Smart Agriculture Market Overview: Essential Insights for Investors and Stakeholders Today

The global smart agriculture market size was valued at USD 22.65 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2030. Increasing automation of commercial greenhouses and growing implementation of the controlled environment agriculture (CEA) concept in greenhouses, in a bid to obtain a higher yield and maintain optimum growing conditions, are the key factors driving demand during the forecast period. Cultivators realize the potential benefits of growing plants inside a greenhouse, which has led to the development of commercial greenhouses. Cultivators have shifted from the conventional lighting systems to LED grow lights as the latter can easily be integrated into a CEA setup. Although LED grows lights are high in cost, they are an ideal option for indoor farming, owing to their long-term benefits in terms of energy efficiency.

Smart agriculture companies are shifting their focus toward the development of equipment that is integrated with advanced sensors and cameras. Key technologies driving the market demand include livestock biometrics, such as RFID, biometrics, and GPS to help cultivators automatically obtain information regarding livestock in real-time. Furthermore, infrastructural health sensors are used for monitoring material conditions and vibrations in buildings, factories, bridges, farms, and other infrastructure. Coupled with an intelligent network, infrastructural health sensors help provide information to the maintenance team in real-time. In addition, agricultural robots are being used to automate farming processes, such as soil maintenance, weeding, fruit picking, harvesting, planting, plowing, and irrigation, among others.

Gather more insights about the market drivers, restrains and growth of the Global Smart Agriculture Market

Type Insights

In 2023, the livestock monitoring segment accounted for a market share of 21.80% of the global smart farming market. Furthermore, the smart farming market has been segmented into precision farming, smart greenhouses, and others. The others segment includes fish farming and horticulture. Precision livestock monitoring supports the real-time monitoring of the health, production, and welfare of livestock to ensure optimal yields. Factors such as the increasing size of dairy farms and rising technological advancements, such as precision livestock monitoring, have urged market players to focus on new product launches and substantial cost savings associated with livestock monitoring management.

Offering Insights

Based on offerings, the software segment is likely to portray the highest growth rate from 2024 to 2030. The hardware segment has further been bifurcated into automation & control systems, HVAC systems, LED grow lights, RFID tags & readers, and sensing devices. Automation & control systems are further segmented into application control devices, milking robots, guidance systems, driverless tractors, mobile devices, remote sensing, variable rate technology, drones, and wireless modules.

Application Insights

In 2023, the yield monitoring segment held a market share of 43.19%. This is attributable to the growing demand for monitoring crop growth and reducing overall wastage by providing timely required water and minerals. The application of agriculture type includes irrigation management, yield monitoring, crop scouting, field mapping, weather forecasting & tracking, inventory management, and farm labor management. The weather monitoring & forecasting segment is anticipated to witness the highest growth rate during the projected period.

Regional Insights

North America dominated the global smart agriculture market with a market share of 44.07% in 2023. It is expected to register a CAGR of 12.3% from 2024 to 2030. Growing government initiatives and regulations to enhance the agriculture industry in the region are expected to drive the North American regional demand during the forecast period. Various agricultural organizations have come together to form the North America Climate Smart Agriculture Alliance (NACSAA), a platform for educating and equipping the cultivators for sustainable agricultural productivity. With the rising concern for water conservation, governments in North America are actively providing subsidies to enhance the applications of smart irrigation. For instance, the government of California has provided a rebate on smart controllers.

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Key Companies & Market Share Insights

Some of the key players operating in the market include Ag Leader Technology, AGCO Corporation, AgJunction, Inc., AgEagle Aerial Systems Inc., Autonomous Solutions, Inc., Argus Control Systems Ltd, BouMatic Robotic B.V., CropMetrics, CLAAS KGaA mbH, CropZilla, Deere & Company, DICKEY-john, DroneDeploy, DeLaval Inc, Farmers Edge Inc, Grownetics, Inc., Granular, Inc., Gamaya, GEA Group Aktiengesellschaft, Raven Industries, Trimble Inc., Topcon Positioning System among others.

· AGCO Corporation is a U.S.-based agriculture equipment manufacturer. The company develops and sells products and solutions such as tractors, combines, foragers, hay tools, self-propelled sprayers, smart farming technologies, seeding equipment, and tillage equipment.

· Deere & Company is engaged in the manufacturing & construction of agricultural and forestry machinery; drivetrains and diesel engines for heavy equipment; and lawn care machinery. Additionally, the company also manufactures and provides other heavy manufacturing equipment. The company serves diverse industries such as agriculture, forestry, construction, landscaping & grounds care, engines & drivetrain, government and military, and sports turf.

Prospera Technologies and Agrible, Inc. are some of the emerging market participants in the target market.

· Prospera Technologies is a global service provider of agriculture technology for managing and optimizing irrigation and crop health. The company provides AI-based sensors and cameras that aid farmers in crop monitoring.

· Agrible is a U.S.-based agriculture solution provider. The company helps customers in more than 30 countries optimize water use, crop protection, fertilization, fieldwork, research trials, food supply chains, and sustainability initiatives

Key Smart Agriculture Companies:

· Ag Leader Technology

· AGCO Corporation

· AgJunction, Inc.

· AgEagle Aerial Systems Inc.

· Autonomous Solutions, Inc.

· Argus Control Systems Ltd

· BouMatic Robotic B.V.

· CropMetrics

· CLAAS KGaA mbH

· CropZilla

· Deere & Company