1.   Market Excerpt

2.   Increasing modernization of farming methods to drive the demand for agriculture sensors.

The global market for Agriculture Sensors is expected to cross US$ 2.75 Bn by 2026 at a CAGR of 12.8% throughout the forecast period from 2018 to 2026. Countries across the world are facing challenges from rising population and their food demand. According to United Nations (UN), the global populations is expected to reach 9.7 billion by 2050 from 7.3 billion in 2015. In addition, urbanization in major countries growing at accelerated pace. All these trends represents that the demand for food will continue to grow over the forecast period from 2018 to 2026. Countries across the world are focusing on to increase agricultural production to meet rising food demand. Farmers in both developed regions are significantly investing in modern technologies to increase productivity and minimize costs owing to decreasing commodity prices and increasing input costs. Precision farming technology would be a viable alternative for traditional farming methods to improve profitability and productivity. Technology evolution is helping farmers to increase their farm productivity and reduce wastage. Precision and smart farming, guidance systems, drones, robots and telematics solutions are helping to increase the agricultural production with better decision making. Use of precision and smart farming methods offer economic and environmental benefits to farmers by reducing use of water, pesticides, fertilizers and herbicides. Precision farming assist farmers to trace variable properties of their agricultural land including soil properties and environmental conditions and to take management decisions. This advance farming methods automates and simplify data collection agricultural land and allow farmers to quickly take management decisions over cultivation field. Precision farming method includes use of wireless sensors to increase productivity, efficiency and profitability while minimizing unintended impact of environment and wildlife. Sensors are used in precision farming to collect spatial data, variable rate technology and for supplying data to farmers. Rising popularity of precision farming is expected to increase the demand for agriculture sensors throughout the forecast period.

Developing countries are expected to outpace market growth throughout the forecast period

For instance, North America represents the largest regional market for agriculture sensors. U.S. is the early adopter of precision farming technologies which is the primary factor responsible for the region’s largest share in the global agriculture sensors market. In addition, significant acceptance for modern agriculture methods in Canada is also contributing in the market growth. In developed regions, precision farming is rapidly gaining acceptance from farmer and commercialized from the good science. Almost 70% to 80% agriculture equipment sold particularly in developed markets has some kind of precision farming technology integrated. In developing countries low penetration is observed for precision farming technologies due to their high initial cost and lack of awareness about the benefits of these technologies. However, rising support from private as well as public sector to increase deployment of precision agriculture methods is expected to increase the demand for agriculture sensors in the region. Asia Pacific is expected to witness the fastest growth throughout the forecast period with introduction of declining sensors prices and other monitoring technologies. India and China are the most potential market for precision farming solutions and expected to witness significant growth over the forecast period. Latin America also estimated to witness considerable growth with increasing deployment of precision farming methods in Brazil and other major countries in the region. Middle East and Africa (MEA) is developing in terms of growth in smart farming standards which represents positive outlook for agriculture sensors in the region.

Yield monitoring is the largest application segment for agriculture sensors

In this research study, we have considered sensors used in yield monitoring and mapping; soil monitoring, disease control and detection; and irrigation and water management applications. So far, yield monitoring and mapping is the largest application for agriculture sensors and accounted for almost half of the revenue share in the overall agriculture sensors market by application. The yield monitoring technologies provide useful data about the yield capacity varies within the field. Several agriculture equipment manufacturers including Deere & Company, AGCO and CNH among others are integrating yield monitoring technologies with their combines and harvesters in order to improve yield productivity. Disease control and detection and irrigation solutions are expected to witness significant growth throughout forecast period. The demand for crop scouting sensors used to monitor weed patches, crop tissue nutrient status and insect or fungal infestation is growing at considerable rate to reduce crop losses and increase productivity. In addition, availability of limited water resources and uncertain rainfall is increasing the demand for irrigation and water management solutions.

Manufacturers are focusing on developing customized sensor solutions

Investment in precision and smart farming is growing steadily with rising awareness about these solutions. Several recognized sensor manufacturers are introducing customized solutions according to different size, nature and requirement of farms. In addition, several partnerships are observed in the industry to introduce advanced solutions for different agriculture applications. Recently, Robert Bosch Venture Capital GmbH and Flex Lab IX invested in CropX (an American smart and precision farming solution providers). Manufacturers are also focusing on developing solutions specifically for small farms which is the most potential segment for agriculture sensors in the global market. Major players in the global agriculture sensors industry include Texas Instruments Inc, Auroras s.r.l., Robert Bosch GmbH, Avidor High Tech, Libelium Comunicaciones Distribuidas S.L, Ag Leader Technology, Sol Chip Ltd, Pycno Agriculture, CropX Inc, Trimble Inc, Sentera, LLC., The Yield Pty Ltd and others.

Why it is recommended to invest in our agriculture sensors market research study?

The research study on agriculture sensors market provides exhaustive analysis of global trends and dynamics in the global industry. This study includes comprehensive analysis of different sensor types and their applications in agriculture field. The report also highlights key market driving and restraining factors. The study also provides qualitative as well quantitative analysis of segments covered in the scope of the study. The report also identifies vital investment areas in the global agriculture sensors markets. This research study also includes high level analysis of agriculture sensors industry which include value chain analysis, key player positioning and investment preposition. Report also include profiles of leading agriculture sensor providers.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Agriculture Sensors market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Agriculture Sensors market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Agriculture Sensors market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Agriculture Sensors market?
• Which is the largest regional market for Agriculture Sensors market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Agriculture Sensors market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Agriculture Sensors market worldwide?