Dublin, March 25, 2021 (GLOBE NEWSWIRE) -- The "Smart Agriculture - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Increasing Pressure on Improving Crop Yields & Lowering Cost of Production Drives Adoption of Smart Agriculture Technologies, Creating a US$ 18.7 Billion Opportunity.
The global market for Smart Agriculture is projected to reach US$ 18.7 billion by the year 2027, trailing a post COVID-19 CAGR of 9.4% over the analysis period 2020 through 2027.
The COVID-19 pandemic resulted in large scale disruptions in supply chains across the world in the first half of 2020. Lockdowns, closures and other measures adopted by authorities worldwide led to severe operational constraints for farm equipment manufacturers. Numerous production sites of agriculture equipment manufacturers faced delays and interruptions in the supply chain, along with labor shortage and low customer activity.
Most of the production facilities were suspended owing to supply chain disruptions. The delay in production and shipment further resulted in drop in retail sales. With the COVID-19 outbreak unfolding on a global scale, disruptions in food supply chains, income and remittance losses, and effects of other shocks on agriculture sector have become clearly evident, thereby creating food security risks in many countries across the world. Although global food prices continue to be mostly stable, varying levels of food price inflation is being observed in several nations at the retail level because of the measures taken to contain COVID-19 transmission.
In the post COVID-19 period, the agriculture industry is set to undergo notable transformation due to the continuous influx and implementation of new concepts and technologies. The shift is expected to help farmers in revolutionizing operations for better yields, environmental gains and less wastage. AI holds immense potential to help the agriculture industry to become smarter and efficient while reducing waste. COVID-19 outbreak has accelerated the adoption of AI-powered technologies in the industry. Agriculture professionals are realizing notable benefits of using drones for tasks like seeding, field surveying and spraying while keeping farmers safe.
Drone flights in the agriculture industry have increased 32% over 2018-2019, indicating increasing focus on drones. In addition, increasing agricultural automation is anticipated to further drive the trend and transform farm practices.
Emerging technologies such as AI and automation are likely to help farmers in ensuring smart planting, while integration of drone software in equipment management is expected to support analysis of conditions. AI-powered solutions are being widely used for detecting weeds, water issues, nitrogen deficiencies and pests to remediation like spraying of herbicides and pesticides. Advanced solutions leverage AI along with cameras on crop sprayers for detecting and spraying agrochemicals with high degree of precision.
In addition, drone-based data can be used for detecting deficiency of specific elements to inform sprayers of deficient areas only. These applications are anticipated to help farmers in boosting overall productivity and yields without leaving impact on the environment. In countries across the world, there are also several educational initiatives that educate growers on the new technologies and their benefits.
In Canada, the initiative of Olds College Smart Farm for instance aims at transforming previous farm operations of the campus through use of new solutions and technologies. The college installed stationary soil monitors, wireless grain bin sensors and digital weather stations on the farms. It used ML, AI and data analytics and turned data into useful information. The college is also planning on educating its students on new agri tech.
The global agriculture industry is also being revolutionized by blockchain technology, which is enabling farmers to track crops, digitally and in the real time. The technology is able to record and also update crop status through the entire production time, from planting upto delivery. There would be limited cases of load losses. The technology can also reduce inefficiencies in supply chain, fraud instances and recalls because of its capability of tamper resistance. It also allows tracking of ownership records.
Farm automation or smart farming is another futuristic technology for the global agricultural industry. It refers to use of big data, PoE (power over Ethernet), IoT, cloud and other sophisticated communication technologies for automating operations of agriculture. Such automation reduces the need for labor and increases efficiency of operations and quality of the goods.
Automation streamlines all processes of farming by eliminating repetitive, manual tasks. GPS, soil scanning, automatic watering, data management, temperature sensors, self-driving machinery like seeders and tractors are some of the features of smart farming. Another major technological innovation, becoming common in the global agriculture industry, is the drones. Bees are essential for farming as they help pollinate crops. Without the pollination crops cannot be fertilized for seed production.
Drones, particularly the smaller ones, are being increasingly used for pollinating crops in areas where bee populations are dwindling. Drones have several other applications. They are being used in automating crop harvests and crop growth monitoring. They provide growers with aerial views of their vast fields.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of Covid-19 and a Looming Global Recession
The Pandemic Slows Down Demand for Agricultural Equipment and Services
Pandemic's Adverse Impacts on the Agriculture Industry
Agriculture Industry Accelerates Advanced Technologies Adoption amid the Pandemic
Smart Agriculture Transforming Traditional Farming
Advantages of Using IoT in Agriculture
Select Application of IoT
Smart Agriculture Solutions
Key Growth Drivers
Blockchain Forays into the Farming Sector
Factors Restraining Growth
Market Analysis by Agriculture Type
Analysis by Offering
Recent Market Activity
Select Innovations & Advancements
2. FOCUS ON SELECT PLAYERS (Total 199 Featured):
Afimilk Agricultural Cooperative Ltd.
Ag Leader Technology, Inc.
Certhon - Greenhouse Solutions
Deere & Company
InnovaSea Systems, Inc.
Quantum Spatial, Inc.
Raven Industries, Inc.
Scale Aquaculture AS
The Climate Corporation
Topcon Positioning Systems, Inc.
3. MARKET TRENDS & DRIVERS
AgTech Emerges as New Buzzword in Agricultural Industry
Precision Aquaculture Market to Maintain Momentum with Added Fervor
IoT-Powered Solutions to Redefine Livestock Monitoring Tasks
Intriguing Advantages of Smart Greenhouses to Drive Growth
Ongoing Shift Towards Precision Agriculture Instigates Opportunities
GPS Systems & Navigation: Indispensable in Smart Agriculture Technologies
Emphasis on Smart Farming & Agricultural IoT Bodes Well
Persistent Need to Minimize Agricultural Emissions Fuel Demand
Rising Food Security Concerns Drive Demand
Climate Change Compounds Food Security Concerns
Increasing Automation of Agricultural Operations Boosts Market
Labor Shortage Issues & Rising Labor Costs Fuel Interest
Smart Technologies Become Relevant Amid Declining Agricultural Land Productivity & Shrinking Arable Land
Increase in Corporate Farming & Growing Farm Sizes Enhance Market Prospects
Autonomous Tractors Set to Widen Addressable Market
Select Innovations in Autonomous Tractors Market
Autonomous Farm Tractors to Become an Essential Constituent of Precision Agriculture
Autonomous Vineyard Tractors to Provide Assistance to Growers
Tractor Autopilot for Enhancing Farmer Productivity & Efficiency
Blockchain Technology to Augment Smart Agriculture Market
Government Initiatives to Modernize Agriculture Sector Augur Well
Developments in Machine Vision, AI, & ML Encourage Growth
ISOBUS ISO11783 Standard Streamlines Development of Smart Agricultural Equipment
Rising Penetration of Robotics in Agricultural Sector Bodes Well
Drones Emerge to Revolutionize Agriculture Sector
Favorable Prospects for Agricultural Drones
Rise in Popularity of Multi-Rotor Drones
Software Enhancements to Drive Growth
Advanced Sensors Make Agricultural Drones More Efficient
Legislative Policies Present Challenges for Agricultural Drone Use
High Cost & Shortage of Operators Remain Major Issues
Pesticide Spraying Made Easier with Agricultural Drones
Drones for Controlling Invasive Plants & Dispensing Beneficial Pest-Eating Insects
Issues & Challenges
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
GEOGRAPHIC MARKET ANALYSIS
Total Companies Profiled: 331
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