VANCOUVER, BC† May 11, 2022 /PRNewswire/ — Reaching the global Internet of Things (IoT) in agricultural market size USD 11.20 billion in 2021 and is expected to register a significantly rapid revenue CAGR over the forecast period, according to the latest analysis from Emergen Research. Significant advancement in agricultural machinery technology is one of the factors expected to drive the growth of the market revenue.
Precision or smart farming has a huge impact on agricultural production worldwide. The precision farming technique ensures a high return on agricultural production by improving the yield. It enables farmers to curb any negative conditions affecting the soil in which crops are grown by collecting geospatial data on soil conditions, livestock and other information between and within the field. Precision farming also helps provide input on the correct requirements for agricultural irrigation, fertilizers, nutrients and pesticides, significantly reducing the waste of resources. Implementing advanced technologies such as remote sensing, yield mapping, and data management software into agricultural practices has several benefits.
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For example, the Global Positioning System (GPS) based auto-guidance technology enables farmers to significantly reduce the use of tractors and other equipment, reducing fuel costs and reducing labor time. Similarly, variable rate application technology allows to monitor inputs across fields based on field variability, reducing environmental impacts such as soil erosion and degradation, and this in turn increasing land and crop productivity.
Large initial investments are a major barrier to the growth of IoT in agriculture. Agricultural IoT devices and tools are currently expensive for both smallholder farmers in developed regions and the 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, farming techniques such as precision farming require the use of skilled labor to operate these technology-compatible devices. Precision farming technologies also include automated milking and feeding robots, monitoring and detection equipment and herd management software, all of which require a significant upfront investment. As a result, farmers will have to spend a lot of money on automation and control equipment, distribution trucks, GPS-enabled livestock monitoring systems and other equipment. These livestock monitoring products are also expensive to install and maintain. Likewise, aquaculture farms have to use tracking systems in the case of precision aquaculture farming technologies, increasing the overall deployment costs.
The global IoT in Agriculture market is expected to register a CAGR of 11.4% over the forecast period and revenue is expected to rise from USD 11.20 billion in 2021 to USD 26.65 billion by 2030. Significant investment by prominent market participants is one of the key factors driving market revenue growth.
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COVID-19 Impact Analysis:
The outbreak of the COVID-19 pandemic had a significant impact on the growth of IoT in the agricultural market. Since most of the components used in the production of IoT devices are manufactured in China, which was the epicenter of the pandemic, leading to disruption of the global supply chain, which in turn impacted final production. In addition, to contain the spread of the virus, governments around the world have enacted strict rules restricting cross-border trade communications, affecting supply chains. In addition, several production and production units of agricultural machinery were shut down to prevent the transmission of the virus, which had a major impact on employment and thereby affected consumer choices. However, after easing lockdowns and lifting stricter social distancing standards, as governments in several countries increase their budgets and spend more on these advanced technologies.
Current trends and innovations:
The emergence and adoption of advanced IoT technologies such as agricultural drones is a major trend that is expected to drive market growth over the forecast period. Drones play an important role in performing agricultural activities in advanced farming and crop management due to their excellent monitoring capability. In addition, most farms are eager to deploy drones to provide better services and encourage smart farming. Drone technology combined with advanced technologies such as sensors, cameras and other analytical software aid in field monitoring, soil assessment, irrigation and drainage and harvest planning. In addition, they also help to create three-dimensional maps for analyzing agricultural lands in real time. In addition, these machines are equipped with advanced imaging systems and thermal sensors that help farmers assess water and nutrient needs in specific areas.
Market in Asia-Pacific good for a moderate share of sales in 2021. The increasing demand in this region is mainly due to the growing population of the region, which has also led to an increase in the demand for food. Moreover, the governments of several countries in this region are investing heavily in remote sensing technologies for data collection and satellite transmission to identify the farming conditions of agricultural lands, which stimulates the growth of market revenues.
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Key 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, 2022Semtech Corporation, a leading global supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-performance consumer and industrial equipment, based in Californiaannounced ICT International, a provider of IoT solutions for environmental applications in Australia, which integrated Semtech’s Low-Range (LoRa) devices and the Long-Range Wide-Area Network (LoRaWAN) standard into its aquaculture water quality monitoring systems. Using LoRaWAN provides a long range, low power, large area network, allowing these sensors to transmit 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 the agricultural market based on system, application and region:
System Outlook (Yield, Billion Dollars; 2019-2030)
Application Outlook (Revenue, USD billion; 2019-2030)
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g. Rest of Europe
d. South Korea
e. Rest of APAC
b. Rest of LATAM
a. Saudi Arabia
c. South Africa
e. Rest of MEA
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