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Smart Specialty Crop Farming Market

Smart Specialty Crop Farming Market Size, Share & Trends Analysis Report By Application (Fruits and Tree Nuts, Vegetables, Culinary Herbs and Spices, Medicinal Herbs, Nursery, Floriculture, and Horticulture Crops), By Product Type (Open Field Hardware, Controlled Environment Agriculture (CEA) Systems Hardware, Software), By Application, By Region, And By Segment Forecasts, 2024-2031

Report ID : 2662 | Published : 2024-08-09 | Pages: 165 | Format: PDF/EXCEL

The Smart Specialty Crop Farming Market Size is valued at USD 2.39 billion in 2023 and is predicted to reach USD 5.09 billion by the year 2031 at a 10.2% CAGR during the forecast period for 2024-2031.

smart crop

Smart specialty crop farming integrates cutting-edge technologies such as precision agriculture, data analytics and automation, to maximize the yield of valuable crops. This approach enhances efficiency, sustainability, and crop quality, rendering it a crucial strategy for contemporary agriculture. One of the main propeller of global growth in the smart specialty crop farming market is the rising need for sustainable agricultural practices. As environmental issues are being acknowledged on a global level, the importance of finding ways to lessen the impact of conventional farming practices on the environment and the resources they consume grows.

Intelligent farming tools that boost productivity while decreasing Smart specialty crop farming are expected to be driven by the use of new technology to maximize agriculture productivity, which is in turn driven by the increased need for food and growing populations around the world. The agricultural sector could be entirely transformed by forming a global smart specialty crop farming market. By using IoT technology in agriculture, suppliers can increase their chances of reaching a worldwide audience, and countries can better accommodate the increasing need for food. In addition, the growing interest in smart specialty crop farming and its potential to improve crop yield optimization aided in the growth of the farming industry.

However, the market growth is hampered by the high cost because small and medium-sized farms are not able to afford the high upfront expenses of smart crop farming technologies in agriculture. One more thing that gets in the way of farmers and agricultural workers using smart technologies effectively is their general need for more technical knowledge, a major obstacle to the adoption of the smart specialty crop farming market.

In addition, the expansion of the smart specialty crop farming market is expected to be driven by the rising number of farmers who are well-informed about the newest advances in the industry, owing to the proliferation of smartphones and internet access. Additionally, improving crop yield, lowering environmental effects, increasing resource efficiency, expanding precision agriculture technologies, and using data analytics to make better decisions are all other factors growing in the smart specialty crop farming market in the coming years.

Competitive Landscape

Some Major Key Players In The Smart Specialty Crop Farming Market:

  • Freight Farms, Inc.
  • IUNU
  • OSRAM GmbH
  • Kolostat
  • Würth Elektronik eiSos GmbH & Co. KG
  • Everlight Electronics Co., Ltd.
  • Netafim
  • Ag Leader Technology
  • AGCO Corporation
  • CNH Industrial NV.
  • Deere & Company
  • Hexagon AB
  • Trimble Inc.
  • Climate LLC
  • Other Market Players

Market Segmentation:

The smart specialty crop farming market is segmented based on application and type. Based on the application category is segmented into fruits and tree nuts, vegetables, culinary herbs and spices, medicinal herbs, nursery, floriculture, and horticulture crops. By type, the market is segmented into open-field hardware, controlled environment agriculture systems, hardware, and software.

Based On The Application, The Fruits And Tree Nuts Segment Accounts For A Major Contributor To The Smart Specialty Crop Farming Market.

The fruits and tree nuts in the smart specialty crop farming market are expected to hold a major global market share in 2023 because there is a growing need for fresh, healthy food. Precision agricultural technology greatly improves crop yields and quality while maximizing resource utilization. The increasing demand for organic and unusual fruits and nuts, as well as the growing number of health-conscious consumers, are driving this demand forward. Moreover, consistent output and efficient supply chains are made possible by technological developments in farming operations, which further support the growth of this market.

Controlled Environment Agriculture Systems Segment To Witness Growth At A Rapid Rate

Controlled-environment agriculture systems are growing because they can maximize crop production by adjusting growing conditions to perfection. These systems allow continuous harvesting of better crops throughout the year because they precisely regulate environmental variables, including light, humidity, and temperature. Furthermore, they lessen reliance on weather conditions and minimize resource use, which is attractive to farmers seeking sustainable and effective farming methods to fulfil the growing need for food.

In The Region, The North American Smart Specialty Crop Farming Market Holds A Significant Revenue Share.

The North American smart specialty crop farming market is expected to report the largest market share in revenue in the near future. It can be attributed to the government's actively encouraging progress in modern crop farming technologies and implementation of Internet of Things technology, boosting spending on farming technologies, growing demand for premium crops, and robust supporting infrastructure. In addition, Asia Pacific is likely to grow rapidly in the global smart specialty crop farming market because of rising concern for ecologically responsible and sustainable agricultural methods, technological advancements, a growing focus on sustainable farming, and the governments of developing nations have taken various steps to promote the use of smart crop farming techniques.

