Smart agriculture solutions enable precise monitoring of soil and crops conditions. Precision farming helps farmers maximize yields and monitor soil moisture, plant health through sensors and IoT devices. Smart agriculture solutions provide soil analytics, monitor crops growth stages, detect diseases and forecast yields through machine learning and data analytics.
The global Smart Agriculture Solution Market is estimated to be valued at US$ 33424.85 Mn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Precision farming has gained significant momentum over the years. Farmers are increasingly adopting various smart farming techniques and precision farming tools such as GPS, GIS, drones, robotic milking systems, sensors and automated harvesting machines to optimize yields. Real-time soil and crop monitoring helps farmers analyze field variability and apply precise amount of water, fertilizers and pesticides as per need of crops. These tools improve operational efficiency, reduce production costs and minimize environmental impact. Precision farming plays a crucial role in meeting the challenge of increasing global food demand amid scarce resources and changing climate. Growing acceptance of advanced technologies in agriculture is anticipated to propel the smart agriculture solution market growth over the forecast period.
Segment Analysis
The smart agriculture solution market comprises soil sensing, yield monitoring, disease detection, irrigation management, and others. Among these, the soil sensing segment dominates the market with over 30% share owing to its cost-effectiveness and ability to detect soil health and fertility level. It helps farmers apply optimal nutrients and irrigation based on soil needs.
Key Takeaways
The Global Smart Agriculture Solution Market Size is expected to witness high growth. The global Smart Agriculture Solution Market is estimated to be valued at US$ 33424.85 Mn in 2024 and is expected to exhibit a UCAGR of 6.2% over the forecast period 2024 to 2031.
Regional analysis
The North American region dominates the smart agriculture solution market with over 35% share. This is attributed to growing adoption of smart farming techniques among large-scale production farms in the US and Canada. Furthermore, supportive government initiatives promoting use of IoT and AI in farming practices are driving market growth in this region. Asia Pacific is expected to be the fastest growing regional market during the forecast period. Rapid infrastructure development and increasing consumer demand for food are factors expected to boost adoption of smart agriculture technologies in countries like India and China.
Key players
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. Ecolab Inc. aims to strengthen its position by expanding software capabilities in its smart agricultural product offerings. BASF SE focuses on enhancing its digital farming portfolio through collaborations and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it