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 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. |
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