Smart Agriculture Industry Overview
The global smart agriculture market size is anticipated to reach USD 35.98 billion by 2030, expanding at a CAGR of 10.8% during the forecast period, according to a new report by Grand View Research, Inc. Factors such as consistent growth in population, low availability of cultivable land, government incentives, and demand for fresh and high-quality food are expected to drive the smart greenhouse market. According to the World Health Organization (WHO) and Population Council, 80% of the global population resides in urban cities. The prevailing scarcity of land in urban cities has urged growers to adopt new solutions for developing fresh produces. For instance, the vertical farming technique enables consumers to grow crops indoors in layers, in a multi-story building, stacked on racks, or in a warehouse.
Smart Agriculture Market Segmentation
Grand View Research has segmented the Smart Agriculture market based on types, offering, application, and regions
Based on the Product Type Insights, the market is segmented into Precision farming, Livestock monitoring, Smart greenhouse and Others.
- In 2021, the livestock monitoringsegment accounted for a market share of 21.97% of the global smart farming market.
- The market estimates and forecasts of the smart greenhouse segment include vertical farming. The smart greenhouse enables farmers to cultivate crops with minimal human intervention. Climatic conditions such as soil moisture, temperature, and humidity are continuously monitored, and any variation observed in them triggers an automated action.
Based on the Offering Insights, the market is segmented into Hardware, Software and Services.
- The software segment is likely to portray the highest growth rate from 2022 to 2030. It was valued at USD 3,012.4 million in 2021 and is expected to expand at a CAGR of 13.5% during the forecast period.
Based on the Application Insights, the market is segmented into Precision farming application, Livestock monitoring application and Smart greenhouse application.
- In 2021, the yield monitoring segment held a market share of 44.09%. This is attributable to the growing demand for monitoring crop growth and reducing overall wastage by providing timely required water and minerals.
- The application of smart greenhouse includes water & fertilizer management, HVAC management, yield monitoring, and others. The HVAC management segment is expected to expand significantly during the forecast period as increasingly greenhouse farms are employing it. The need for maintaining different temperatures and humidity for hydroponic grow rooms and aquaculture areas drives demand for the HVAC management segment.
Smart Agriculture Regional Outlook
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa (MEA)
Key Companies Profile
Industry players are engaging in numerous inorganic growth strategies, such as frequent mergers and acquisitions, in their endeavor to expand their product portfolio. Key market players are aggressively establishing partnerships and collaborations to strengthen their market presence and customer base.
Some prominent players in the global Smart Agriculture market include
- Ag Leader Technology
- AGCO Corporation
- AgJunction, Inc.
- AgEagle Aerial Systems Inc.
- Autonomous Solutions, Inc.
- Argus Control Systems Ltd
- BouMatic Robotic B.V.
- CropMetrics
- CLAAS KGaA mbH
- CropZilla
- Deere & Company
- DICKEY-john
- DroneDeploy
- DeLaval Inc
- Farmers Edge Inc.
- Grownetics, Inc.
- Granular, Inc.
- Gamaya
- GEA Group Aktiengesellschaft
- Raven Industries
- SST Development Group, Inc.
- Trimble Inc.
- The Climate Corporation
- Topcon
Order a free sample PDF of the Smart Agriculture Market Intelligence Study, published by Grand View Research.
