Smart Farming - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Smart Farming Market is accounted for $5.77 billion in 2017 and is expected to reach $18.81 billion by 2026 growing at a CAGR of 14.0% during the forecast period. The increasing demand for food production, and rising population and shortage of agricultural lands are key driving factors for the smart farming market. Furthermore, growing implementation of advanced technologies in farming for maximum profitability and production, availability of low-cost cloud services, increasing need for remote monitoring services, increasing focus on farm efficiency and productivity, reduction in cost of sensors, rising governments’ support towards smart farming, government’s support to adopt modern agricultural techniques and rising adoption of big data & IoT in smart farming are some of the factors boosting the market growth. However, high initial capital investment, Lack of Standardization and increasing level of e-waste are expected to hamper the market growth.
Smart Farming represents the application of modern Information and Communication Technologies (ICT) and IoT solutions into farming to increase the efficiency of agricultural operations. Smart farming entails the obtaining of real time data of soil, air, and crops. Smart farming aims at increasing the quality and quantity of agricultural production while protecting the environment.
Hardware offerings segment dominated the global market with largest share owing to its extensive usage in smart farming to reduce input and augment output productivity of crop yields. The hardware offerings include automation and control systems, and sensing and monitoring systems. Automation and control systems such as Global Positioning System (GPS) receivers, guidance and steering devices, and Variable Rate Technology (VRT) devices form a major part of the smart farming market. However, software offerings segment is expected to grow with a high CAGR during the forecast period 2017 to 2026. Fish farming applications are projected to grow at the highest CAGR during the forecast period due to implementation of smart technologies.
North America accounted for the largest share in global smart farming market. The dominance of this region is due to government initiatives and regulations, presence of established market players and implementation of modern technologies. Asia Pacific is expected to witness high growth during the forecast period due to rising awareness among farmers and growing government support in developing countries such as China and India.
Some of the key players profiled in the report include Deere & Company, Raven Industries, GEA Group AG, The Climate Corporation, AG Leader Technology, Topcon Positioning Systems, Inc, Boumatic LLC., Agjunction, Inc., Trimble, Inc, Agco Corporation, Delaval Corporation, Aururas S.R.L, Grownetics Inc., Farmeron, Semiosbio Technologies Inc., Sst Development Group, Inc and Precision Planting, Inc.
Agriculture types Covered:
• Precision Farming
• Fish Farming
• Smart Greenhouse
• Livestock Monitoring
• Other Agriculture types
Application types Covered:
• Precision Farming Applications
• Fish Farming Applications
• Smart Greenhouse Applications
• Livestock Monitoring Applications
• Other Application types
Product types Covered:
• Automation and control systems
• Smart agriculture equipment and machinery
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• South America
Rest of South America
• Middle East & Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements