Meticulous Research®, a top-tier provider of market insights, recently released its report on the crop monitoring market, titled ‘Crop Monitoring Market by Offering, Technology, Farm Type, Application, and Geography - Global Forecast to 2030’. The report projects the global crop monitoring market to achieve $8.9 billion in revenue by 2030, expanding at a CAGR of 19.3%.
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Growth is spurred by the rising demand for precision farming technologies, government-backed IoT initiatives in agriculture, and the need for high-quality produce due to population increases. However, challenges include high technology costs and regulatory complexities, which may restrain market momentum.
Technological Integration in Crop Monitoring
AI and IoT technologies are increasingly integrated into crop monitoring systems, opening new opportunities for growth. However, obstacles such as low adoption rates in developing regions and insufficient technical training for farmers could impact the industry’s full potential.
Meticulous Research®’s segmented analysis provides insights into the market across several areas, including offerings, technologies, farm sizes, applications, and geographic regions, while also examining competitors and country-specific trends.
Market Segmentation by Offerings, Technology, and Applications
In terms of offerings, the hardware segment is forecasted to dominate in 2024, driven by agricultural automation, drone adoption, and labor cost increases. Notable products include XAG Co., Ltd.’s agricultural drones, launched in 2021 to support rural areas in farm mapping and health assessments.
Within the technology segment, remote sensing is expected to capture the largest market share due to lower sensor prices and enhanced government funding for automation. For instance, Farmsense introduced FlightSensor in 2022, a pest-monitoring tool aiding farmers in managing crops and yields.
For farm types, large farms are anticipated to hold the largest share due to early technology adoption and extensive monitoring requirements. Yield monitoring, a key application segment, benefits from initiatives like NASA’s 2021 partnership with CropX Inc. to address sustainable agriculture challenges and improve yields.
Geographic Overview and Key Competitors
Europe is projected to lead the market due to increased food quality standards and government investments in precision farming and IoT, such as the EU-funded Robs4Crops project, which fosters automation in agriculture.
Key industry players include Topcon Corporation, Trimble Inc., Yara International ASA, and others, all contributing to innovative advancements that will shape the crop monitoring market.
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