Category: Information and Technology
How Are Satellite Technologies Used in the Crop Monitoring Market to be Worth $8.9 Billion by 2030?
By Mayu14, 2024-08-06
The Global Crop Monitoring Market is forecasted to hit $8.9 billion by 2030, growing at a robust CAGR of 19.3% from 2023 to 2030. This growth trajectory is largely driven by the increasing demand for remote sensing technologies in precision farming and a surge in government initiatives promoting the use of IoT in agriculture. Despite this, the high cost of advanced agricultural equipment poses a potential challenge to market expansion.
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The integration of AI and IoT in crop monitoring devices, coupled with ongoing advancements in mapping and navigation technologies, presents significant opportunities for market growth. However, limited technical knowledge among farmers could impede this progress.
Government Support and IoT Adoption
Governments around the world are actively promoting IoT adoption in agriculture through awareness campaigns, policy reforms, and collaborations with the private sector. For example, in February 2023, the U.K. government introduced On-Farm IoT Trial grants to help Victorian farmers invest in IoT technology, aiming to enhance productivity and sustainability. Additionally, in December 2022, the U.K.’s Department for Environment, Food & Rural Affairs, along with UK Research and Innovation, allocated $13.2 million to fund agricultural automation and robotics. Similarly, India’s Ministry of Agriculture announced initiatives under the National e-Governance Plan in Agriculture to support modern technologies like AI, ML, and blockchain.
Market Segmentation Insights
In 2023, the hardware segment is expected to dominate the crop monitoring market due to the increasing automation of agricultural processes and rising demand for drones. For instance, XAG Co., Ltd. introduced V40 and P40 drones to assist farmers in rural areas with mapping, spraying, and broadcasting.
The big data segment is anticipated to experience the highest CAGR during the forecast period. This growth is attributed to the increasing reliance on big data for monitoring crop health and optimizing agricultural practices.
Regarding farm types, large farms are projected to lead the market in 2023 due to the extensive adoption of advanced technologies for large-scale crop management. Additionally, the yield monitoring segment is expected to grow the fastest, driven by the need for precision farming and enhanced yield performance.
Regional Overview
Europe is predicted to be the leading market for crop monitoring in 2023, thanks to rising demand for high-quality food products, greater adoption of precision farming, and substantial government investments in IoT solutions. For example, the European Union’s $9.3 million funding for the Robs4Crops project aims to advance robotics and automation in European agriculture.
Key Players : Topcon Corporation (Japan), Trimble Inc. (U.S.), Climate LLC (U.S.), Yara International ASA (Norway), CropX Inc. (Israel), EOS Data Analytics, Inc. (U.S.), The Cropio Group (U.S.), PrecisionHawk (U.S.), Taranis (Israel), Ag Leader Technology (U.S.), Deere & Company (U.S.), AGCO Corporation (U.S.), Sentera (U.S.), American Robotics, Inc. (U.S.), SGS S.A. (Switzerland), Cropin Technology Solutions Private Limited (India), Arable (U.S.), and Small Robot Company (U.S.).
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