North America leads global agriculture sensors market: study
The global agriculture sensors market is expected to grow at a CAGR of 12.5% during the 2018-2026 period
North America continues to lead the global agriculture sensors market, according to a recent study by U.S. research firm Credence Research.
“Strong government support to increase agriculture production, availability of supporting infrastructure as well as acceptance of smart and precision farming methods increased deployment of advance agriculture solutions in the U.S. and Canada,” the report said.
Large-size farms in North America and European countries have benefited significantly from the use of precision farming methods, and now medium- and small-size farms are also steadily increasing investment in precision- and smart-farming methods to increase their productivity, according to the research firm.
The study reported that the global agriculture sensors market is expected to experience significant growth, with more deployment of precision agriculture technologies to increase agriculture productivity.
“Farmers across the world are shifting towards [advanced] agricultural practices from traditional farming methods and adopting modern technologies and equipment to improve yield productivity,” Credence Research concluded.
The global market for agriculture sensors is expected to reach $2.75 billion by 2026, with an expected CAGR of 12.5% throughout the forecast period from 2018 to 2026.
Asia Pacific is also expected to experience a significant growth throughout the forecast period, as major countries in the region are focusing on to increase awareness about the benefits of precision farming methods. India and China are expected to be the major markets for agriculture sensors with presence of large agricultural land and increasing deployment of precision and smart farming methods to meet rising agricultural production demand, Credence Research said.
The study highlighted that the global agriculture sensors market is being also fueled by sensors solutions for small-size farms. Moreover, use of sensor technologies in farm machineries, vehicles and farm management systems is expected to support the growth of this market throughout the forecast period.
According to the report, yield monitoring is the largest application segment for agriculture sensors. Farmers in developed market are increasingly investing in yield monitoring solutions to monitor crop yield and take necessary decision to increase productivity and reduce loses. Also, sensors used in irrigation applications are expected to witness considerable growth as farmers across the world are investing in advanced water management solutions, the study said.
What is precision agriculture?
Precision agriculture uses IoT applications, which help farmers to increase the quality, quantity, sustainability and cost effectiveness of agricultural production. These tools allow the farmers to know what seeds to plant, the amount of fertilizer they need to use, the better time to harvest as well as the expected crop outputs. Through the implementation of IoT, farmers can also monitor sensors that can be used to detect soil moisture, crop growth and livestock feed levels, among other key functions. The sensors can also remotely manage and control connected harvesters and irrigation equipment.
Certain IoT platforms used in the agriculture industry allow farmers to manage the big amounts of data collected from sensors, cloud services such as weather or maps, connected equipment and existing systems. The platforms also leverage big data and analytics tools to provide insight and recommendations to improve the decision-making process.