New York, USA, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global smart agriculture market. As per the report, the global market is projected to surpass $54,949.90 million and grow with a CAGR of 10.90% in the estimated period, 2021-2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the smart agriculture market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Factors Impacting the Smart agriculture Market Growth:
The global smart agriculture market growth is driving owing to growing adoption of advanced technologies and digital gadgets such as digital screens, mobile phones, sensors artificial intelligence, Internet of Things, robots, and location systems to monitor the farming progress and activities. Moreover, rising use of livestock smart technologies integrated with IoT to obtain data on stock location by farmers is anticipated to divulge profitable opportunities for the growth of the market in the estimated period. However, high costs of smart agriculture technologies and devices is expected to obstruct the growth of the market in the coming years.
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Impact of COVID-19 Pandemic on the Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global smart agriculture market. The pandemic surged the global number of patients at a rapid pace, which triggered the demand for strict lockdowns worldwide. Many agriculture labours began migrating to their hometown due to the fear of the virus infection. As a result, farmers started facing labour shortages, and hence, began using smart agriculture techniques to carry out farming in the pandemic period. Thus, the demand for advanced agriculture technologies increased, which propelled the growth of the market during the pandemic period.
The report segments the global smart agriculture market based on agriculture, component, and region.
Precision agriculture Sub-Segment to Hold Leading Market Share
The precision agriculture sub-segment of the agriculture segment is predicted to hit $19,743.00 million in the estimated period. This growth is mainly because of the growing popularity for precision farming among farmers for improving the farm output and crop yield with the help of IoT technologies.
Solution Sub-Segment to Observe Noteworthy Growth
The solution sub-segment of the component segment is foreseen to surpass $30,244.50 million in the estimated period. This growth is mainly owing to the rising adoption of smart agricultural hardware and software solutions such as valves & pumps, LED grow lights, agriculture asset management, irrigation management systems, sensors, and others.
Asia-Pacific Smart Agriculture Market to Witness Rapid Growth
The report examines the global smart agriculture market across numerous regions including Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is anticipated to grow rapidly by garnering $14,396.90 million during forecast period. The growth of this region market is mostly owing to the growing demand for greatly advanced agricultural drones such as Terra Drones, Australian UAV, and Skylark Drones by farmers in this region.
Key Players in the Smart Agriculture Market:
The report states some of the foremost players operating in the global smart agriculture market including
- AgJunction
- Topcon Positioning Systems, Inc.
- DEERE & COMPANY
- Raven Industries, Inc.
- Trimble Inc.
- Afimilk
- AgEagle Aerial Systems, Inc.
- AGCO
- LumiGrow, Inc.
- DeLaval
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading-edge in the global market.
For instance, in December 2021, Zyter, a foremost digital health and IoT-enablement platform provider, launched an Internet of Things (IoT)-based solution that makes use of Artificial Intelligence (AI) to aid farmers and agronomists in making smarter, highly informed crop management decisions.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
Check out the COVID-19 Impact on Smart Agriculture Market. Get in touch with an Expert Analyst
More about Smart Agriculture Market:
- Smart Agriculture: Agriculture with a New Perspective
- Persistent Technological Advancements and Strategic Partnerships Among Major Companies to Create Vital Opportunities for the Growth of the Global Smart Agriculture Market
