Crop Monitoring Market: Global Industry Analysis and Forecast (2023-2029)

Crop Monitoring Market size was valued at US$ 3.05 Bn. in 2022 and the total revenue is expected to grow at 15.2% through 2023 to 2029, reaching nearly US$ 8.21 Bn.
Crop Monitoring Market Overview:
Crop monitoring is becoming increasingly important as geospatial technologies and site-specific crop management strategies become more widely used. In several nations, remote sensing technology is being utilised to acquire information for crop monitoring and acreage and production predictions in order to make policy decisions about food security. Current remote sensing applications are still in the experimental stage, with crop acreage forecasting accuracy ranging from 70 to 90 percent, depending on the type of crop and its dispersion across the terrain. Remote sensing has a variety of characteristics that make it ideal for monitoring crop health. Remote sensing photography also provides the spatial picture of the land that is required.To know about the Research Methodology :- Request Free Sample Report
Crop Monitoring Market Dynamics:
Market Drivers

• Increasing adoption of digital solutions in agriculture sector - One of the main factors for the growth of the crop monitoring market has been the emergence of IoT and AI-based devices for crop monitoring. Furthermore, the linked environment, combined with the ability to monitor these devices remotely, has resulted in greater adoption of these devices. Because of advancements in the field of sensors and their cost, smart sensors are becoming more common in agriculture. Prospera Technologies (Israel), Blue River Technology (US), Bosch (Germany), CropIn Technology (India), and Sigfox (France) are just a few of the companies that have made a significant impact in the crop monitoring market by providing advanced technologies like AI and IoT for better crop monitoring and management.

• Rising Concerns over Food Security – The rising concern over food and security for growing population has led to increased investments by governments of several economies in major technologies like drones, automation & robotics, etc. This is driving the Crop Monitoring Market.

Market Restraints

• Lack of skilled labor and digitalization - The digital divide between rural and urban areas in developing countries has been a major impediment to the expansion of the agricultural monitoring sector in these countries. Several impediments to technology adoption in developing nations, such as untrained farmers, a lack of techno-savvy, and a family-owned farming model, have resulted in low acceptance of sophisticated technology. Furthermore, inadequate understanding of technology among farmers in developing nations' rural areas has resulted in lesser use of sensing and imagery technology for crop monitoring.

Market Opportunities

• Disruption in market due to pandemic - The pandemic's global disruptions have resulted in a difficult supply chain, labor sorting owing to lockdowns, and temporary shutdowns of production facilities. In the post-COVID-19 world, this could lead to agriculture sector automation and digitization. Farmers have discovered income-generation prospects through firms that supply digitally enabled services to farmers, making digital agriculture an appealing market for agricultural technology players. The majority of market companies have already made significant investments to serve this demographic.
Crop Monitoring Market Segment Analysis:
By Technology, the Crop Monitoring Market is segmented as Sensing & Imagery, VRT, Automation & Robotics. Due to the widespread adoption of remote sensing technologies by farmers to remotely monitor their crops, the Sensing and Imagery segment dominates the crop monitoring market with the market share of 43% in 2022. These sensing and imaging technologies provide a detailed picture of the farm and inform farmers on the health of their crops. In order to solve the labour issue that various countries around the world are facing, the automation & robotics segment is likely to dominate the market in the forecast term and has the market share of 34% in 2021 followed by VRT (Variable Rate Technology) with the market share of 23%. Variable-rate technology (VRT) permits fertiliser, pesticides, lime, gypsum, irrigation water, and other farm inputs to be administered at varied rates across a field without having to change rate settings on equipment or make several runs over the same area.

By Application, the Crop Monitoring Market is segmented as Field Mapping, Crop Monitoring, Soil Scouting. Crop monitoring dominates the Crop Monitoring Market with the market share of 40% in 2021 due to the rising requirement to detect pests and other illnesses as early as possible in order to implement an effective treatment supplied to the crop at the proper time, the Crop Monitoring sector is expected to increase market growth in the forecast term. Soil Scouting has the market share of 33% in 2021 as it is important for some farmers to scout the right type of soil to grow the crop of their choice followed by Field mapping with the market share of 27% in 2021.
Crop Monitoring Market Regional Insights:
North America dominates the Crop Monitoring Market with the market share of 43.2% in 2022. The huge market share in the crop monitoring market is due to the existence of Agri-tech heavyweights such as Trimble, John Deere, AGCO, and others. Asia pacific has the market share of 22% in 2022 because of the widespread adoption of agricultural technology in countries such as India, China, Australia, and Japan. Furthermore, substantial government reforms in the region to enhance and modernise the agriculture sector could push the growth of the crop monitoring market in Asia Pacific. Europe has the market share of 16%. South America has the market share of 12.6% due to lesser-developed economies and low investments followed by Middle East & Africa with market share of 6.2% in 2022.

The objective of the report is to present a comprehensive analysis of the Crop Monitoring market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Crop Monitoring market dynamics, structure by analyzing the market segments and project the Crop Monitoring market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Crop Monitoring market make the report investor’s guide.
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Crop Monitoring Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 3.05 Bn.


Forecast Period 2023 to 2029 CAGR:
15.2%
Market Size in 2029:
US $ 8.21 Bn.


 Segments Covered:
by Type
• Sensing & Imagery
• VRT
• Automation & Robotics


by Application
• Field Mapping
• Crop Monitoring
• Soil Scouting



Crop Monitoring Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Crop Monitoring Market Key Players
• John Deree
• Agrisource Data
• Raven Industries
• AGCO Corporation
• Pessl Instruments
• Mouser Electronics
• Topcon Corporation
• Agjunction
• Taranis Visual
• CorpX
• Trimble
• Yara International ASA
• The Climate Corporation

Frequently Asked Questions:

1. Which region has the largest share in Global Crop Monitoring Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Crop Monitoring Market?
Ans: The Global Crop Monitoring Market is growing at a CAGR of 15.2% during forecasting period 2023-2029.

3. What is scope of the Global Crop Monitoring Market report?
Ans: Global Crop Monitoring Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Crop Monitoring Market?
Ans: The important key players in the Global Crop Monitoring Market are – John Deree, Agrisource Data, Raven Industries, AGCO Corporation, Pessl Instruments, Mouser Electronics, Topcon Corporation, Agjunction, Taranis Visual, CorpX, Trimble, Yara International ASA, The Climate Corporation

5. What is the study period of this Market?
Ans: The Global Crop Monitoring Market is studied from 2022 to 2029.