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Europe Smart Farming Market: Emerging Economies Expected to Influence Growth until 2027

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BIS Research
Europe Smart Farming Market: Emerging Economies Expected to Influence Growth until 2027

To aid the elderly population in the agriculture sector of Europe, the use of modern agricultural equipment is being promoted by governing bodies around the Europe region. Smart farming encompasses several technologies, such as guidance technologies, sensing technologies, analytics, and other precision technologies, which reduce the misutilization of agri-inputs and enable efficient farming with profitability. By further developing the innovation currently being used on European farms and technological innovation within the field, the European Union (EU) desires to transform farming in Europe into an industry that is less wasteful but rather more efficient and productive

Read Report Overview: Europe Smart Farming Market

The Europe smart farming market was valued at $3,993.7 million in 2022 and is expected to reach $8,420.6 million in 2027, following a CAGR of 16.09% during 2022-2027. The growth in the Europe Smart Farming Market is expected to be driven by increase in adoption of IoT and artificial intelligence, digitalization of agriculture operations, rise in dependence on advanced technologies to enhance production across the region.

Farmers can get funding through the LIFE GAIA Sense program to place sensors in their fields. These sensors can be used to keep an eye on a range of field conditions. Indicators that affect the health of the crops include soil moisture, plant health, insect monitoring, and other elements. Farmers can utilize the information these sensors collect to improve the condition of their crops to reduce crop death and maximize profitability. Investments in smart irrigation technologies to cut down on water use on farms are among other smart farming initiatives in Europe. The use of IoT technology in agricultural machinery is aided by several applications which enable proactive maintenance and machine failure prevention.

Market Dynamics for Europe Smart Farming Market

The use of smart farming can assist farmers in reducing waste and increasing efficiency by integrating them into their operations. Trends such as increasing requirements for crop yield and increasing demand to combat climate change further contribute to the growth of the Europe smart farming market. Varying weather circumstances influence soil quality and crop yields. Therefore, farmers in Europe are adopting innovations and technologies that can optimize production costs and lessen the harmful effects of greenhouse gases, such as methane, on the environment.

Recent Developments in Europe Smart Farming Market

  • In October 2022, Trimble Inc. launched new agriculture displays, such as Trimble GFX-1060 and GFX-1260, for precision agriculture applications. These displays provide next-generation performance and connectivity for in-field operations.
  • In January 2022, Hexagon Agriculture launched a new technology named HxGN AgrOn planting assistant. This new technology is aimed at improving accuracy in shovel planting. This item can also be adopted by other types of crops, such as palm oil, coffee, banana, and citrus.
  • In June 2022, BASF acquired Horta S.r.l., an Italian company specialized in digital farming solutions. Horta is an established player for the development of highly innovative agronomic Decision Support Systems (DSS) for crops such as grapes, tomatoes, cereals and olives.
  • In August 2022, CropX inc. launched a continuous nitrogen leaching monitoring capability for its farm management system. This new development would track the nitrogen movement and salts in the soil.

Competitive Landscape

The competitive landscape for the smart farming market demonstrates an inclination toward companies with strategies such as partnerships and collaborations. Additionally, acquisition activities have increased in the market between 2015 to 2022. With increasing Europe smart farming market growth, companies operating in the industry must develop collaborative strategies to sustain themselves in the competitive market. The major companies operating in the Europe smart farming market are Agrivi Ltd, Agroptima S.L., CropX Technologies, Inc., Climate LLC, Bayer Company, FarmFacts, Hexagon Agriculture, Intellias, 365FarmNet GmbH, Ag Leader Technology, Cargill Incorporated, CNH Industrial, Deere & Company, KUBOTA Corporation, Topcon Positioning Systems, Trimble, Inc., AgriCircle, Augmenta, Connecterra N.V., eAgronom, ec2ce, Syngenta AG, Proagrica, Koninklijke Philips NV, OSRAM GmbH, and AquaManager.

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For instance, in August 2022, Trimble Inc., along with CLAAS strategic alliance, developed a next-generation precision farming system for CLAAS agriculture equipment. This new precision farming system includes a smart display, steering system, and GNSS receiver.

Smart farming appears to be used more frequently by larger farms since it is more cost-efficient when administered to larger farms. Factors such as government initiatives are expected to accelerate the adoption of smart farming among smallholder farmers. This will result in opportunities such as integrating emerging technologies with existing practices, integral offerings with horizontal integration in farming, and increasing adoption of modern technologies in agriculture in the Europe smart farming market.

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