PUBLISHER: BIS Research | PRODUCT CODE: 1131738
PUBLISHER: BIS Research | PRODUCT CODE: 1131738
“Global Smart Vineyard Management Market to Reach $2.15 Billion by 2027.”
The smart vineyard management market was valued at $1.21 billion in 2021 and is projected to reach $2.15 billion by 2027, growing at a CAGR of 10.08% during the forecast period 2022-2027. Owing to the growing market for grapes and vineyards, the growth in the Smart Vineyard Management Market is expected to be driven by the increasing need for digital and smart vineyard monitoring and management systems and solutions.
The smart vineyard management market is still in a nascent phase. Increased corporate investments and research and development activities are underway to develop smart vineyard management technologies and products, which are expected to increase due to the growing need to reduce vineyard losses and automation in the vineyard industry.
New entrants are penetrating the market backed up by government funding and corporate investments, which is one of the major opportunities in the global smart vineyard management market. Moreover, smart vineyard management technologies also help in enhancing yield quality due to timely detection of pest infestation and diseases. Smart vineyard management technologies also facilitate the safe and quality harvesting and picking of tender grapes through the use of autonomous robots.
With an increased worldwide demand for different varieties of grapes and products such as wine and juices, the shift to digital, smart, and data-driven products in the vineyard sector brings significant sales and financing opportunities. The shift is more prominent in guidance technology and sensing technology segments in regions such as Europe and North America.
Furthermore, smart vineyard management systems have a moderate to high impact on crop scouting systems to reduce crop losses due to crop diseases and pest infestations.
The COVID-19 pandemic has had a significant impact on almost all major industries throughout the world, including the agricultural industry. Globally nations had lockdowns imposed because of which the supply chain also got disrupted, resulting in a shortage of equipment and other inputs required for vineyards. This has brought the companies' attention to the use of remote sensing and other vineyard management tools, which can lead to a boost in the adoption of smart vineyard management. Among the vineyard managers and winemakers, the adoption of smart vineyard management is expected to increase due to developed Information Technology (IT) infrastructure and networks as well as improved farm mechanization. Thus, COVID-19 has positively impacted the smart vineyard management market in the long run due to disrupted supply chains and labor shortages.
The Smart Vineyard Management Market by application segment is expected to be dominated by yield monitoring technologies. The growing trend for advanced technologies being used for yield estimation and mapping to facilitate informed harvesting and picking decisions is driving the yield monitoring technologies in the application segment of the smart vineyard management market.
The hardware segment dominates the global smart vineyard management market. Hardware such as robots and drones, sensors, and others, including handheld computers and display screens, among others, work with increased speed and accuracy to improve the efficiency of data collection and operations.
Due to the growing trend of digital and smart agricultural practices, the traction for sensing technologies has been growing globally.
Europe generated the highest revenue of $528.8 million in 2021, which is attributed to the large-scale adoption of advanced technologies and an increasing number of smart vineyard management startups backed by government, institutional, and corporate funding in the region. Europe is an attractive region for the smart vineyard management market because of the availability of a large number of family-owned and wine manufacturers' vineyards.
Following are the demand drivers for the smart vineyard management market:
The market is expected to face some limitations as well due to the following challenges:
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The top segment players leading the market include hardware, which captures around 43% of the presence in the market. Players in other solutions, such as software and services, together accounted for approximately 57% of the presence in the market as of 2021.