Smart Crop Monitoring Market - 2023-2030

Smart Crop Monitoring Market - 2023-2030

Global Smart Crop Monitoring Market reached US$ 2.91 billion in 2022 and is expected to reach US$ 10.30 billion by 2030, growing with a CAGR of 17.12% during the forecast period 2023-2030.

Farmers are increasingly adopting sensors, drones, satellite imagery, and data analytics to monitor and oversee crops. These technologies offer real-time data on various aspects such as crop conditions and soil health, enabling farmers to swiftly identify diseases and enhance overall crop management practices. The demand for real-time data uses for various crop conditions can help drive the global smart crop monitoring market.

Furthermore, as the demand for drones and sensor products is increasing, manufacturers are developing innovative products. For instance, in June 2022, FarmSense launched a real-time pest monitoring and identification device, FlightSensor. This initial launch, which will consist of approximately 1,000 FlightSensor units, will be distributed to select commercial pest advisors, farm managers, and growers in California.

The sensor technologies for crop monitoring are showing maximum share in the global smart crop monitoring market. Similarly, the Asia-Pacific region dominates the world share as the government in this region provides some training programs as well as the agricultural lands are high in this region, which can help in increasing the market growth.

Dynamics

Rising Demand For High Crop Production

The demand for crop production is increasing worldwide. For instance, according to the Ministry of Agriculture and Farmers Welfare report total horticulture production in India is expected to be a record 351.92 million tonnes in 2022-23, with an increase of about 4.74 million tonnes (1.37 percent) as compared to 2022-21. The rising demand for increasing crop production will boost the smart crop monitoring systems market during the forecast period.

Furthermore, as the demand for smart crop monitoring is increasing will be an opportunity for the manufacturers to plan strategically to expand their market size. For instance, in April 2023, Bosch BASF Smart Farming and AGCO joined for the development and commercialization of smart spraying capabilities, which deliver optimal herbicide savings without compromising weed control and enable targeted spraying during the day and nighttime conditions. In addition to targeted spraying, the system delivers integrated digital tools to turn the application data into actionable insights and improve yields and efficiency for farmers.

Agricultural Technology Developments

The demand for agricultural technology developments is significantly driving the demand for the smart crop monitoring market. Advanced technologies like sensors and IoT devices gather real-time information on plant and soil conditions, while the utilization of satellite imaging and drones equipped with advanced sensors enables farmers to swiftly and accurately monitor extensive land areas.

Furthermore, manufacturing companies with advanced technology are focusing on developing innovative products for agriculture purposes, for instance, in March 2020, Valley Irrigation launched a platform for growers to manage, control, and share data analytics between connected devices on the farm.

The Valley 365, the functionality of precision management and control technology such as AgSense, Valley Scheduling, Valley Variable Rate Irrigation, and others, integrates them into one platform. Growers can use a single sign-on to access all solutions in real-time from anywhere at any time.

High Investment Cost

Implementing smart crop monitoring systems involves high capital as they include the purchase of sensors, IoT devices, drones, and other technologies. For many farmers, especially small-scale farmers or those with smaller operations, the initial investment causes a barrier to the adoption rate. Hence, the investment costs can limit the market for smaller consumer bases.

Segment Analysisn

The global smart crop monitoring market is segmented based on components, technology, product, farm type, application, and regions.

Rising Demand for Crop Monitoring Sensors

The sensors technology segment accounts for the largest share of the global smart crop monitoring market, farmers are highly adopting these sensors as they help in monitoring and providing real-time data regarding various soil moisture, temperature, crop health, and others, and also enable precision agriculture practice, which also helps in enhancing crop productivity.

Furthermore, many manufacturing companies are also launching innovative sensor products in their product portfolios, for instance, in July 2023, Aurea Imaging launched TMS TreeScout, is fully integrated tractor-mounted sensor for precision orchard management, it is powered by AI and 3D computer vision, TMS (Tractor Mounted Sensor). It helps farmers with tasks including tree scanning, blossom mapping, and vigor scoring of trees. It enables them to increase fruit tree yields, boost revenues, lower input costs, reduce labor expenses, and safeguard the environment.

Geographical Penetration

Vast Agricultural Land and Government Support

Asia-Pacific has been a dominant force in the global smart crop monitoring market and its significance has only grown in the post-2020 era. The farmers in this region are highly adopting these smart crop monitoring systems as they provide effective data regarding crop health, which helps in increasing the adoption rate.

Furthermore, the agricultural lands present in this region are high, for instance, according to the Department of Agriculture, Fisheries, and Forestry report of 2023, Australia has around 427 million hectares of agricultural land. Hence, such a vast presence of agricultural lands can help in increasing the global smart crop monitoring market.

Additionally, the government in this region also provides some initiative programs, for instance, The Department of Science & Technology (DST), Government of India is implementing a National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS). Under the Mission, 25 Technology Innovation Hubs (TIHs) have been set up in premier institutes of national importance across the country in advanced technology verticals. Three of these TIHs are involved in the applications of the Internet of Things (IoT) and Artificial Intelligence (AI) in Agriculture to carry out research, translation, and technology development for various technologies including IoT and AI.

Competitive Landscape

The major global players in the market include Trimble Inc., Deere & Company., KUBOTA Corporation., Semios., AGCO Corporation., Raven Industries, Inc., Valmont Industries, Inc., BASF SE., Hunan Rika Electronic Tech Co., Ltd, and Bayer AG.

COVID-19 Impact Analysis

The onset of the pandemic had created unprecedented challenges for industries worldwide, including the global smart crop monitoring market, as countries grappled with lockdowns, supply chain disruptions, and reduced economic activity, which has impacted the production and adoption of smart crop monitoring equipment.

By Component
• Hardware
• Software
• Services

By Technology
• Guidance Technology
• Remote Sensing Technology
• Variable Rate Technology
• Automation Robotics
• Others

By Product
• Sensor Technology
• Drones
• Robots
• Handheld Devices
• Software and Mobile Applications
• Others

By Farm Type
• Small
• Medium
• Large

By Application
• Soli Monitoring
• Yield Monitoring
• Disease Detection & Pest Detection
• Irrigation Monitoring
• Nutrition Management
• Weed Management
• Crop Insurance
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In January 2023, CropX Technologies, a global leader in digital solutions for agronomic farm management, acquired Tule Technologies, a precision irrigation company based in California. This acquisition brings new data capture technologies to the CropX Agronomic Farm Management System and expands its market in California drip-irrigated specialty crops.
• In November 2021, Sentera, an agricultural insights company acquired Insight Sensing. With the acquisition of Insight Sensing, Sentera is continuing its mission to focus on creating insights that are timely, accurate, affordable, and actionable while accelerating the adoption of its solutions through expanded capabilities and partnerships.
• In August 2021, CropX, an Israel-based farm management software platform provider, acquired Dacom Farm Intelligence to expand into Europe. This acquisition represents a major consolidation of agriculture digital twin capabilities, acres serviced, and geographic datasets. It also doubles CropX’s team and significantly increases its number of farms and total service area, with more than 20,000 new farms in over 50 countries.

Why Purchase the Report?
• To visualize the global smart crop monitoring market segmentation based on component, technology, product, farm type, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of smart crop monitoring market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global smart crop monitoring market report would provide approximately 78 tables, 82 figures, and 210 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies