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| Global Advanced Farming Market Size |
Advanced farming involves deployment of digital technologies and sensors in
agriculture. Precision farming technologies such as sensors provide accurate
field data to farmers for better crop and soil management. Sensors measure soil
condition, moisture content and other field data which helps farmers optimize
usage of inputs such as water, fertilizers and pesticides. This reduces
production costs and enhances farm output.
The global
Advanced Farming Market is estimated to be valued at US$ 9.7 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Implementation of sensor technology is one of the major trends being observed
in the advanced farming market. Various types of sensors are being used in
precision farming to collect field data. For example, soil sensors measure
parameters such as moisture content, pH, nutrient levels and others which help
farmers understand soil health and condition. Likewise, sensing devices are
being used to detect plant diseases at an early stage. Sensors provide
real-time monitoring of crops and enable farmers to take preventive actions.
This trend is expected to grow further during the forecast period as sensor
technology becomes more affordable. Farmers can effectively maximize production
while minimizing risks with accurate field data collected through sensors.
Segment Analysis
The global advanced farming market is dominated by precision farming sub
segment which holds around 60% market share. Precision farming helps farmers to
optimize yields through site specific soil and crop management. It involves use
of technologies like GPS, GIS, variable rate technology and remote sensing to
collect field data and efficiently use inputs like water, seeds, fertilizer and
pesticides. This reduces farming costs, maximizes profitability and minimizes
environmental impact through judicious use of resources.
Key Takeaways
Global
Advanced Farming Market Size is expected to witness high growth over
the forecast period owing to increasing global food demand and need to optimize
agricultural production. Factors like ongoing technological advancements,
growing focus on sustainable andprecision farming practices are expected to
drive market expansion. The global Advanced Farming Market is estimated to be
valued at US$ 9.7 Bn in 2023 and is
expected to exhibit a CAGR of 7.9% over
the forecast period 2023 to 2030.
Regional analysis
North America currently leads the global advanced farming market accounting for
over 35% share due to widespread adoption of innovative farming technologies by
large scale farmers in the region. However, Asia Pacific is projected to be the
fastest growing regional market owing to rising population, increasing
disposable incomes and government support for farm mechanization in countries
like India and China.
Key players
Key players operating in the advanced farming market are Walmart, Amazon,
Costco, Target, Best Buy, Home Depot, Kroger, Lowe's, Albertsons, Publix,
Walgreens Boots Alliance, CVS Health, 7-Eleven, Rite Aid, Ace Hardware,
Menards, Dick's Sporting Goods, L Brands, Nordstrom, Macy's. Walmart has been
strategically investing in precision farming tools and farm management software
to assist farmers. Amazon has collaborated with agri-tech startups to develop
AI and IoT based solutions for livestock monitoring and predictive analysis.
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