The agriculture IoT market is projected to register a CAGR of 10% during the forecast period, up from US$ 11.5 Billion in 2021 to reach a valuation of US$ 32.8 Billion 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 to 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 Billion 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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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.
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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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:
| Report Attribute | Details |
|---|---|
| Growth rate | CAGR of 10% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical data | 2015 to 2020 |
| Forecast period | 2022 to 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 | USA, Canada, Mexico, Germany, UK, 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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The agriculture IoT market is predicted to register a CAGR of 10% during the forecast period.
Key players holding substantial agriculture IoT market share include DeLaval, SmartCultiva Corporation, Crop Metrics, Raven Industries, and AeroFarms.
As per the analysis, the agriculture IoT market share is likely to be US$ 18.5 Bn by 2026.
Demand for agriculture IoT is likely to rise owing to factors such as rising food trade value.
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Agriculture IoT Market
