Summary
Major players in the agriculture sensor market are Libelium Comunicaciones Distribuidas Sl, Auroras, Acquity Agriculture, Pycno, Agsmarts Inc., Edyn, Acclima Inc., Caipos Gmbh, Vegetronix Inc., Sentek Ltd., Aquaspy Inc., CropX, AG Leader, Sol Chip Ltd., Sentera, LLC., Caipos Gmbh, dol-sensors A/S, Glana Sensors AB, Monnit Corporation, and Sensoterra.
The global agriculture sensor market grew from $1.49 billion in 2022 to $1.75 billion in 2023 at a compound annual growth rate (CAGR) of 17.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The agriculture sensor market is expected to grow to $3.38 billion in 2027 at a CAGR of 17.9%.
The agriculture sensor market consists of revenues earned by entities by providing agriculture sensor services such as air temperature, soil temperature at various depths, rainfall, leaf wetness, chlorophyll, wind speed, dew point temperature, wind direction.The market value includes the value of related goods sold by the service provider or included within the service offering.
The agriculture sensor market also includes GPS, accelerometers, smart cameras, and pH sensors which are used in providing agriculture sensor services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The agriculture sensor are used in smart farming to assist farmers in optimizing and monitoring crops.Agricultural sensors help farmers respond to the dynamically changing conditions of the environment.
Rising global temperatures, leading to change in an environment unsuitable for crops, can already be predicted with the help of agriculture sensors. The wide range of benefits from precision agriculture includes weather forecasts, real-time farm tracking, and optimum field requirements.
North America was the largest region in the agriculture sensor market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the agriculture sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of agriculture sensors are humidity sensors, electrochemical sensors, mechanical sensors, optical sensors, pressure sensors, water sensor, soil sensors, and location sensors.The humidity sensor market consists of sales of humidity sensors by entities (organizations, sole traders, and partnerships) that are used to check the moisture and humidity ratio of land.
There are four main types of humidity sensors, namely, conductive humidity sensors, thermal conductivity sensors, optic hygrometers, and oscillating hygrometers.It has various end user industry such as manufacturing, automotive, aerospace, packaging, healthcare, electronics and other end-users.These agriculture sensors are used for soil monitoring, yield mapping and monitoring, disease detection and control, weed mapping, and other applications.
The increasing adoption of smart farming practices is expected to propel the growth of the agriculture sensor market over the coming years.Agriculture sensors are widely utilized in smart farming practices for various on-field activities such as weather forecasts, measuring leaf wetness and trunk diameter, spreading pesticides as well as insecticides, and others.
The advantages of the sensor over existing technologies, such as easy installation, cheaper use, minimizes pollution and global warming, and remotely controllable, have led to a rapid surge in the utilization of technologies related to sensors in agricultural applications.For instance, according to the study conducted by McKinsey Global Institute, a business and economics research wing of McKinsey, smart farming practices are expected to create up to $11 trillion in economic benefits globally by 2025.
Thus, the rapid growth in the adoption of smart farming practices by agricultural communities is expected to boost the agricultural sensors market during the forecast period.
The emergence of advanced technologies is a key trend gaining popularity in the agriculture sensor market.The key players in the agriculture sensors market are focusing on developing innovative products with emerging technologies and low-cost features to meet the growing demand for smart farming technologies and solutions across the globe.
For instance, in March 2021, Monnit Corporation, a USA-based manufacturer of remote monitoring and wireless sensors, launched the ALTA Soil Moisture Sensor, which alerts operators on mobile devices and computers on the location of crops or commercial landscaping to be watered. The two-in-one sensor soil moisture sensor measures both soil water tension and temperature and alerts the operator.
In November 2021, Sentera, an America-based agricultural service provider acquired Insight Sensing, an America-based smart agriculture company engaged in manufacturing of precision agriculture and remote sensing research and technologies for an undisclosed amount. Through this acquisition, Sentera aims to widen the capabilities of its product portfolio and partnerships in agriculture services.
The countries covered in the Agriculture Sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The agriculture sensor research report is one of a series of new reports that provides agriculture sensor statistics, including agriculture sensor industry global market size, regional shares, competitors with agriculture sensors share, detailed agriculture sensor segments, market trends and opportunities, and any further data you may need to thrive in the agriculture sensor industry. This agriculture sensor research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
