LONDON, June 27, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the remote sensing technology for agriculture market forecasts the global remote sensing technology for agriculture market size to grow from $1.6 billion in 2022 to $1.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 9%. The global remote sensing technology for agriculture market size is then expected to reach $2.5 billion in 2027 at a CAGR of more than 8%.
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The agricultural sector's increasing implementation of remote sensing technology is projected to drive the expansion of remote sensing technology in the agriculture market in the future. The agricultural industry is the cultivation of soil for expanding enterprises that are mostly engaged in crop farming. Agriculture remote sensing technology is used to boost agricultural productivity by enhancing soil conditions and crop species, as well as monitoring weeds and crop diseases. For example, the agriculture service contributed 1.264 trillion to the gross domestic product (GDP) in December 2022, according to the United States Department Of Agriculture, a US-based government body, up from 0.7 in 2021. As a result, the growing use of remote sensing technology in agriculture propels it forward.
Major players in the remote sensing technology for agriculture market are Yara International ASA, Koch Ag & Energy Solutions, Coromandel International Limited, Agriculture Solutions Inc., Hafia Groups, Sapec Agro S.A, Kugler, ICL Group Ltd.
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Strategic partnerships are a prevalent trend in the remote sensing technologies for agriculture business. Partnerships are being formed between major corporations in the remote sensing technologies for agriculture market in order to develop agricultural practises. For example, in January 2022, General Mills Inc, a US-based multinational manufacturer, teamed with Regrow Agriculture Inc, a UK-based agricultural remote sensing technology company. This collaboration intends to examine agricultural practises and expand their global prospects. Furthermore, in November 2020, Netafim, an Israeli manufacturer of irrigation equipment, teamed with Flurosat, an Australian business that specialises in agricultural remote sensing technologies. The goal of this collaboration is to use remote sensing technologies to make reliable irrigation, fertigation, crop management, and other agricultural practises.
North America was the largest region in the remote sensing technology for agriculture market in 2022. The regions covered in the global remote sensing technology for agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global remote sensing technology for agriculture market is segmented by component into hardware, software, services; by application into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labour management, other applications.
Remote Sensing Technology for Agriculture Global Market Report 2023 by The Business Research Company provides insights on the remote sensing technology for agriculture market size, remote sensing technology for agriculture market segments, remote sensing technology for agriculture market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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