Agriculture Technologies Market Overview and Analysis:
The Agriculture Technologies Market is currently valued at USD 20.52 billion in 2022, and is expected to undergo a CAGR of 13.23% during the forecast period 2023-2030.
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Agricultural technologies are used in hardware or machines that are used in the farming process. These technologies make the machinery work in the same way as to be done by humans and animals for farming. It has brought a revolutionary change in modern farming on the global level. Agricultural technology is used to produce machinery to be employed in agriculture and to make food products.
The increased globalization of the food supply chain requires efficient logistics and quality control, which can be enhanced through technology applications and significant investments from venture capitalists, private equity firms, and governments, which are driving research and development in the sector.
Agriculture Technologies Market Latest Trends:
The latest trends in agriculture technology are driven by the need for increased productivity, sustainability, and transparency. Precision agriculture continues to gain momentum as farmers leverage data-driven technologies, such as GPS, remote sensing, and drones, to optimize crop management. These tools help in precise planting, irrigation, and fertilization, ultimately reducing resource wastage and increasing yields. Moreover, AI and machine learning are being used to analyze vast amounts of data to make predictive decisions regarding crop health, pests, and disease management. These technologies enable early detection and treatment, reducing the need for chemical interventions and promoting sustainability.
Segmentation:
The Global Agriculture Technologies Market,
By Offering :
- Hardware
- Software
- Services
Agricultural Type :
- Precision Farming
- Live Stock Monitoring
- Others
Application
- Fish Farming
- Smart Green House
- Precision Farming Applications
- Livestock Monitoring Applications
- Others
Geography :
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle
- East & Africa
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
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Drivers:
Rise in Usage of Technology in the Farming Process Worldwide
The rise in technology adoption in farming processes worldwide is being driven by the need to meet the demands of a growing global population, ensure food security, minimize environmental impact, and improve resource efficiency. Further, the launch of new technologies by the key market players is driving the growth of the studied market. For instance, in February 2023, Topcon Agriculture unveiled the launch of Transplanting Control, an exceptional guidance control solution for specialty farmers. This turnkey solution was designed to boost efficiency, reduce labor, and proliferate production. Further, it delivers GNSS-driven guidance, autosteering & and control, thereby proving advantageous for the growers of perennial trees, vegetables, and fruits. Thus, the market is expected to witness significant growth over the forecast period.
Increasing Need for Examining the Health of the Live Stock
The increasing need for examining the health of livestock has led to the development of a wide range of technologies and practices aimed at promoting animal health, welfare, and productivity. These technologies enable early detection, better management, and the implementation of preventive measures, ultimately contributing to a more sustainable and efficient livestock industry. The ongoing development and adoption of such technologies are crucial for the future of agriculture and global food security.
Restraints :
Agriculture Technologies Market Less Skilled Farmer
Small-scale farmers encounter obstacles at every stage of the agricultural process, from initial crop planning and input procurement to the eventual harvest, processing, and marketing of their produce. Numerous challenges they face are rooted in a lack of adequate information. For instance, their access to improved credit facilities may be impeded by limited financial knowledge and the incapacity to furnish essential information required by financial institutions for credit assessment and loan evaluation. This is anticipated to act as a restraint on the expansion of the market.
COVID-19 Impact on Agriculture Technologies Market
The COVID-19 pandemic both disrupted and accelerated the adoption of agriculture technologies. It highlighted the need for resilient, data-driven, and technology-enabled agricultural systems to ensure food security, maintain supply chain resilience, and adapt to the challenges posed by global crises. The pandemic underscored the importance of precision agriculture in optimizing resource use. Data-driven decision-making became vital as farmers aimed to reduce costs and increase yields. In the current scenario, with the advancement of technologies, the market is expected to witness significant growth over the forecast period. For instance, in May 2021, AGCO announced a targeted spraying solutions strategic collaboration with Raven Industries Inc., BASF Digital, and Robert Bosch GmbH. The objective of this deal was to assess the targeted spraying technology for enhancing crop protection product applications by limiting crop input costs and addressing environmental sustainability.
Segmental Analysis :
Software Segment is Expected to Witness Significant Growth Over the Forecast Period.
