Internet of Things in Agriculture Market Size to Reach USD 26.65 Billion in 2030 | Rising Demand for Implementation of Remote Sensing Technology in Agricultural Lands is a Key Factor Driving Industry Demand, Says Emergen Research
Significant advancements in agricultural equipment technology is one of the factors expected to drive market revenue growth.
VANCOUVER, B.C., May 11, 2022 /PRNewswire/ -- The global Internet of Things (IoT) in agriculture market size reached USD 11.20 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Significant advancements in agricultural equipment technology is one of the factors expected to drive market revenue growth.
Drivers:
Precision or smart farming has a huge impact on agricultural production worldwide. The precision farming technique ensures high returns on agricultural production by improving the yield. It enables farmers to curb any negative conditions affecting soil in which crops are grown by collecting geospatial data of soil conditions, livestock, and other inter-and intra-field information. Precision farming also aids in providing inputs about the appropriate requirements for agricultural irrigation, fertilizers, nutrients, and pesticides, thereby reducing the wastage of resources significantly. Implementing advanced technologies such as remote sensing, yield mapping, and data management software in agricultural practices has several advantages.
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For instance, Global Positioning System (GPS)-based auto guidance technology enables farmers to significantly reduce the usage of tractors and other equipment thereby cutting fuel expenses, and reducing labor time. Similarly, variable rate application technology allows monitoring inputs across fields according to field variability thereby reducing environmental impacts such as soil erosion and degradation, and this, in turn, increases land and crop productivity.
Restraints:
Large initial investments are a significant barrier to growth of IoT in agriculture. Agricultural IoT devices and tools are currently expensive for both small farmers in developed regions and vast majority of farmers in emerging economies. Aside from the initial financial investment required to deploy GPS, drones, Geographic Information System (GIS), and other devices, agricultural techniques such as precision farming necessitate the use of a skilled workforce to operate these technology-enabled devices. Precision livestock farming technologies also include automated milking and feeding robots, monitoring and sensing devices, and herd management software, all of which require a substantial upfront investment. As a result, farmers will need to spend a lot of money on automation and control devices, distribution wagons, GPS-enabled livestock monitoring systems, and other equipment. These livestock monitoring products are also expensive to install and maintain. Similarly, tracking systems must be used at aquaculture farms in case of precision aquaculture farming technologies, increasing the overall cost of deployment.
Growth Projections:
The global IoT in agriculture market is expected to register a CAGR of 11.4% over the forecast period and revenue is projected to increase from USD 11.20 Billion in 2021 to USD 26.65 Billion in 2030. Significant investments by prominent market participants are one of the major factors driving market revenue growth.
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COVID-19 Impact Analysis:
The outbreak of COVID-19 pandemic had a significant impact on growth of IoT in agriculture market. Since most of the components used in the manufacturing of IoT devices are manufactured in China, which was the epicenter of the pandemic, thus leading to disruption of supply chain worldwide, which in turn affected end production. Furthermore, in order to contain the virus' spread, governments around the world enacted strict regulations that limited cross-border trade communication, affecting supply chain. Additionally, several manufacturing and production units of agricultural equipment were halted to avoid transmission of the virus, which majorly affected the employment opportunities thereby affecting consumers' choices. However, after relaxation of lockdowns and lifting of more stringent social distancing norms, as governments across countries are increasing their budget and spending more on these advanced technologies.
Current Trends and Innovations:
The emergence and acceptance of advanced IoT technologies such as agricultural drones is a key trend that is expected to drive market growth during the forecast period. Drones play an important role in carrying out farming operations in advanced farming and crop management owing to their excellent surveillance capability. Moreover, most of the farming companies are eager to employ drones for better services and encourage smart farming. Drone technology combined with sophisticated technologies such as sensors, cameras, and other analytical software aid in field monitoring, soil assessment, irrigation and drainage, and harvest planning. Furthermore, they also help to create three-dimensional maps for analyzing farmlands in real-time. Additionally, these machines are equipped with advanced imaging systems and thermal sensors which help farmers to assess water and nutrient requirements in specific areas.
Geographical Outlook:
Market in Asia Pacific accounted for moderate revenue share in 2021. Increasing demand in this region is primarily owing to the region's growing population, which has also led to an increase in demand for food. Furthermore, the governments of various countries in this region are investing heavily in remote sensing technologies for data collection and satellite transmission to identify agricultural conditions of farmlands, which is driving market revenue growth.
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Strategic Initiatives:
Major companies included in the global market report include AGCO Corporation, Deere & Company, GEA Group Aktiengesellschaft, Trimble Inc., AgJunction Inc., Raven Industries, Inc., DeLaval, CROPMETRICS, Intervet Inc., and AKVA group.
- On February 3, 2022, Semtech Corporation, leading global supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer, and industrial equipment, based in California, announced ICT International, an IoT solution provider for environmental applications based in Australia, which integrated Semtech's Low Range (LoRa) devices and the Long-Range Wide-Area Network (LoRaWAN) standard into its water quality monitoring systems for aquaculture. The usage of LoRaWAN provides long-range, low-power, wide-area network coverage, allowing these sensors to broadcast measured data, such as temperature, water level or tide, water salinity, and more, to oyster producers in near real-time.
Emergen Research has segmented global IoT in agriculture market on the basis of system, application, and region:
- System Outlook (Revenue, USD Billion; 2019-2030)
- Automation and Control Systems
- Sensing and Monitoring Devices
- Livestock Monitoring Hardware
- Fish Farming Hardware
- Smart Greenhouse Hardware
- Software
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Livestock Monitoring
- Smart Greenhouse
- Precision Forestry
- Fish Farm Monitoring
- Precision Farming
- Others
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- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
a. US
b. Canada
c. Mexico
-
- Europe
a. Germany
b. France
c. UK
d. Italy
e. Spain
f. Benelux
g. Rest of Europe
-
- Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC
-
- Latin America
a. Brazil
b. Rest of LATAM
-
- Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA
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