PUBLISHER: The Business Research Company | PRODUCT CODE: 1274609
PUBLISHER: The Business Research Company | PRODUCT CODE: 1274609
“Remote Sensing Technology for Agriculture Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on remote sensing technology for agriculture market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for remote sensing technology for agriculture? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The remote sensing technology for agriculture market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the remote sensing technology for agriculture market are Yara International ASA, Koch Ag & Energy Solutions, Coromandel International Limited, Agriculture Solutions Inc., Hafia Groups, Sapec Agro S.A, Kugler, ICL Group Ltd., Honeywell International Inc., Green Peak Technologies, ABB Ltd., Kheti Buddy, Trimble, Eastern Peak, and PrecisionHawk.
The global remote sensing technology for agriculture market is expected to grow from $1.67 billion in 2022 to $1.83 billion in 2023 at a compound annual growth rate (CAGR) of 9.5%. 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 remote sensing technology for agriculture market is expected to reach $2.51 billion in 2027 at a CAGR of 8.3%.
The remote sensing technology in the agriculture market consists of revenues earned by entities by evaluating plant health, estimating yield, assessing crop loss, managing irrigation, detecting weeds, identifying crop stress, and mapping a field. The market value includes the value of related goods sold by the service provider or included within the service offering. The remote sensing technology in the agriculture market also includes sales of hardware such as ground sensors, aerial sensors, and satellite sensors. 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.
Remote sensing technology for agriculture refers to the use of satellite images that take photos of a field over time so that the grower can analyze the data and take action that will increase crop yield.
North America was the largest region in the remote sensing technology for agriculture market in 2022. The regions covered in the remote sensing technology for agriculture report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of remote sensing technology for agriculture are hardware, software, and services. Hardware refers to the external and internal devices and equipment that allow you to perform major functions such as input, output, storage, communication, and processing. These are used in various applications such as
yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management and others.
The rising implementation of the agricultural sector is expected to propel the growth of remote sensing technology for the agriculture market going forward. The agricultural sector refers to the cultivation of the soil for growing businesses that are primarily engaged in growing crops. Remote sensing technology for agriculture is used to increase farm output by improving soil properties, and crop species, and monitoring weeds and crop diseases. For instance, in December 2022, according to the United States Department Of Agriculture, a US-based federal agency, the agriculture service contributed 1.264 trillion to the gross domestic product (GDP), and its share was 0.7 in 2021, in order to add value to the economy. Therefore, the rising implementation of the agricultural sector drives remote sensing technology for the agriculture market.
Strategic partnerships are a key trend gaining popularity in the remote sensing technology for the agriculture market. Major companies operating in the remote sensing technology for the agriculture market are undergoing partnerships to develop agricultural practices. For instance, in January 2022, General Mills Inc, a US-based multinational manufacturer firm partnered with Regrow Agriculture Inc, a UK-based remote sensing technology company for agriculture. This partnership aims to monitor agricultural practices and grow their opportunities globally. Furthermore, in November 2020, Netafim, an Israel-based manufacturer of irrigation equipment company partnered with Flurosat, an Australia-based company operating in remote sensing technology for agriculture. With this partnership, their aim is to make reliable irrigation, fertigation, crop management, and other agricultural practices using remote sensing technology.
In December 2021, Planet, a US-based company operating in precision agriculture acquired VanderSat for a deal amount of $28 million. With this acquisition, Planet strengthens its agriculture portfolio by adding VanderSat's innovative products that help customers with water management and crop health. VanderSat is a Netherland-based company operating in remote sensing technology for agriculture.
The countries covered in the remote sensing technology for agriculture 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 remote sensing technology for agriculture market research report is one of a series of new reports from The Business Research Company that provides remote sensing technology for agriculture market statistics, including remote sensing technology for the agriculture industry global market size, regional shares, competitors with a remote sensing technology for agriculture market share, detailed remote sensing technology for agriculture market segments, market trends, and opportunities, and any further data you may need to thrive in the remote sensing technology for the agriculture industry. This remote sensing technology for agriculture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.