Smart agriculture solutions such as precision farming technologies are being adopted to optimize farming processes and increase crop yields. Precision farming technologies such as yield monitors and GPS/GNSS systems, aerial images and drones combined with site-specific crop management has been gaining significant popularity among farmers as these technologies help measure precise field variability, monitor crop performance and optimize inputs. The global Smart Agriculture Solution Market is estimated to be valued at US$ 29014.62 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of precision farming has been a key trend driving growth of the smart agriculture solution market. Precision agriculture provides solutions such as soil testing, variable-rate technology and GPS guidance systems to precisely determine soil nutrients levels and optimize fertilizers and water usage. Compared to conventional agriculture practices, precision farming reduces input costs, minimizes environmental pollution and improves crop yields. For instance, precision farming enables the application of fertilizers only in areas where they are required without over application in other areas, leading to 30-40% savings on fertilizers cost compared to standard broadcast method of application. The precise soil and crop data analyzed by data management software further helps farmers make informed decisions regarding next stages of crop production and yields optimization. This is expected to boost adoption of precision farming solutions in the coming years.
Segment Analysis
The global smart agriculture solution market is dominated by precision farming segment which accounts for around 53% share. Precision farming helps farmers optimize crop yield through use of sensors, irrigation systems, drones and analytics. It allows precise application of inputs like water, fertilizers and pesticides based on soil conditions and crop needs. This significantly reduces costs for farmers while protecting the environment.
Key Takeaways
The Global Smart Agriculture Solution Market Size is expected to witness high growth over the forecast period.
Regional analysis: North America currently dominates the market due to high adoption of advanced technologies by large farms in the region. The Asia Pacific region is expected to be the fastest growing market owing to government support and growing awareness among farmers in countries like China and India.
Key players: Key players operating in the smart agriculture solution market are Halliburton, Ashland Global Specialty Chemicals Inc., Ecolab Inc., Baker Hughes Inc., Innospec Inc. Halliburton is one of the leading players known for its digital oilfield solutions and services.
For More Insights, Read: https://www.newswirestats.com/smart-agriculture-solution-market-demand-growth-and-regional-outlook-by-2030/
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March 26, 2019: This report focuses on the global Smart Agriculture Solution status, future forecast, growth opportunity, key market and key players.
The study objectives are to present the Smart Agriculture Solution development in United States, Europe and China.In 2017, the global Smart Agriculture Solution market size was million US$ and it is expected to reach million US$ by the end of 2025, with a CAGR of during 2018-2025.The key players covered in this studyDirt Road Data, Inc.Iteris, Inc.CropMetrics LLCAgribotix LLCAgriSight, Inc.SemiosBio Technologies Inc.Download sample Copy of This Report at: https://www.radiantinsights.com/research/global-smart-agriculture-solution-market-size-status-and-forecast-2018-2025/request-sample Granular, Inc.Trimble Navigation Ltd.Site-Specific Technology Development Group, Inc.AgJunction LLCMarket segment by Type, the product can be split intoHardwareSoftwareServicesAccess Full Report With TOC @ https://www.radiantinsights.com/research/global-smart-agriculture-solution-market-size-status-and-forecast-2018-2025 Market segment by Application, split intoPrecision FarmingLivestock MonitoringFish FarmingSmart GreenhousesOthersMarket segment by Regions/Countries, this report coversUnited StatesEuropeChinaJapanSoutheast AsiaIndiaCentral & South AmericaThe study objectives of this report are:To analyze global Smart Agriculture Solution status, future forecast, growth opportunity, key market and key players.To present the Smart Agriculture Solution development in United States, Europe and China.To strategically profile the key players and comprehensively analyze their development plan and strategies.To define, describe and forecast the market by product type, market and key regions.In this study, the years considered to estimate the market size of Smart Agriculture Solution are as follows:History Year: 2013-2017Base Year: 2017Estimated Year: 2018Forecast Year 2018 to 2025About Radiant InsightsRadiant Insights is a platform for companies looking to meet their market research and business intelligence requirements.
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