Agricultural Sensors Market Size Expected to Reach $ 2.56 Billion at a CAGR of 11.04%, by 2026 – Reports and Data
Agricultural Sensors Market USD 1.23 billion in 2018, CAGR of 11.04%, product innovations and market developments
NEW YORK, NY, USA, October 8, 2021 /EINPresswire.com/ – Growing use of sensors in precision agriculture, growing collaboration of agro-tech companies with sensor suppliers, government support to promote Modern agricultural techniques, emphasis on livestock surveillance and disease prevention for agricultural production improvisation are the factors driving the agricultural sensor industry market.
According to Reports and Data’s current analysis, the global agricultural sensors market was valued at USD 1.23 billion in 2018 and is expected to reach USD 2.56 billion by 2026 at a CAGR of 11.04%. Sensing technologies are used in precision agriculture, providing data that helps farmers monitor and optimize crops, as well as adapt to changing environmental factors. This provides actionable data to be processed and implemented as needed to maximize crop yield while minimizing environmental effects. Here are some of the ways precision agriculture takes advantage of this data: yield monitoring, yield mapping, variable rate fertilizer, weed mapping, variable spraying, salinity mapping, guidance systems. Key factors driving market growth include increasing use of agricultural sensors in precision agriculture, increasing partnerships between agrochemical companies and agricultural sensor suppliers. Important factors are contributing to the advancement of the smart agriculture industry, such as the increasing adoption of advanced technologies in various agricultural applications such as precision agriculture, smart greenhouses, fish farm monitoring and surveillance livestock. Climate change due to increasing global warming has prompted the adoption of advanced agricultural technologies to improve agricultural productivity and crop yields. The main factor supporting the growth of the industry is due to volatile commodity prices which confuse farmers for the adoption of sensors in agriculture. The adoption of any new technology in agriculture often depends on the prices of agricultural products. With commodity prices fluctuating wildly lately, farmers are often skeptical about adopting advanced technologies, such as agricultural sensors, which usually have an initial and somewhat higher investment cost.
North America is expected to be the fastest growing market. In North America, the adoption of soil moisture sensors has grown rapidly over the past five years for water conservation and timely irrigation on farms. Soil moisture instruments used in the sports turf segment for more efficient turf monitoring and conversion. Studies indicate that adopting these devices helps farmers minimize drought stress, as well as reduce the maintenance and labor cost of the protected crop by at least 20%.
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The main participants are Auroras, Agsmarts Inc., Irrometer Company Inc., Stevens Water Monitoring Systems Inc., Delta-T Devices Ltd., Spectrum Technologies Inc., Sentek Ltd., Aquaspy Inc. and CropX, among others.
Other key findings from the report suggest
• The agricultural sensors market is growing at a CAGR of 20% in Asia-Pacific, followed by Latin America and Europe. The growth of the industry in this region supported by the introduction of higher quality and cheaper sensors and government incentives to support smart farming techniques in the country for better yield by satisfying the growing population
• North America is the largest regional market. The United States is the first to adopt precision farming technologies, which are the primary factor responsible for the region’s largest share of global industry. In addition, the considerable acceptance of modern farming methods in Canada contributes to the growth of the industry. In developed regions, precision agriculture is rapidly gaining recognition from the farmer and marketed from good science.
• Depending on the type, the soil moisture segment is expected to dominate the industry. The factors contributing to the growth of these sensors are supported by water scarcity, increasing government restrictions on water use, lack of potable water, among others.
• With the increase in the world population, the need for meat is also increasing. According to CEMA, the global meat industry is expected to grow by 40% over the next 15 years, due to population growth and the increasing consumption of high-protein diets. According to the Food and Agriculture Organization of the United Nations (FAO), technological solutions in agricultural and animal production systems would play a central role in ensuring an adequate food supply for an expected population of 9.7 billion by 2050.
• Big data is expected to have a significant effect on smart agriculture and involves every step of the food supply chain. Smart devices such as sensors deliver a large amount of data with unprecedented decision-making capabilities. As more and more smart devices and sensors are installed on farms, farming practices will become increasingly data-driven and data-enabled. Big data is expected to drive major changes in transforming the agriculture industry.
To identify key industry trends, click on the link below: https://www.reportsanddata.com/report-detail/agricultural-sensors-market
For the purpose of this report, Reports and Data has segmented the Agricultural Sensors market on the basis of type, application, and region:
Sensor Type (Revenue, USD Million; 2016-2026)
Application (Revenue, Million USD; 2016-2026)
Dairy product management
Smart green house
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Regional Outlook (Revenue USD Million; 2016-2026)
Middle East and Africa
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