Recent Developments:

  • In March 2024, Agrinam Acquisition Corporation and Agricultural Technology Trailblazer Freight Farms, Inc. Signed a Merger and Acquisition Agreement. An official merger agreement has been finalized between Freight Farms, Inc. and Agrinam Acquisition Corporation, with the combined company's pro forma market cap estimated to be around US$147 million.
  • In June 2024, Case IH's new Axial-Flow 260 series combines state-of-the-art technology with the legendary Axial-Flow® harvesting expertise to make it the ideal harvesting companion for a diverse range of farmers and contractors. Growers can use subscription-free, integrated technology purpose-built to maximize efficiency and cater to their specific operations' needs.

Smart Specialty Crop Farming Market Report Scope

Report Attribute

Specifications

Market Size Value In 2023

USD 2.39 Bn

Revenue Forecast In 2031

USD 5.09 Bn

Growth Rate CAGR

CAGR of 10.2% from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Million and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Product Type, And Application

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea

Competitive Landscape

Freight Farms, Inc., IUNU, OSRAM GmbH, Kolostat, Würth Elektronik eiSos GmbH & Co. KG, Everlight Electronics Co., Ltd., Netafim, Ag Leader Technology, AGCO Corporation, CNH Industrial N.V., Deere & Company, Hexagon AB, Trimble Inc., and Climate LLC.

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

 

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Smart Specialty Crop Farming Market Snapshot

Chapter 4. Global Smart Specialty Crop Farming Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: By Product Type Estimates & Trend Analysis
5.1. By Product Type & Market Share, 2023 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Product Type:

5.2.1. Open Field Hardware

5.2.1.1. Displays/Yield Monitors
5.2.1.2. Flow and Application Rate Control Valves
5.2.1.3. Farm Computers, Mobile Devices, and Laptops
5.2.1.4. Agriculture Sensors
5.2.1.5. Guidance and Steering Systems
5.2.1.6. Others

5.2.2. Controlled Environment Agriculture (CEA) Systems Hardware

5.2.2.1. Lighting Systems
5.2.2.2. Climate Control Systems
5.2.2.3. Containers
5.2.2.4. Irrigation Systems

5.2.3. Software

Chapter 6. Market Segmentation 2: By Application Estimates & Trend Analysis
6.1. By Application & Market Share, 2023 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Application:

6.2.1. Fruits and Tree Nuts
6.2.2. Vegetables
6.2.3. Culinary Herbs and Spices
6.2.4. Medicinal Herbs
6.2.5. Nursery, Floriculture, and Horticulture Crops

Chapter 7. Smart Specialty Crop Farming Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America
7.1.1. North America Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.1.2. North America Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.1.3. North America Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031.

7.2. Europe
7.2.1. Europe Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.2.2. Europe Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.2.3. Europe Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.3. Asia Pacific
7.3.1. Asia Pacific Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.3.2. Asia Pacific Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.3.3. Asia Pacific Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.4. Latin America
7.4.1. Asia Pacific Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.4.2. Latin America Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.4.3. Latin America Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031.

7.5. Middle East & Africa
7.5.1. Middle East & Africa Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.5.2. Middle East & Africa Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.5.3. Middle East & Africa Smart Specialty Crop Farming Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

Chapter 8. Competitive Landscape
8.1. Major Mergers and Acquisitions/Strategic Alliances
8.2. Company Profiles

8.2.1. Freight Farms, Inc.
8.2.2. IUNU
8.2.3. OSRAM GmbH
8.2.4. Kolostat
8.2.5. Würth Elektronik GmbH & Co. KG
8.2.6. Everlight Electronics Co., Ltd.
8.2.7. Netafim
8.2.8. Ag Leader Technology
8.2.9. AGCO Corporation
8.2.10. CNH Industrial N.V.
8.2.11. Deere & Company
8.2.12. Hexagon AB
8.2.13. Topcon Corporation
8.2.14. Trimble Inc.
8.2.15. Climate LLC
8.2.16. Other Prominent Players

Segmentation of Smart Specialty Crop Farming Market-

Smart Specialty Crop Farming Market By Application-

  • Fruits and Tree Nuts
  • Vegetables
  • Culinary Herbs and Spices
  • Medicinal Herbs
  • Nursery, Floriculture, and Horticulture Crops

smart crop

Smart Specialty Crop Farming Market By Product Type-

  • Open-Field Hardware
    • Displays/Yield Monitors
    • Flow and Application Rate Control Valves
    • Farm Computers, Mobile Devices, and Laptops
    • Agriculture Sensors
    • Guidance and Steering Systems
    • Others
  • Controlled-Environment Agriculture (CEA) Systems Hardware
    • Lighting Systems
    • Climate Control Systems
    • Containers
    • Irrigation Systems
  • Software

Smart Specialty Crop Farming Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa

Rest of the Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

 

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Frequently Asked Questions

How big is the Smart Specialty Crop Farming Market Size?

The Smart Specialty Crop Farming Market is expected to grow at a 10.2% CAGR during the forecast period for 2024-2031.

Freight Farms, Inc., IUNU, OSRAM GmbH, Kolostat, Würth Elektronik eiSos GmbH & Co. KG, Everlight Electronics Co., Ltd., Netafim, Ag Leader Technology,

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