {Market Size (USD Billion), Growth Analysis (%) and Opportunity Analysis}
• The Middle East & Africa (GCC, South Africa, North Africa, Rome) {Market Size (USD Billion), Growth Analysis (%) and Opportunity Analysis}

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Market Trends, Drivers, and Challenges

Volatile climatic conditions highly disturb the cultivated production. Recently, Brazil has witnessed nearly 10-18% of reductions in the agricultural production of soy and corn in past due to extreme heat conditions. But the deployment of IoT based solutions are able to efficiently monitor the climate variations and can improve the crop yielding. IoT based solutions also help in conservation and its effective consumption of water in agriculture. Huge inclination towards the adoption of smart equipment such as drones and GPS tracking has been witnessed among the farmers of the United States which is helping in an improvement of agricultural activities and dipping the operational cost and human labor. More than 85% of farmers in the United States are using GPS enabled technologies in farm machinery and real-time livestock monitoring. These are some of the key factors which are fueling the smart agriculture market globally.

“Global Smart Agriculture Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global smart agriculture market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.

Global Smart Agriculture Market is driving on the basis of advancement in given below industries:

Agricultural Tractors Market

growing population and consequently rising demand for food will lead the farmers to equip themselves with advanced mechanized farming techniques. On the other hand, compact tractors are gaining traction in agriculture field as well as in urban areas owing to their versatility to perform various tasks such as mowing, tilling gardens and cargo logistic in the manufacturing industry. Global Agricultural Tractors Market accounted for more than USD 60.0 billion in 2016 and the market is expected to reach USD 69.3 billion by the end of 2024. Further, the market is anticipated to expand at a compound annual growth rate of 1.8% over the forecast period i.e. 2016-2024.

Drone Services Market

Drone Services Market is expected to reach USD 9.4 billion by 2024 from USD 0.850 billion in 2015, growing at a CAGR of 57.8% over the forecast period 2016-2024. Expanding applications of commercial drones in various industries is one of the major factors driving the growth of Drone Services Market. North America dominates the Drone Services Industrywith more than 40% share in global market. In U.S more than 325,000 drones were registered in FAA, and it is estimated that more than 6 million drones will be shipped to U.S by 2020.

IOT in Agriculture Market

next several years will witness growing use of internet of things and other smart farming technologies. In fact, IoT device installations in the agriculture sector are anticipated to experience a compound annual growth rate of 20 percent. Livestock monitoring, conservation monitoring and precision farming are some of the major applications that will significantly augment the growth of IoT in Agriculture Market across the globe. Growing demand for advanced agricultural techniques is supporting the adoption of IoT in agriculture. The global IoT in the agriculture market valued USD 4.40 billion in 2015 and is projected to grow at CAGR of 28.30% during the forecast period.

Crop Maintenance Robots Market 

advancing technologies and changing online landscape i.e. IoT (Internet of Things), cloud-based solutions, AI (artificial intelligence), machine learning, GPS (global positioning system) and laser technologies, are largely driving the growth of crop maintenance robots market. North-America Crop Maintenance Robots Market accounted for the largest market share of 32.1% in 2017 due to the large adoption of agricultural robots and also the presence of major players who are continuously advancing the crop maintenance robots. Asia-Pacific crop maintenance robots market is thus expected to grow at a CAGR of 10.3% over the forecast period. Where The Australia crop maintenance robots market is set to reach nearly USD 0.204 billion by 2024, growing at a CAGR of 15.2% over the forecast period (2017-2025).

Precision Agriculture Market

Due to the advent of mechanized revolution horses were replaced by tractors while today a new farming revolution triggered by the adoption of staggering new technologies: satellites, high precision positioning systems, smart sensors and a range of IT applications combined with high-tech engineering. In past 10 years, precision farming has witnessed the unprecedented growth across the globe i.e. 70-80% of new farm equipment sold today contains a precision farming component. The Precision Agriculture Market size is set to reach USD 11.23 billion by 2024, at a CAGR of 13.1% over the forecast years. On the basis of components, hardware hold the largest market share in terms of value i.e.55% making it well worth the time and effort of companies actively involved in the precision farming market.

Agricuture Robots Market

Global Agricultural Robots Market reached USD 3.5 Billion in 2016 and is expected to account USD 17.0 Billion by the end of 2024 with a CAGR of 22.0% over the forecast period. The global is likely to surpass 9.5 billion by the end of 2050 from today’s figure of 7.4 billion which will put the pressure on limited arable land across the globe to meet the increased demand for food. Further, increasing opportunities in other sectors and the continuous migration of the rural population towards urban areas have reduced the availability of labors for agricultural fields.