Pune India, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Smart farming is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the smart farming are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, solution, application and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global smart farming market are Osram Licht AG, Afimilk Ltd., Nedap N.V., Kubota Corporation, Deere & Company, DJI Innovations, Allflex USA Inc., General Hydroponics, AGCO Corporation, AG Leader Technology among others. To achieve a substantial market share in the worldwide aluminium foil packing market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A smart farming system uses cutting-edge technology, such as the internet of things, artificial intelligence, etc. to help farmers grow crops more effectively. For irrigation automation and crop field management, farmers are also using IoT and AI more and more. The smart agriculture market can be increased with affordable and ideal solutions with a minimum of manual intervention. The COVID-19 pandemic affected the expansion of the global smart agriculture market in both good and negative ways; market participants in this sector saw both increase and reduction in their sales. In addition, governments in both rich and developing nations offer tax breaks to businesses engaged in smart agriculture. Governments are also making significant investments in the market for smart agriculture globally to promote Companies with majority market shares should concentrate on all of their operational business sectors and identify their respective smart agricultural segments. Farmland is anticipated to diminish globally as urbanisation and the use of new agricultural technologies expand, creating fantastic prospects for market participants in smart farming. The market for smart farming will increase as a result of ongoing research and development for more advanced and inventive technical methods needed in the agricultural sector.
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Scope of Smart Farming market report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Solution, Application and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Osram Licht AG, Afimilk Ltd., Nedap N.V., Kubota Corporation, Deere & Company, DJI Innovations, Allflex USA Inc., General Hydroponics, AGCO Corporation, AG Leader Technology among others |
Segmentation Analysis
The precision farming segment is expected to be the fastest-growing segment in 2021.
The type segment includes livestock monitoring, precision farming, smart greenhouse, fish farming and others. The precision farming segment is expected to witness the highest growth rate during the forecast period. Precision farming techniques can boost yield from the same resources, which not only boosts agricultural productivity but also reduces production waste and boosts food security. Growing food demand and an improved food supply chain are caused by a growing population, which will spur the market for smart farming to expand.
The irrigation mangement segment is expected to be the fastest-growing segment in 2021.
The type segment includes crop scouting, forecasting, irrigation management, field mapping and others. The irrigation management segment is expected to witness the highest growth rate during the forecast period. A sensor and navigation system, an automation and control system, and equipment for indoor farming are all included in the hardware system. These components can be used to automate and manage farm machinery, sense analytical data, and control and maintain the ideal climate in indoor farms. The market for smart farming is expanding as a result of the increasing use of hardware systems in numerous applications for smart farms.
The hardware systems segment is expected to be the fastest-growing segment in 2021.
The solution segment includes services, hardware systems and software. The hardware systems segment is expected to witness the highest growth rate during the forecast period. Irrigation Management offers methods and techniques for effectively managing water in fields by identifying the irrigation inputs required for production. Currently, 3200 million farmers live in regions with severe water shortages, of which 1200 million do so in regions with extremely severe water shortages. As a result of this rising need, irrigation management will expand over the course of the forecast period.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the smart farming include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. In order to grow crops more effectively, the agricultural sector in North America has embraced digital technologies that go beyond conventional farm equipment and services. Over the forecast period, the smart farming market is anticipated to rise primarily as a result of government initiatives to improve agriculture methods in the region.
Country Analysis
- Germany
Germany's smart farming market size was valued at USD 5.15 billion in 2021 and is expected to reach USD 7.78 billion by 2029, at a CAGR of 5.3% from 2022 to 2029. The country's R&D facilities as well as the pressing need to increase productivity were factors that led to the market's expansion. These factors included diminishing farm numbers, farm consolidations, and growing animal herd sizes.
- China
China smart farming market size was valued at USD 1.16 billion in 2021 and is expected to reach USD 1.72 billion by 2029, at a CAGR of 5.1% from 2022 to 2029. The market for smart agriculture in China is anticipated to expand quickly and sustainably as a result of rising demand for contemporary agricultural machinery and ongoing R&D and deployment of new technologies.
- India
India's smart farming market size was valued at USD 0.98 billion in 2021 and is expected to reach USD 1.57 billion by 2029, at a CAGR of 6.1% from 2022 to 2029. A National Association of Software and Services Companies report from 2019 claimed that there were more than 450 tech companies in India based on argi (NASSCOM).
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand for cost-effective and the requirement of advanced technologies in farming techniques.
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