Meticulous Research®—a leading global market research company, published a research report titled, ‘Crop Monitoring Market by Offering, Technology (Remote Sensing, AI & Computer Vision, Automation & Robotics, Others), Farm Type, Application (Yield Monitoring, Crop Scouting, Nutrient Monitoring, Others), and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the global crop monitoring market is projected to reach $8.9 billion by 2030, at a CAGR of 19.3% during the forecast period. The growth of the crop monitoring market is driven by the growing demand for remote sensing technologies for precision farming, increasing government initiatives supporting the adoption of IoT in the agriculture sector, and rising population and growing demand for high-quality agriculture products. However, the high costs of advanced agriculture equipment and dynamic government rules and regulations for the agriculture sector may restrain the market's growth.
Furthermore, the rising integration of AI and IoT technologies in crop monitoring devices and constant upgrades in mapping and navigation solutions are expected to offer significant growth opportunities for the global crop monitoring market. However, a lack of technical knowledge among farmers and low penetration of agriculture technologies in developing countries may hinder the growth of this market.
Meticulous Research® has segmented this market based on offering, technology, farm type, application, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the global crop monitoring market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global crop monitoring market. The large market share of this segment is attributed to the rapid automation of agricultural processes, rising demand for drones to monitor yield, and increasing labor costs. For instance, in November 2021, XAG Co., Ltd. (China) launched V40 and P40 agricultural drones for rural areas with an aging population and weak infrastructure to conduct mapping, spraying, and broadcasting on farms. These drones help farmers to improve crop yields, cut costs, measure, and monitor the health of crops, and detect the presence of weeds, insects, and other soil conditions in the field.
Based on technology, the global crop monitoring market is segmented into remote sensing, AI & computer vision, IoT, cloud technologies, big data, automation & robotics, and other technologies. In 2023, the remote sensing segment is expected to account for the largest share of the global crop monitoring market. The large market share of this segment is attributed to the reduction in the prices of sensors, rapid automation of agricultural processes, and increasing government spending promoting farm automation systems. For instance, in June 2022, Farmsense (U.S.) launched FlightSensor, a real-time pest monitoring system for commercial farmers to efficiently manage pests, optimize crop yield, and improve insect monitoring & crop management efforts.
Based on farm type, the global crop monitoring market is segmented into small farms (less than 2 heactares), medium farms (between 2 - 10 heactares), and large farms (more than 10 heactares). In 2023, the large farms segment is expected to account for the largest share of the global crop monitoring market. The large market share of this segment is attributed to the increasing adoption of advanced technologies in large-sized farms to quickly and accurately assess the health, growth, and yield of crops over large areas of land.
Based on application, the global crop monitoring market is segmented into yield monitoring, field mapping, crop scouting, nutrient monitoring, pest control, and other applications. In 2023, the yield monitoring segment is expected to account for the largest share of the global crop monitoring market. The large market share of this segment is attributed to the rising adoption of precision farming, increasing population resulting in rising food consumption, government subsidies in the food and agriculture industry, the need for increased profitability, and enhancement in yield. For instance, in March 2021, the National Aeronautics and Space Administration (NASA) (U.S.) partnered with CropX Inc. (Israel) to establish the parameters for water usage estimates, yield prediction, soil quality, support sustainable agriculture, & improve crop yields.
Based on geography, the global crop monitoring market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2023, Europe is expected to account for the largest share of the global crop monitoring market. Europe’s large market share can be attributed to the increasing demand for improvised food products, the growing interest of farmers in adopting precision farming, and growing government investments to adopt IoT solutions. For instance, in January 2021, the European Union offered USD 9.3 million (EUR 7.9 million) funding for the Robs4Crops project to accelerate the shift toward the large-scale implementation of robotics and automation in European farming. This project started in January 2021 and will run for four years.
The key players operating in the global crop monitoring market are 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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