The agriculture IoT market is on the brink of explosive growth, according to a new report by Future Market Insights Inc. Projections indicate a Compound Annual Growth Rate (CAGR) of 10% from 2021, propelling the market from $11.5 billion to an impressive $32.8 billion by 2032.
This substantial growth is attributed to several factors, most notably the influx of new competitors offering diverse options at competitive prices, making agriculture IoT solutions accessible globally.
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The report highlights a significant rise in sales of agriculture IoT solutions, reaching an estimated $18.5 billion by 2026. Drones, equipped with various sensors, are playing a pivotal role in this surge.
They are employed for analysing crop health, monitoring, sowing, spraying, irrigating, and conducting field analysis. These technologies provide invaluable data, enabling farmers to make informed decisions, from plant counting to yield projection.
Leading companies in the agriculture IoT industry, such as DeLaval, SmartCultiva Corporation, Crop Metrics, Raven Industries, and AeroFarms, are driving innovation and expansion within the market.
Smart technologies like IoT-enabled greenhouses are revolutionising agriculture by precisely regulating environmental conditions, reducing production losses, and enhancing overall efficiency. These innovations, relying on sensors and actuators, are reducing the need for manual intervention, thereby increasing yields and effectiveness.
Precision farming, another vital component of the agriculture IoT sector, involves the use of technology such as sensors, robots, control systems, and automated hardware to enhance agricultural procedures.
Companies like Crop Metrics offer services like Variable Rate Irrigation (VRI) optimisation, aiding farmers in maximising yields while minimising water usage.
Despite the promising future, the Future Market Insights report also sheds light on challenges faced by the agriculture IoT industry. Limited awareness among farmers regarding IoT technology hampers its adoption. Farmers, largely unfamiliar with the term “Internet of things,” lack the necessary training to harness the potential of these advanced solutions, thereby limiting industry growth.
The competitive landscape in the agriculture IoT market is dynamic, with companies constantly innovating to gain an edge.
Recent developments include Deere & Company’s launch of ExactRate, a technology that fertilises crops efficiently, reducing both time and resources. DeLaval introduced innovative robots, enhancing cow comfort and optimising manure management.
Raven Industries debuted its autonomous farm device for efficient harvesting, while Trimble Inc. expanded its GNSS connections, offering wider coverage for precision agriculture. Innovasea Systems introduced compact fish monitoring tags, catering to various fish species, and the AKVA group signed a significant deal to establish a comprehensive RAS facility, further diversifying the market.
In a significant move, Deere & Company acquired Unimil in Brazil, expanding its presence and providing cost-effective solutions for sugarcane production, ultimately benefitting consumers and driving market growth.
As the agriculture IoT market continues to expand, industry players, both established and emerging, are anticipated to focus on awareness campaigns and training initiatives to bridge the knowledge gap among farmers. With ongoing innovations and strategic collaborations, the agriculture IoT sector is poised for remarkable growth in the coming years, transforming global agriculture practices in the process.
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