by Advanced farming involves the implementation of smart technologies such as GPS, sensors, software and drones to increase farm productivity and efficiency. Advanced farming techniques allow precise soil and crop monitoring, optimizes the usage of inputs and helps farmers in timely decision making. Smart farming aids in automating irrigation systems to provide exact amount of water based on soil moisture levels. Farmers also use GPS guided equipment for fertilizer and pesticide application to prevent overlap and overspray.
The global advanced farming market is estimated to be valued at US$ 9.7 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for smart farming techniques: The need to maximize productivity while minimizing expenditure is leading to increased adoption of advanced farming solutions across major agricultural economies. Smart farming techniques allow real-time crop monitoring and aid in timely decision making based on field conditions. This helps farmers get higher and quality yields with optimum utilization of resources.
Increasing concerns regarding environmental impact: Traditional farming practices often lead to overuse of inputs such as fertilizers and pesticides which have negative impact on the environment. Advanced farming solutions help farmers optimize farming inputs which prevents soil and water contamination and promotes sustainable agricultural practices. GPS guided farm equipment also ensures precision application of agrochemicals which reduces wastage.
Segment Analysis
The advanced farming market is dominated by the precision farming sub segment which accounts for over 35% market share. Precision farming aids in optimizing crop yield and reducing production costs through technologies like GPS, GIS, remote sensing and variable rate technology. These technologies help farmers precisely analyze field variability, adjust fertilizer and water application and identify problems early.
PEST Analysis
Political: Governments across regions are promoting advanced farming technologies to boost agricultural productivity and sustainability. Subsidies and incentives are encouraging farmers to adopt precision farming.
Economic: Rising food demand, scarce agricultural land and water resources is driving need for maximizing crop yield. Precision farming enables higher yields at lower costs. The market is growing due to increasing investments in advanced farming systems.
Social: Growing population, climate change impacts and changing consumer preferences are influencing adoption of sustainable farming practices. Younger generations of farmers are more receptive to new technologies.
Technological: Development of IoT, AI, robots, cloud computing and big data analytics is enhancing capabilities of advanced farming solutions. Sensor networks and drone imagery enable real-time field monitoring and automated operations.
Key Takeaways
Global Advanced Farming Market Size is expected to witness high growth supported by the need to boost productivity amid scarce resources and rising food demand. Precision farming technologies dominate with over 35% share owing to optimization of inputs and early issue identification for maximizing yields. The global Advanced Farming Market is estimated to be valued at US$ 9.7 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.
Regional analysis:
North America accounts for the largest market share currently due to rapid technology adoption among large farm holdings in the region. Asia Pacific is expected to witness fastest growth due to government initiatives and increasing mechanization in major agriculture economies.
Key players:
Key players operating in the advanced farming market are Walmart, Amazon, Costco, Target, Best Buy. Walmart is a leader in precision agriculture equipment and solutions. Amazon is investing heavily in AI and IoT based farming technologies. Costco has a wide portfolio of advanced machinery, sensors and yield monitoring tools. Target and Best Buy provide a range of field computers, drone and precision spraying equipment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
