The Future of Agriculture Technology
· INTRODUCTION
According to a replacement market intelligence report by BIS analysis, the worldwide sensible farming market is predicted to achieve $23.14 billion by 2022, rising at a compound annual rate of growth (CAGR) of 19.3% from 2017 to 2022.
The market growth is primarily attributed to the increasing demand for higher crop yield, the growing penetration of data and communication technology (ICT) in farming, and therefore the increasing would like for climate-smart agriculture.
In the coming years, smart farming is projected to create a massive impact on the agricultural economy by bridging the gap between small and large-scale businesses. The trend is not only pertinent in developed countries — developing countries have also realized its immense importance as well.
In countries such as China and Japan, wide-scale deployments of smartphones and internet of things (IoT) systems have led to a rapid adoption of precision agriculture solutions. The governments of many countries have conjointly realised the requirement for, and the advantages of these technologies, and thus, their initiatives to promote precision farming techniques are expected to drive the growth of the market further.
However, such revolutionary changes in farming practices not solely go with opportunities however conjointly sure challenges that influence be a restraint within the growth of the market. The awareness and data regarding newer agriculture technology ar nevertheless to unfold extensively, especially in emerging countries.
· Types of Precision Agriculture
According to the report, in 2017, the hardware systems solution segment held more than 72% of the total global smart farming market. The exactitude crop farming application presently holds the most important market share of over thirty first.
Companies within the market provide a spread of solutions for many styles of exactitude crop farming applications like exactitude irrigation, yield monitoring and forecasting, variable rate application, crop scouting, and recording keeping, among others.
Precision irrigation merchandise are a significant contributor to the massive market share of exactitude crop farming. With the growing would love for the suitable use of agricultural inputs, variable rate application products in the market are expected to propagate the growth of the precision crop farming market in the next five years.
The introduction of autonomous milking robots into milk gathering is predicted to enhance the expansion of sensible agriculture within the placental sector. In addition, growing urbanized areas and the increasing demand for fresh agricultural produce all year round shall propagate the growth of indoor farming.
Aquaculture is additionally witnessing larger integration of cultivation management package for the economical breeding of aquatic species.
· Where Precision Farming Is Taking Off
Regionally, North America is at the forefront of the global smart agriculture market, with high market penetration in the U.S. However, Mexico is expected to have the highest market growth in the coming five years.
The Asia-Pacific region is projected to show the quickest market growth from 2017 to 2022. The region presents Associate in Nursing giant scope for market development, thanks to the increasing urban population size, growing market penetration of internet in farm management, and favorable government investments. Moreover, the presence of economically advancing countries like India and China square measure expected to form the region a primary a part of the expansion of exactitude agriculture within the upcoming years.
· Automated Farming Trends
A amendment within the world aging demographic has triggered the adoption of automation in farming practices. Automation and management systems makers have witnessed a precise surge within their sales because of this profound amendment in the farming trade.
Over the past five years, agricultural robots have also been incorporated into farming operations as they treat soil and crops selectively as per their requirements and reduce the need for manual labor. UAV/drones generated the best revenue amongst all agricultural robots used in sensible farming. The majority of golem preparation was in deep trouble crop management.
· Agriculture Companies to Watch in This Space
Key players in operation during this market have ramped up their product launch activities over recent years to come up with public awareness regarding their existing and new merchandise and technologies and vie with their competitors’ product portfolio.
Partnerships and collaborations strategies have also been significantly employed for expansion in the smart farming market. With the increasing growth at intervals the planet market, corporations operative during this business square measure compelled to come back up with cooperative ways with alternative agricultural OEMs to sustain within the intensely competitive market. For instance, in February 2018, Trimble Inc. and Aquarius Spectrum Ltd. signed an agreement for the distribution of Aquarius Spectrum’s wireless leak detection and monitoring solutions for water utilities.
The report profiles twenty four leading agriculture corporations engaged in exactitude agriculture, that include:
AGCO Corporation
Boumatic LLC
Ag Leader Technology
Dairymaster
CNH Industrial
DeLaval
Deere & Company
Fullwood Ltd.
DICKEY-john
Philips Lighting
Raven Industries
Osram Licht AG
SST Development Group
Cree Inc.
The Climate Corporation
General Hydroponics
Topcon Positioning Systems
AKVA Group
Trimble Inc.
XpertSea
Afimilk Ltd.
Eruvaka Technologies
Allflex USA Inc.
DJI Innovations
· Farming and Agriculture Market Research
Farming Market Research ReportFor more information, download the full industry report by BIS Research, which provides critical insights into the future of agriculture technology. This comprehensive report draws on research from extensive primary interviews and secondary research, along with analytical tools that have been used to build forecasts and predictive models.
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