Agriculture software plays a crucial role in modernizing farming practices and improving productivity, sustainability, and resilience. These tools enable farmers to make data-driven decisions, optimize resource use, enhance animal welfare, and ensure the safety and traceability of food products from farm to table. As technology continues to advance, agriculture software will likely play an even more significant role in shaping the future of agriculture. Farm management software offers a comprehensive platform for managing all aspects of farming operations, including crop planning, labor management, financial tracking, and resource allocation. It provides a centralized platform for farmers to monitor and control their operations, enabling more informed decision-making and resource optimization. Thus, the segment is expected to witness significant growth over the forecast period.
The Precision Farming Segment is Expected to Witness Significant Growth Over the Forecast Period.
Precision farming and the associated agricultural technologies have the potential to transform the agriculture industry by making it more efficient, sustainable, and resilient. These technologies enable farmers to produce more with fewer resources, reduce environmental impacts, and respond to the challenges posed by climate change and a growing global population. As technology continues to evolve, precision farming is expected to play a central role in the future of agriculture.
Livestock Monitoring Applications Segment is Expected to Witness Significant Growth Over the Forecast Period.
Livestock monitoring technologies help farmers make informed decisions, optimize resource use, enhance animal welfare, and increase the productivity and sustainability of their operations. These technologies are especially vital in large-scale livestock farming, where individual animal care can be challenging without the assistance of data-driven tools. As technology continues to advance, livestock monitoring is expected to play an increasingly important role in ensuring the well-being of animals and the success of livestock operations. Thus, the segment is expected to witness significant growth over the forecast period.
North America Region is Expected to Witness Significant Growth Over the Forecast Period
North America dominated the global smart agriculture market with a market due to the growing government initiatives and regulations to enhance the agriculture industry in the region are expected to drive the North American regional demand during the forecast period. Various agricultural organizations have come together to form the North America Climate Smart Agriculture Alliance (NACSAA), a platform for educating and equipping cultivators for sustainable agricultural productivity. With the rising concern for water conservation, governments in North America are actively providing subsidies to enhance the applications of smart irrigation. For instance, the government of California has provided a rebate on smart controllers. For instance, In January 2023, ASI Logistics in collaboration with SICK, Inc. announced the successful implementation of autonomous yard truck operations. In this collaboration, ASI Logistics leveraged its groundbreaking Vehicle Automation Kit (VAK) along with the industry-leading LiDAR systems of SICK. Thus, the market is expected to witness significant growth over the forecast period.
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Agriculture Technologies Market Competitive Landscape:
The global agriculture technologies market competitive landscape provides details of competitors. Some of the major players operating in the global agriculture technologies market are
- Deere & Company (U.S.)
- Trimble, Inc. (U.S.)
- Raven Industries (U.S.)
- Agjunction, Inc. (Canada)
- AGCO Corporation (U.S.)
- AG Leader Technology (U.S.)
- Precision Planting, Inc. (U.S.)
- SST Development Group, Inc. (U.S.)
- Teejet Technologies (U.S.)
- Topcon Positioning Systems, Inc. (U.S.)
- Dickey-John Corporation (U.S.)
- Cropmetrics LLC (Nebraska)
- Certhon (Netherlands)
- Nexus Corporation (U.S.)
Recent Development:
1. In July 2023, Deere & Company announced the acquisition of Smart Apply, Inc. The company planned to leverage Smart Apply’s precision spraying to assist growers in addressing the challenges associated with input costs, labor, regulatory requirements, and environmental goals.
2. In April 2023, AGCO Corporation announced a strategic collaboration with Hexagon, for the expansion of AGCO’s factory-fit and aftermarket guidance offerings. The new guidance system was planned to be commercialized as Fuse Guide on Valtra and Massey Ferguson tractors.
Frequently Asked Questions (FAQ) :
Q1. What is the current Agriculture Technologies Market size?
The Agriculture Technologies Market is currently valued at USD 20.52 billion.
Q2. What is the Growth Rate of the Agriculture Technologies Market Market?
Agriculture Technologies Market is expected to undergo a CAGR of 13.23% during the forecast period.
Q3. Which region has the largest share of the Agriculture Technologies Market? What are the largest region's market size and growth rate?
North America has the largest share of the market . For detailed insights on the largest region's market size and growth rate request a sample here
Q4. Who are the key players in Agriculture Technologies Market?
Some key players operating in the Agriculture Technologies Market include: Deere & Company, Trimble, Inc., Raven Industries and Agjunction, Inc..
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Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
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