Global Smart Agriculture Market Size, Share, Growth at a CAGR of 9.4%
Chicago, May 13, 2024 (GLOBE NEWSWIRE) -- The global smart agriculture market size is projected to reach USD 25.4 billion by 2028 from an estimated USD 16.2 billion in 2023, at a CAGR of 9.4% from 2023 to 2028. The market growth of the smart agriculture industry can be attributed to the increasing global population creating pressure on food supply system and surging use of modern technologies in agriculture.
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*Major Smart Agriculture companies include:*
· Deere & Company (US),
· Trimble Deere & Company (US),
· Trimble Inc. (US),
· AGCO Corporation (US),
· Topcon Positioning Systems (US),
· DeLaval (Sweden),
· AKVA Group (Norway),
· Allflex Livestock Intelligence (US),
· Innovasea Systems Inc. (US),
· Afimilk Ltd. (Israel), and
· Heliospectra AB (Sweden).
*Market Dynamics:*
**Driver: Rising adoption of IoT, ROVs, and AI in aquaculture farming**
The global aquaculture industry has witnessed tremendous advancements in aquaculture tools, techniques, and technologies in recent years. The growing inclination of the worldwide population toward consuming a protein-rich diet is consequently increasing the adoption of cutting-edge technologies, such as the Internet of Things (IoT), machine learning, Remotely Operated Vehicles (ROVs), artificial intelligence (AI), automatic feeders, and acoustic telemetry tracking systems, by aquaculture farm owners. The use of these technologies in aquaculture farming helps increase aquaculture production; enhance production efficiency; minimize wastage of resources; and improve accuracy, precision, and repeatability in farming operations while providing high profitability to farm owners.
**Restraint: Fragmented agriculture industry**
Agriculture is a decentralized industry, with the presence of many large, medium, and small-sized farms that operate independently. This fragmentation makes implementing a standardized machine-to-machine (M2M) solution difficult, as each farm operates differently and may have different requirements. Land fragmentation leads to an improper allocation of input and resources, which further leads to high costs. Implementing smart agricultural technologies in fragmented lands wastes time, money, and resources as managing, supervising, and collecting data from scattered lands is difficult. This also makes it difficult for farmers to attain economies of scale for M2M solutions.
**Opportunity: Rising adoption of livestock monitoring solutions in emerging countries**
Currently, the adoption of livestock monitoring technology in emerging countries like Brazil and Mexico is slow, primarily due to the high installation cost and low awareness among farmers. However, the growing demand for milk and dairy products, rise in per capita income of farmers, and increasing herd size and livestock farming in these countries, are expected to fuel the demand for livestock monitoring technologies, such as milking robots and feeding robots, in the coming years. The below figure portrays the number of milking robots installed worldwide and expected to be installed in the future.
**Challenge: Livestock farming increasing environmental concerns and global warming**
Livestock farming contributes 14–15% of the man-made greenhouse-gas emissions that are warming the planet. Animal manure can disrupt the nitrogen cycle or contaminate waterways. Livestock farming has a vast environmental footprint and a negative impact on climate. It also contributes to land and water degradation, biodiversity loss, acid rain, coral reef degeneration, and deforestation. The livestock sector already uses around 10% of global agricultural land and 8% of the total available freshwater. It is also largely responsible for deforestation and biodiversity loss and contributes 15% of global CO2 emissions.
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