PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1378094
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1378094
The main attributable factors in the market growth are the increasing demand for agricultural products, increasing population, technological advancements, and limited natural sources. Thus, technology should play a bigger role in producing enough agricultural products to feed the growing population. Location sensors, optical sensors, electrochemical sensors, mechanical sensors, dielectric sensors, and illumination sensors are some of the major types of agricultural sensors available in the market.
Growing global food demandThe world population is constantly growing, and so is the food demand. As per the estimates of the UN, food demand will increase by 50% by 2050 thereby increasing the demand for agricultural sensors worldwide. The benefits of these agriculture sensors are to provide farmers with increased yield and several other benefits such as reducing nutrient depletion through monitoring soil health, maximizing water efficiency, reducing chemical and pesticide usage, and reducing carbon dioxide emissions by lowering fuel and energy consumption. These factors tend to positively impact the agricultural sensors market size.
The agricultural sensors are used for various purposes such as dairy management, soil management, climate management, and water management among others. Humidity sensors are combined with weather stations to analyze the climate conditions. Nowadays APIs are getting integrated into the climate agricultural sensors to avoid destructive climate conditions. Optical and electrochemical sensors are being used for soil management. It helps in determining the O2, and CO2 contents along with the pH and other soil nutrients. Image capturing sensors are also available in the market which helps in the detection of pests thereby providing information to farmers about the infected crop area. These wider applications along with the constant advancements aid the growth of the agricultural sensors market size.
Agriculture depends on climate conditions and weather changes. The rising temperatures and the rapid climate change adversely affected the agriculture sector. According to the Intergovernmental Panel on Climate Change, the rising heat and rainfall are degrading land thus reducing soil nutrients and organic matter which has negative effects on crop yields. There was a loss of 33.9 million hectares of cropped land in India between 2015-16 and 2021-22 due to heavy rainfall and floods as per the estimates of IMD. These adverse effects show the need for agricultural technologies including sensors to increase crop yield and enrich the soil.
Agricultural companies are adopting the Internet of Things (IoT) technologies for higher production capabilities. For instance, a Bengaluru-based startup Cropln provides a future-ready farming solution through its self-evolving system. Agricultural sensors can now be linked with smartphones and from there the farmers can collect and analyze the environmental parameters such as soil quality, temperatures, and other variables. This advancement will propel the agricultural sensors market growth.
According to the report of the US Department of Agriculture, site-specific management will be the driving factor for the adoption of agricultural sensors. US NIFA supports the development and implementation of robust agricultural sensors for modeling and analyzing the environmental parameters for greater crop yield. Indian Government provides financial assistance to agri-tech-based startups. For instance, in 2019 there were more than 450 startups in this sector as per the 2019 survey reports of the National Association of Software and Services Companies which has grown exponentially in the last two years.. Moreover, the Indian Government partnered with Microsoft for the development of smart agricultural AI sensors. These government schemes and their support show the market potential of agricultural sensors during the projected period.