Global Remote Sensing Technology for Agriculture Market – Industry Trends and Forecast to 2030

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Remote Sensing Technology for Agriculture Market Analysis and Size

A modern farm and agriculture management approach that employs information technology to ensure that crops and soil receive exactly what they require for optimum health and productivity. Remote sensing technologies in agriculture aims to ensure profitability, sustainability, and environmental protection. The market is also benefiting from access to real-time data on crop, soil, and ambient air conditions, as well as other relevant information such as hyper-local weather forecasts, which is expected to grow the market which will raise revenues during the forecast period 2023-2030.

Data Bridge Market Research analyses that the global remote sensing technology for agriculture market was valued at USD 1.81 billion in 2022 and is expected to reach the value of USD 3.28 billion by 2030, at a CAGR of 7.70% during the forecast period of 2023 to 2030. “Hardware segment” is expected to dominate the market due to driving farming communities to use efficient agricultural methods. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Remote Sensing Technology for Agriculture Market Scope and Segmentation

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Market Definition

Access to real-time data on crop, soil, and ambient air conditions, as well as other relevant information such as hyper-local weather forecasts, labour costs, and equipment availability, is part of the approach. Data is used by predictive analytics software to advise farmers on crop rotation, optimal planting and harvesting times, and soil management. Sensors in the field measure the moisture content and temperature of the soil as well as the surrounding air. Images can be processed and integrated with sensor and other data to provide guidance for immediate and future decisions, such as which fields to water and when or where to plant a specific crop.

 Global Remote Sensing Technology for Agriculture Market Dynamics

Drivers

• Remote Sensing Technology for Agriculture

The primary factor driving farming communities to use efficient agricultural methods is a labour shortage in agricultural practises. High-value crops such as apples, strawberries, and sweet peppers are becoming less economically viable due to rising labour costs and a decrease in the number of skilled workers. Farmers of such fruits are increasingly turning to crop sensing solutions to facilitate effective plucking without causing physical damage to the crop.

• Implementation of Smart Agricultural Practices to Meet Rising Food Demand Globally

Rapid population growth is putting pressure on the agricultural sector around the world to increase productivity in order to meet rising food demand. Farmers are increasingly implementing smart harvest technologies such as harvesting robots, automation, control systems, sensors, and imaging systems to increase profitability and output in less time and at a lower cost. The scarcity of arable land is a major factor driving demand for indoor farming activities and the increased use of remote sensing technologies to reduce labour costs.

Opportunity

• Business growth

Firms in the target industry focuses on business growth through strategies such as advanced product launches, capacity expansion, and heavy production investments in their facilities, which are expected to flourish in the near future as the global remote sensing technology for agriculture market grows. Furthermore, site-specific nutrient management with precision agriculture, increased demand for industrial crops, and investment in agricultural operations in developing countries provide profitable opportunities to market participants.

Restraint/Challenge

• Large investment

The requirement for large initial investments in the production of numerous components is impeding the growth of the remote sensing technology market. Market participants must manufacture components and encrypt data content that meet regulatory organisation standards. This limits market growth opportunities for companies.

Recent Development

• In March 2021, China planned to launch a new satellite with a LiDAR (light detection and ranging) system to monitor CO2 levels in the atmosphere. Since 2016, China has launched three satellites into orbit for CO2 monitoring and research, all equipped with passive optical remote sensing technology.

Global Remote Sensing Technology for Agriculture Market Scope

The global remote sensing technology for agriculture market is on the basis of components and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Components

• Hardware
• Software
• Services

Application

• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Farm Labour Management
• Others

Global Remote Sensing Technology for Agriculture Market Regional Analysis/Insights

The global remote sensing technology for agriculture market is analyzed and market size insights and trends are provided by country, components and application as referenced above.

The countries covered in the global remote sensing technology for agriculture market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.

North America had the largest market share, accounting for 38.10%. This share is accounted for by the presence of significant market players such as Lockheed Martin Corporation, Esri, and General Dynamics Mission Systems, Inc., among others.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Remote Sensing Technology for Agriculture Market Share Analysis

The global remote sensing technology for agriculture market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global remote sensing technology for agriculture market .

Some of the major players operating in the global remote sensing technology for agriculture market are:

• Yara (Norway)
• Koch AG & Energy Solutions LLC (U.S.)
• Coromandel International Limited (India)
• AGRICULTURE SOLUTIONS INC. (Canada)
• Hafia Groups (Israel)
• Sapec Agro S.A. (Portugal)
• Kugler Company (U.S.)
• ICL (Israel)
• Van Iperen International (Netherlands)
• U.S. AG LLC (U.S.)
• Levant Power Corporation (U.S.)
• Honeywell International, Inc. (U.S.)
• Green Peak Technologies (Netherlands)
• Fujitsu (Japan)
• ABB(Switzerland)
• Texas Instruments Inc. (U.S.)
• ST Microelectronics (Switzerland)

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