Smart Farming Global Market Report 2023: Sector to Reach $8.42 Billion by 2027 at a 16% CAGR: Research and Markets
DUBLIN, March 14, 2023 /PRNewswire/ -- The "Smart Farming Market - A Europe Region Analysis - Focus on Application, Product, and Country-Wise Analysis - Analysis and Forecast, 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The Europe smart farming market was valued at $3,993.7 million in 2022 and is expected to reach $8,420.6 million in 2027, following a CAGR of 16.09% during 2022-2027.
The growth in the Europe Smart Farming Market is expected to be driven by increase in adoption of IoT and artificial intelligence, digitalization of agriculture operations, rise in dependence on advanced technologies to enhance production across the region.
Market Lifecycle Stage
The Smart Farming Market is in a growing phase owing to different advanced technologies in the market. As increase in adoption of automated machineries and equipment, sensors and navigation systems, robots, autonomous vehicles, guidance and steering systems, and others. Sensors and guidance and steering systems are the most important hardware components used in the modern agriculture operations.
- Smart farming is about using the new technologies that emerged in agriculture and livestock at the beginning of the fourth industrial revolution to increase production volume and quality by making maximum use of resources and minimizing environmental impact. Also, the implementation of technology in agriculture and livestock will make it possible to improve food security around the world.
- The use of smart farming can assist farmers in reducing waste and increasing efficiency by integrating them into their operations. Trends such as increasing requirements for crop yield and increasing demand to combat climate change further contribute to the growth of the Europe smart farming market. Varying weather circumstances influence soil quality and crop yields. Therefore, farmers in Europe are adopting innovations and technologies that can optimize production costs and lessen the harmful effects of greenhouse gases, such as methane, on the environment.
- The use of smart farming technologies has positive impact of agriculture operations and livestock farming. These technologies offer benefits such as increased efficiency & productivity, water saving, reduced costs, pest detection and animal health, better sustainability, and others. In addition, smart farming helps farmers better understand the important factors such as water, topography, orientation, vegetation, and soil types.
- Need for Higher Food Production with Limited Resources
- Decreasing Workforce Availability in Agriculture
- Increased Farmland Consolidation and Large Farm Size
- Rising Concern over Data Security
- Lack of Interoperability is Hindering the Growth
- Integration of Emerging Technologies with Existing Practices
- Integral Offerings with Horizontal Integration in Farming
How can this report add value to an organization?
- Product/Innovation Strategy: The product segment helps thereader understand the different types of hardware, software, and services are available in the smart farming applications. Moreover, the study provides the reader a detailed understanding of the different product types by applications (precision farming, livestock monitoring & management, aquaculture, and others). Hardware solutions such as autonomous vehicles, sensing and navigation systems, yield mapping devices, and auto steering systems are most widely used in modern agriculture practices. Therefore, the smart farming market is a moderate investment and high revenue generating product in the coming years owing to the rise in investment towards climate smart agriculture practices across the region.
- Growth/Marketing Strategy: The Europe Smart Farming Market has seen major development by key players operating in the market, such as acquisition, partnership, agreement, business expansion, and product launches. The favoured strategy for the companies has been partnerships, joint venture, collaborations, and product launch to strengthen their positions in the Europe smart farming market.
- Competitive Strategy: Key players in the Europe Smart Farming Market analysed and profiled in the study involve integrated hardware and software manufacturers that are engaged in providing advanced smart farming solutions to farmers and other agriculture service companies. Moreover, a detailed competitive benchmarking of the players operating in the Europe Smart Farming Market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Segmentation 1: by Application
- Precision Farming
- Livestock Monitoring & Management
The Europe Smart Farming Market in the application segment is expected to be dominated by precision farming applications. Rise in use of precision farming applications such as precision irrigation, yield monitoring & forecasting, precision spraying, precision planting, and others are expected to drive the growth of this segment in the region. This is followed by the livestock monitoring and management segment which accounts for the second-largest share in the smart farming market due to increase in awareness and demand towards tracking and monitoring of health of livestock across the Europe.
Segmentation 2: by Product Type
The hardware segment is estimated to capture highest market share during the period 2022 to 2027. The hardware equipment is increasingly used in the various farming operations. In addition, the increasing adoption of intelligent or autonomous vehicles integrated with sensors and navigation systems, computer vision is expected to drive the growth of the smart farming market in the region. Moreover, increase in penetration of integrated hardware and software technologies are expected to increase the production and efficiency of farms which in turn is projected to drive the market growth in the coming years.
Segmentation 3: by Country
- Europe - U.K., Germany, France, Italy, Spain, Netherlands, Ukraine, Sweden, Finland, Norway, Denmark, Poland, Czech Republic, and Rest-of-Europe
U.K. generated the highest revenue of $540.2 million in 2021. The country is experiencing an increase in adoption of smart farming technologies such as autonomous vehicles, software systems, and other automation and control systems. In addition, increase adoption of digital technologies for modern farm machineries in efficient crop production in the country along with rise in popularity of indoor farming owing to urbanization. Germany registered the 2nd highest revenue in the Europe smart farming market.
Recent Developments in Europe Smart Farming Market
- In October 2022, Trimble Inc. launched new agriculture displays, such as Trimble GFX-1060 and GFX-1260, for precision agriculture applications. These displays provide next-generation performance and connectivity for in-field operations.
- In June 2022, BASF acquired Horta S.r.l., an Italian company specialized in digital farming solutions. Horta is an established player for the development of highly innovative agronomic Decision Support Systems (DSS) for crops such as grapes, tomatoes, cereals and olives.
- In August 2022, CropX inc. launched a continuous nitrogen leaching monitoring capability for its farm management system. This new development would track the nitrogen movement and salts in the soil.
Key Topics Covered:
5 Markets - Competitive Benchmarking & Company Profiles
6 Research Methodology
- Agroptima S.L.
- CropX, Inc.
- Hexagon Agriculture
- Kubota Corporation
- Climate LLC (Bayer AG)
- Yara International ASA
- Ag Leader Technology
- Trimble Inc.
- CNH Industrial N.V.
- BASF SE
- Deere & Company
- Proagrica (LexisNexis Risk Solutions Group)
- Syngenta AG
For more information about this report visit https://www.researchandmarkets.com/r/sm9ozl
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