Smart farming involves the use of technologies and various methods to obtain and analyze necessary data to increase the efficiency of agricultural operations. The increased development of communication technologies, such as the expansion of internet services, is also influencing the adoption of digital technologies in agricultural practices.
Read Report Overview: Smart Farming Market
In the current situation, it can be concluded that smart farming technologies are currently at a growing stage of adoption and are yet to be widely adopted globally.
Smart Farming Industry Overview
The smart farming market is expected to reach $34.1 billion by 2026, with a CAGR of 18.5% during the forecast period 2021-2026. High growth in the market is expected to be driven by the growing demand for precision agriculture and data analytics, which will further increase the demand for other digital technologies.
Impact of COVID-19 on Smart Farming
The pandemic negatively impacted the smart farming market in 2020. Due to a global lockdown, manufacturing units were shut down, and the supply chain was shut. This has affected the supply side of the market as many companies were not able to fulfill orders during the period. Similarly, due to lockdown measures, agriculture production also took a toll. Since food production was crucial during the time, only bare minimum operations were allowed in many parts of the world. This has slowed down the adoption of digital technologies, thus slowing down the market's growth in 2020.
Smart Farming Market by Application
The smart farming market by application is majorly driven by precision agriculture applications, including precision irrigation, yield monitoring and forecasting, variable rate application, crop scouting, and record keeping, among others. This is followed by livestock monitoring and management applications. As the global population increases exponentially, the total supply of food must be increased; otherwise, food shortage could lead to serious socio-political issues. Precision agriculture methods help significantly increase agriculture efficiency, which would significantly impact overall production yield. Increased yield applying the same number of resources will help tackle food security issues and reduce waste during production.
Smart Farming Market by Solution
The smart farming market by solution is dominated by the hardware segment, followed by the services segment. The hardware segment includes automation and control systems, sensing and navigation systems, and indoor farming equipment, among others. A wide range of hardware systems is available for applications such as automating and controlling the farm machinery, sensing analytical data, navigating farm equipment with precise sowing and harvesting requirements and controlling and maintaining the desired climatic conditions in indoor farming facilities. Sensor technology is the most common type of hardware component that is developed and commercialized worldwide. Sensors are also a crucial part of -based farming solutions, which is expected to boost hardware solutions in the smart farming market.
Smart Farming Market by Region
North America is the leading region in agricultural technologies in terms of market adoption and development. North American countries are far ahead of the different regions, looking to implement various digital technologies beyond conventional farm machinery and services for efficient crop production. Smart farming is gradually transforming the global agricultural industry by making farming practices more sustainable and profitable. While the introduction of newer technologies has been on the rise to meet the growing food demand, North America has been one of the early adopters of the same. Moreover, it serves as one of the most important regions for the smart farming industry as leading original equipment manufacturers (OEMs) generate their major share of the revenue from this region. With the rise in urban population and an all-year-round demand for agricultural produce, indoor farming is massively adopted in the region to meet the requirement. Henceforth, the region has also been a major contributor to the indoor farming segment of the market.
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Key Market Players and Competition Synopsis
Some of the key players operating in the market include Ag Leader Technology, AGCO Corporation, CNH Industrial, Deere & Company, Hexagon Agriculture, Kubota Corporation, Afimilk Ltd., Allflex USA Inc., Nedap N.V., General Hydroponics, Osram Licht AG, AKVA Group ASA, Eruvaka Technologies, Naïo Technologies, DJI Innovations.