Crop Monitoring Devices Market Size, Competitive Landscape and Market Forecast - 2029
Global Crop Monitoring Devices Market is segmented By Product Type (Software & Hardware, Accessories, Displays, Receivers, Sensors), By Application (Weather Forecasting, Crop Management, Labour Management, Financial Managemen), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Market overview
The Global "Crop Monitoring Devices Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
Crop monitoring devices are based on the internet of things and part of precision farming, these are to be placed in the field for the data collection of various parameters. It includes temperature and precipitation, leaf water potential, and overall crop health. These devices monitor crop growth and any anomalies to effectively prevent diseases or infections that could harm the field. The crop health monitoring devices use a normalized difference vegetation index method to determine the health of the crop through drone and satellite imagery.
The ground-based and plant sensors are used to collect the information about soil and water, and weather stations are used to gatherer the appropriate weather data, which allows farmers to see how different the weather patterns affect their water and soil. The crop monitoring software gathers the information from the ground sensor, and they are integrated into one platform, where the data is processed to help farmers make better decisions.
Market Drivers
An increase in adoption of crop monitoring devices by farmers in developed nations due to the availability of products and wide awareness among the communities are driving the global crop monitoring devices market during the forecast period. Increased production cost savings from the technology adoption by the framers is additionally driving the market during the forecast period.
Increase in demand for food mainly in developed economies, extreme weather conditions, depleting water resources, and gradually decreasing land under cultivation are raising the need to invent innovative and fruitful methods for crop monitoring and management.
According to the study conducted in Cambridge Core in February 2019, the adoption rates of precision agriculture have gradually increased over the last two decades, and the overall adoption rate in united states crossed 50% of farms.
According to a study published in Journal of Agriculture and Resource Economics in 2016, relative to the total per acre production costs, the estimated savings associated with Yield mapping were recorded as 4.5% and 2.7% with guidance systems.
Market Restraints
Major factors are hindering the global crop monitoring devices market during the forecast period due to the lack of awareness among the communities regarding the availability of the products in developing nations.
Market Segmentation
Global crop monitoring devices market is segmented by product type and application. Product type includes software & hardware, and accessories, and accessories include displays, receivers, and sensors. The application segment includes weather forecasting, crop management, labor management, and financial management.
Crop management dominates the global crop monitoring devices market during the forecast period due to increased utilization by the farmers in developed nations for crop monitoring from soil mapping to end sales and the presence of end products in key players. An increase in the development of novel technologies for remote location crop monitoring with increased productivity is additionally contributing to the growth of the global crop monitoring devices market during the forecast period.
In September 2017, JRC launched new EU-wide crop and weather monitoring e-services across the European Union, worldwide can now view weather and crop conditions in near real-time across the whole of the EU.
Geographical Analysis
The global crop monitoring devices market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America dominates the global crop monitoring devices market during the forecast period due to an increase in the presence of key players across the region, increased awareness and spending by the farmers in the automation of farms. An increase in the implementation of precision agriculture and digitalization of farms by farmers for monitoring and management across the region are additionally contributing to the North America crop monitoring devices market during the forecast period.
According to the survey conducted by researchers at the University of Guelph in 2017 states that 96% of respondents in Ontario used precision agriculture in some form within their business. The adoption rate of chlorophyll sensors was recorded at 39% in 2017 and is estimated to reach 50% by 2020.
Competitive Analysis
New product launches with advanced technologies to improve the accuracy and performance, and acquisition with the regional expansion of the business to meet the regional market demand are the key strategies adopted by the prominent players in the global crop monitoring devices market.
In June 2018, Libelium launched a new version of its smart agriculture sensor node for improving accuracy for crop monitoring.
In October 2016, SGS Investments launched precision agriculture in Brazil after the acquisition of a 75% stake in UNIGEO.
Major market players in the crop monitoring devices market are John Deere, AGCO Farming, Raven Applied Technology, Agrisource Data, Johnson Healthtech, Pessl Instruments, Mouser Technologies, Topcon Positioning, AG Junction Corporation, and Taranis.