The increasing need to meet the escalating food demand and the augmenting initiatives by the government to encourage the adoption of modern and advanced agricultural techniques is boosting the Crop Monitoring industry’s expansion.
The Crop Monitoring Market is expected to be valued at USD 5.99 Billion in 2027 from USD 2.04 Billion in 2019, registering a CAGR of 15.3% through the forecast period. The growth of the market can be attributed to the increased measures taken by the governments of various countries to cater to the escalating demand for food. The surging incorporation of a global navigation satellite system that helps the farmers carry out real-time crop vegetation index monitoring is adding substantial traction to the market growth.
Moreover, the rising labor wages caused by the declining agricultural workforce in developed economies have propelled the industry towards automation of farming operations. This has boosted the implementation of artificial intelligence (AI) and the Internet of Things (IoT) in the farming industry. Furthermore, augmenting the use of agricultural drones to map and survey the agrarian field is bolstering the market for crop monitoring. Drones are extensively used for the assessment of crop monitoring, crop health, and crop spraying.
However, the limited technical knowledge among farmers, low internet penetration in farmlands, and the remote locations of the farm are anticipated to impede the market growth during the projected timeframe.
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Key Highlights from the Report:
- The sensing and imagery sub-segment occupied a 49.3% share of the industry in 2019, contributing substantially to the global market revenue. The growth of the segment is predominantly driven by the increasing use of crop and soil sensors, mapping, and drones by the farmers to boost crop quality and yield.
- The hardware sub-segment is projected to proliferate at a significantly high CAGR of 15.6% throughout the estimated timeframe. The augmenting requirement to gather real-time data on the farm and crops to assess and process the data for optimum growth in farming operations has bolstered the application of sensing and monitoring devices, thereby propelling the segment growth.
- The crop scouting and monitoring sub-segment occupied a substantial share of the industry in 2019 and is projected to retain its leading position in the forecast timeframe. The segment growth is majorly driven by the growing need to rapidly detect pets and diseases to implement a safe and effective treatment as early as possible.
- Asia Pacific region is foreseen to be the most significantly expanding market during the projected timespan. This growth can be ascribed to the rising global population and increasing demand for food in emerging nations.
- Major companies in the market include Yara International, The Climate Corporation (a subsidiary of Bayer), Topcon Corporation, Trimble, Precision Hawk, Raven Industries, AGCO Corporation, Deere & Company, Lindsay Corporation, and AgJunction.
- Yara International, a world leader in crop nutrition, in 2019, joined forces with IBM to develop an innovative, cutting-edge, and prominent digital farming platform of the world. This platform aims to provide holistic digital services and quick advice about agronomics.
For the purpose of this report, Emergen Research has segmented the Global Crop Monitoring Market on the basis of technology, offering, application, and region:
Technology Outlook (Revenue, USD Billion; 2017–2027)
- Variable Rate Technology
- Automation & Robotics
- Sensing & Imagery
Offering Outlook (Revenue, USD Billion; 2017–2027)
- Hardware
- Software
- Services
Application Outlook (Revenue, USD Billion; 2017–2027)
- Soil Monitoring
- Yield Mapping & Monitoring
- Variable Rate Application
- Weather Tracking & Forecasting
- Crop Scouting & Monitoring
- Field Mapping
- Others
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
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