The agriculture IoT market is projected to register a CAGR of 10% during the forecast period, up from US$ 11.5 Bn in 2021 to reach a valuation of US$ 32.8 Bn by 2032.
The agriculture IoT market is anticipated to show promising growth prospects during the forecast period as a result of growing competition. New competitors are offering a variety of options at reasonable pricing to fulfill the demand for agriculture IoT making it more accessible to customers in the global agriculture IoT market.
Report Attribute
Details
Estimated Base Year Value (2021)
US$ 11.5 Billion
Expected Market Value (2022)
US$ 12.65 Billion
Anticipated Forecast Value (2032)
US$ 32.8 Billion
Projected Growth Rate (2022-2032)
10% CAGR
Sales of agriculture IoT are expected to rise significantly. In addition to this, sales of agriculture IoT are rising, accounting for US$ 18.5 Bn by 2026. Increasing sales of agriculture IoT is also projected to contribute to the growth of the agriculture IoT market share.
Drones are used in agriculture IoT to analyze crop health, monitor crops, sow crops, spray crops, irrigate fields, and do field analysis. Drones are also used to collect data using a variety of sensors for mapping, imaging, and surveying agricultural land. Plant counting, plant height, yield projection, stockpile measurement, drainage mapping, weed pressure mapping, and other insights are derived from the data gathered by a drone.
Manufacturers in the agriculture IoT market get a big platform from which to serve the whole demand for agriculture IoT. The worldwide sales of agriculture IoT are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for agriculture IoT more accessible to customers.
DeLaval, SmartCultiva Corporation, Crop Metrics, Raven Industries, and AeroFarms are among the leading companies in the agriculture IoT industry.
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What are the Key Growth Propellers in the Agriculture IoT Market Share
Greenhouse farming helps to increase agricultural, fruit, and vegetable yields. In greenhouse farming, the ambient conditions are manually regulated, resulting in production losses and a less effective strategy. Smart greenhouses, which utilise IoT to monitor and manage the environment, reduce the need for physical intervention.
Different sensors are utilised to manage the environment depending on the need. Light levels, humidity, pressure, and temperature are all measured by IoT sensors. Through the usage of Wi-Fi, the sensors operate the actuators to regulate the heating, turn on the light, and open a window.
Precision farming is a method of making agricultural procedures more precise and regulated in order to raise livestock and cultivate crops. The utilisation of information technology and objects such as sensors, robots, control systems, automated hardware, and so on are crucial components of this strategy. VRI optimization, which helps to boost yields and increase water usage efficiency, is one of the products and services offered by Crop Metrics, a precision agricultural company.
Owing to the most farmer groups are unfamiliar with the term "internet of things," adoption and sales of agriculture IoT are low. Farmers are not provided adequate training in the demand for agriculture IoT, which limits the growth of the agriculture IoT industry.
Which is the Key Agriculture IoT Market
Geographically, North America and Europe have a major in the agriculture IoT market share, owing to factors such as rising food trade value. Furthermore, the Asia Pacific industrial sales of agriculture IoT systems are predicted to expand as the region's governments embrace precision farming. Agriculture IoT market prospects are emerging in the Middle East and Africa.
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How is the Competitive Landscape in the Agriculture IoT Market
DeLaval, SmartCultiva Corporation, Crop Metrics, Raven Industries, and AeroFarms are among the leading companies in the agriculture IoT industry.
Recent developments in the Agriculture IoT Market:
Deere & Company released an improved version of ExactRate in March 2021, which is an on-planter technology that fertilises new crops twice as fast as before and minimises the amount of fertiliser tank refills required during planting.
DeLaval added the RC550 and RC700 to their robot lineup in February 2021. These robots were created to increase cow comfort and hoof condition on solid flooring. Any form of manure may be handled by the collector thanks to their innovative rotational dung intake technology, and no additional water is required.
Raven Industries debuted its first autonomous farm device for harvesting activities in January 2021. It assists farmers in monitoring autonomous cars by allowing them to create field plans, modify speeds, and track location activities.
Trimble Inc. bought Midstates VRS, a network previously owned by Butler Machinery and Frontier Precision, in December 2020. Trimble's VRS Now® GNSS connections now have a larger footprint as a result of this purchase. Trimble VRS now covers more than 1 million square miles in North America as a result of this purchase. This purchase is excellent for providing precision agriculture with a high-performance GNSS system.
Innovasea Systems unveiled new V3 acoustic telemetry transmitters in November 2020, the smallest in its industry-leading portfolio of fish monitoring tags. It allows researchers and scientists to examine both smaller and larger fish species that are in the early stages of their life cycles.
The AKVA group signed a deal with Nordic Aqua Ningbo in November 2020 to provide a comprehensive RAS facility outside of Shanghai. In 2026, the project is expected to produce 8,000 tonnes of steel.
Deere & Company bought Unimil (Brazil), a Brazilian producer of sugarcane harvester aftermarket components, in September 2020. The firm made investments in the Brazilian market as a result of this purchase, which will assist clients in Brazil lower their sugarcane production costs. Deere would also be able to provide a broader range of components with more cost-effective options for consumers as a result of this purchase.
Scope of Report
Report Attribute
Details
Growth rate
CAGR of 10% from 2022 to 2032
Base year for estimation
2021
Historical data
2015 - 2020
Forecast period
2022 - 2032
Quantitative units
Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032
Report coverage
Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis
Segments covered
Component, system, application, region
Regional scope
North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand
Country scope
U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa
Key companies profiled
DeLaval, SmartCultiva Corporation, Crop Metrics, Raven Industries, and AeroFarms.
Customization scope
Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
Avail of customized purchase options to meet your exact research needs.
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Key Segments For Agriculture IoT Market
Agriculture IoT Market segmentation on basis of component:
Hardware
Software
Agriculture IoT Market segmentation on basis of the system:
Sensing and monitoring system
Automation and control system
Others
Agriculture IoT Market segmentation on basis of application:
Livestock Monitoring
Smart Greenhouse
Precision Farming
Others
Agriculture IoT Market segmentation on basis of region:
North America (U.S., Canada)
Latin America (Mexico, Brazil)
Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
East Asia (China, Japan, South Korea)
South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
Oceania (Australia, New Zealand)
Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Frequently Asked Questions
What is the Growth Outlook for the Agriculture IoT Market?
The agriculture IoT market is predicted to register a CAGR of 10% during the forecast period.
Who are the Key Players in the Agriculture IoT Market?
Key players holding substantial agriculture IoT market share include DeLaval, SmartCultiva Corporation, Crop Metrics, Raven Industries, and AeroFarms.
What is the Future of the Agriculture IoT Market?
As per the analysis, the agriculture IoT market share is likely to be US$ 18.5 Bn by 2026.
Which is the Key Driver in the Agriculture IoT Market?
Demand for agriculture IoT is likely to rise owing to factors such as rising food trade value.
