The Crop Monitoring Market is projected to reach $8.9 billion by 2030, at a CAGR of 19.3% from 2024 to 2030. The growth of the global crop monitoring market is driven by growing demand for remote sensing technologies for precision farming and increasing government initiatives supporting the adoption of IoT in the agriculture sector. However, the high costs of advanced agriculture equipment 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 may hinder the growth of this market.
Increasing Government Initiatives Supporting the Adoption of IoT in the Agriculture Sector Drive the Global Crop Monitoring Market
Government bodies across various countries have started creating awareness programs, reforming policies, and forming tie-ups with the private sector to encourage the adoption of IoT and promote smart farming. With the realization of the importance of precision farming practices, statistics management, data ownership, and access to open-source information, various government organizations are taking initiatives in this direction. For instance, in February 2024, the U.K. government allowed Victorian farmers to apply for On-Farm Internet of Things (IoT) Trial state government grants to help them invest in the Internet of Things (IoT) technology. The government offered the initiative to support farmers to improve the productivity, competitiveness, and sustainability of Victoria's agriculture sector.
Several governments worldwide are openly encouraging disruptive technologies in agricultural applications by providing incentives and subsidies to farmers. In December 2022, the Department for Environment, Food & Rural Affairs (U.K.) partnered with UK Research and Innovation (UKRI) to provide USD 13.2 million (EUR 12.5 million) for funding agriculture and horticulture automation and robotics to boost productivity, reduce labor demand, and create more sustainable farming practices. Also, in August 2022, India’s Ministry of Agriculture & Farmers’ Welfare announced various initiatives, including the National e-Governance Plan in Agriculture (NeGP-A), wherein funds are being provided to facilitate the use of modern technologies such as IoT (Internet of Things), Artificial Intelligence (AI), Machine Learning (ML), robotics, drones, data analytics, and blockchain to encourage digital agriculture in the country. Such government initiatives are driving the adoption of IoT among farmers, boosting the growth of the crop monitoring market.
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Key Findings in the Global Crop Monitoring Market Study:
In 2024, the Hardware Segment is Expected to Dominate the Global Crop Monitoring Market
Based on offering, in 2024, the hardware systems 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 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.
The Big Data Segment to Register the Highest CAGR During the Forecast Period
Based on technology, the big data segment is slated to register the highest CAGR during the forecast period. This segment's growth is attributed to the increasing use of big data for monitoring crop health, helping farmers collect valuable knowledge about diverse aspects of crop growth, disease detection, and pest management.
In 2024, the Large Farms Segment is Expected to Dominate the Global Crop Monitoring Market
Based on farm type, in 2024, the large farms segment is expected to account for the largest share of the global crop monitoring market. This segment's large market share 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.
The Yield Monitoring Segment to Register the Highest CAGR During the Forecast Period
Based on application, the yield monitoring segment is slated to register the highest CAGR during the forecast period. This segment's growth is attributed to the rising adoption of precision farming, the increasing population resulting in rising food consumption, government subsidies in the food and agriculture industry, the need for increased profitability, and enhancement in yield.
Yield monitoring is the process of measuring and tracking the amount of crop harvested from a field. It uses wireless sensors, drones, and satellites to enable farmers to track crop growth. A yield monitoring system features several components, including sensors, GPS, and software. The sensors measure the amount of crop harvested, while the GPS tracks the location of the harvest.
The benefits of yield monitoring are as follows:
- Variety Tracking: Map and compare the performance of different seed varieties throughout a field
- Load Tracking: Record the amount of grain harvested and loaded onto trucks
- Moisture Tracking: Determine if grains must be stored or dried based on the in-field moisture content
Yield monitoring technology offers several benefits for farmers, including giving farmers accurate and often geo-referenced data about their fields. Hence, key players are actively focusing on developing products for yield monitoring. For instance, in May 2021, Green Growth (Latvia), a developer of real-time yield mapping technology for farmers, launched its Green Growth Yield Monitor to make yield monitoring and analysis highly effective and as simple as possible. The system collects and analyzes crucial harvesting data across every point of the field with minimal interaction from the farmer. Such developments are expected to drive the growth of this segment during the forecast period.
In 2024, Europe is Expected to Dominate the Global Crop Monitoring Market
Based on geography, in 2024, Europe is expected to account for the largest share of the global crop monitoring market. The large share of the Europe market is 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.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by major market players in the last three to four years. The key players profiled in the global crop monitoring market study 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.).
Report Summary:
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Particulars
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Details
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Number of Pages
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250
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Format
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PDF
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Forecast Period
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2024-2030
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Base Year
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2022
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CAGR
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19.3%
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Estimated Market Size (Value)
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$8.9 billion by 2030
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Segments Covered
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By Offering
- Hardware
- Sensing and Monitoring Device
- Moisture Sensor
- Temperature Sensor
- Humidity Sensor
- Other Sensor
- Automation and Control System
- GNSS / GPS
- Flow and Application Control Devices
- Other Automation and Control Systems
- Drones
- Consoles and Displays
- Other Hardware
- Software
- Services
By Technology
- Remote Sensing
- AI & Computer Vision
- IoT
- Cloud Technologies
- Big Data
- Automation & Robotics
- Other Technologies
By Farm Type
- Small Farms (less than 2 hectares)
- Medium Farms (between 2 - 10 hectares)
- Large Farms (more than 10 hectares)
By Application
- Yield Monitoring
- Field Mapping
- Crop Scouting
- Nutrient Monitoring
- Pest Control
- Other Application
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Countries Covered
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North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Latin America, and the Middle East & Africa.
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Key Companies
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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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Key questions answered in the report:
