Smart agriculture solutions incorporate various technologies and devices that help farmers monitor their crops and farm assets. These solutions offer precision farming via sensors, IoT, robotics and analytics to improve agricultural productivity. Smart agriculture solutions help farmers optimise resource use, increase yield and reduce input costs through remote monitoring of soil condition, weather, crops growth stages and overall farm assets.
The global Smart Agriculture Solution Market is estimated to be valued at US$ 29014.62 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Precision Farming through technologies such as sensors, drones and automation is estimated to drive the demand for smart agriculture solutions. Precision farming helps farmers monitor their fields, crops and livestock with more accuracy which reduces input costs and increases yields. For instance, sensors can detect exact moisture and nutrient needs of different crop areas allowing targeted fertilizer and water applications only where needed. This optimizes the use of resources and minimizes wastage. As optimal resource utilization and yield improvement becomes crucial for the agriculture industry, precision farming using smart agriculture solutions is expected to witness significant growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires significant capital and technological capability to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many suppliers in the market providing similar solutions.
Bargaining power of suppliers: The bargaining power of suppliers is high as key inputs like sensors, IoT devices and connectivity solutions are highly specialized.
Threat of new substitutes: The threat of new substitutes is moderate as new technologies could emerge as substitutes over the long term.
Competitive rivalry: The competitive rivalry in the market is high as the key players compete on technology, quality, pricing and customer support.
SWOT Analysis
Strengths: Superior technology, data analytics capability, global presence and brand recognition are the key strengths of major players.
Weaknesses: High initial investment and technological expertise required act as barriers for small players.
Opportunity: Increasing adoption of precision farming practices and growing importance of farm yield monitoring and resource optimization present opportunities for growth.
Threats: Changing regulations, supply chain disruptions and economic slowdowns impact demand in the short term.
Key Takeaways
The Global Smart Agriculture Solution Market Growth is expected to witness high over the forecast period of 2023 to 2030. The global Smart Agriculture Solution Market is estimated to be valued at US$ 29014.62 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.
The fastest growing regional market is expected to be Asia Pacific due to the large cultivable land, growing population and initiatives by governments in countries like India and China to promote precision farming.
Key players operating in the Smart Agriculture Solution market are Halliburton, Ashland Global Specialty Chemicals Inc., Ecolab Inc., Baker Hughes Inc., Innospec Inc., JSC Gazprom Neftekhim Salavat, BASF SE, Evonik Industries AG, Clariant AG, GasHydrate LLC, and Schlumberger Limited. Major players are focusing on developing advanced IoT and sensor-based solutions integrated with predictive analytics for timely insights. They are also expanding their geographical footprint through acquisitions and partnerships.
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