Agricultural technologies strengthen as well as streamline Food Value Chains while getting better the lives and livelihoods of smallholder farmers. Technologies such as greenhouses, solar food dryers, threshers, grinders, control systems and others can make wasteful food systems in developing countries more efficient.
The inclination upon technology comes with potentially serious drawbacks. If there is a breakdown in the hardware, or malfunctions in farming IoT sensors can result in serious crop damages. For instance, if there are some malfunctions in sensors pertaining to smart irrigation, then will be under watered or overwatered or there will be improper irrigation. Food safety cannot be compromised, if the technological resources in the storage areas are not functioning properly. Few minutes of downtime due to a power failure or software issues can have serious consequences especially if technological resources are not up to the mark.
Market Dynamics
Drivers
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Advent of smart farming technique across the world
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Growing acceptance of farming automation technologies due to decline in availability of farm workers
Restraints
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Limited technical knowledge of farmers and connectivity issue in rural areas
Market Segmentation
The Yield Monitoring agriculture automation and control system market was valued at USD 1,433.40 million in 2019 and the market is estimated to grow at a CAGR of 13.61% in the forecast period to reach a market value of USD 3,977.18 million by 2027.
Yield monitoring systems are the recent developments in the agricultural sector that allow farmers to assess the effects of weather, soil properties, fertilizers and pesticides on yield production. These systems are intended to provide farmers with an accurate assessment of the yield variation within the field, by producing the yield map of the field.
In the current scenario, various countries government are encouraging legislations and policies for adopting yield monitoring techniques. For instance, in 2019, the Federal Government of the United States has delivered USD 22 billion financial aid package to America’s farmers. Farm subsidies jumped to their highest level in 14 years. Additionally, one of the largest applications of yield monitoring devices and services is the variable rate technology; due to its high adoption rate and multiple applications, it is expected to drive the industry growth in the coming years. In addition to this, the U.S. Government and universities are also providing support to adopt this technology to obtain high yields
New developments in the agro industry will also enhance the demand for yield monitor system across the world. In August 2019, Topcon has launched a cloud-based farm management platform which is designed to enhance the productivity and profitability by implementing modern technique of farming. This system will provide all the essential information related to the farm. Geographical Analysis
Asia-Pacific is growing at the fastest CAGR of 13.72% during the forecast period (2019-2027).
Agricultural development in Asia pacific regions is generally restricted due to increase in population, emergence of industrialization & shortage of agricultural resources. Comparing Chinese agricultural production with Chinese growing population, the later will face food supply challenge. For instance, crop lands in China is now about 1826 million mu (about 121.7 million ha.), but only 830 million mu (about 121.7 million ha.) i.e. about 45% can be irrigated, and the others 55% are feed by rain water, as per China government.
Among above and all, the irrigated lands of about 200 million mu have very good irrigation systems compared to rest. Hence, seeing the opportunity, adoption of agriculture automation technology will solve "n" number of issues in the primary sector & eventually there will be improvement in efficiency, raising farm yields that will lead to raise incomes in China’s poor rural regions.
Competitive Landscape
The agriculture automation and control market is highly competitive, owing to the presence of various global market player. Vendors in this market participate on the basis of product portfolio, differentiation, and pricing. Key players in the market are CNH Industrial, Trimble, John Deere, FarmerEdge, AgEagle, Argus, AGCO among others globally.
Some agriculture automation and control system vendors are expanding their distribution network to cater to a wider customer base in collaboration with other players having strong regional presence. For instance, in March 2017, Deere entered into a channel distribution agreement with Agri-Trend Group of Companies. Under the agreement, Deere dealers will help farmers to implement new technologies by leveraging Agri-Trend’s knowledge base.
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DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year, we have secured more than 100 unique customers from established organizations all over the world.
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