Advanced farming involves the integration of smart and innovative technologies into traditional farming practices to increase efficiency and optimize production. Technologies like precision agriculture, indoor farming, greenhouse farming, and hydroponics allow farmers to reduce water consumption, optimize soil health, control pests and diseases, and increase crop yields. Equipment such as autonomous tractors, drones, RFID tags, sensors and embedded systems help farmers remotely monitor fields as well as automate tasks like seeding, irrigation, harvesting and more. This significantly reduces costs while boosting farm output.
The global Advanced Farming Market is estimated to be valued at US$ 11.18 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of smart agriculture techniques is one of the major trends witnessed in the advanced farming market. According to recent surveys, the use of drone technology in farms has increased by over 30% annually over the past few years for functions ranging from crop monitoring to pesticide spraying. Farmers are also increasingly using soil sensors and variable rate technology to automate irrigation and fertilizer/pesticide application based on soil health readings. Furthermore, technologies like AI, IoT, machine learning and data analytics are enabling smart greenhouses and indoor vertical farms to optimize yields throughout the year. As farmers recognize the productivity and cost benefits of these solutions, their adoption rates are expected to accelerate in the coming years. Precision agriculture in particular is projected to be the largest and fastest growing segment in advanced farming market during the forecast period.
Segment Analysis
The global advanced farming market is dominated by the precision farming segment. Precision farming techniques help optimize agricultural production through digitization and automated techniques such as GPS, drones, soil cameras and sensors. This allows farmers to monitor soil conditions, control seed and fertilizer application rates and maximize yield potential. Precision farming has higher adoption as it helps minimize input costs and reduces environmental impact through efficient use of resources.
Key Takeaways
The global Advanced Farming Market Demand is expected to witness high growth over the forecast period. The increasing global population and growing demand for food has necessitated higher agricultural productivity through advanced technologies. The global Advanced Farming Market is estimated to be valued at US$ 11.18 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2031.
Regional analysis:
The North American region currently dominates the advanced farming market owing to large presence of innovative technology providers and willingness of growers to adopt new techniques. The region is expected to maintain its leading position in the advanced farming space over the coming years.
Key players related content comprises:
Key players operating in the advanced farming market are Walmart, Amazon, Costco, Target, Best Buy, Home Depot, Kroger, Lowe's, Albertsons, Publix, Walgreens Boots Alliance, CVS Health, 7-Eleven, Rite Aid, Ace Hardware, Menards, Dick's Sporting Goods, L Brands, Nordstrom, Macy's. Walmart and Amazon are the leaders in the e-commerce industry with wide offerings of advanced farming equipment and technologies.
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