Dublin, March 20, 2023 (GLOBE NEWSWIRE) -- The "Smart Farming Market - A Europe Region Analysis - Focus on Application, Product, and Country-Wise Analysis - Analysis and Forecast, 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The Europe smart farming market was valued at $3,993.7 million in 2022 and is expected to reach $8,420.6 million in 2027, following a CAGR of 16.09% during 2022-2027.
The growth in the Europe Smart Farming Market is expected to be driven by increase in adoption of IoT and artificial intelligence, digitalization of agriculture operations, rise in dependence on advanced technologies to enhance production across the region.
The Smart Farming Market is in a growing phase owing to different advanced technologies in the market. As increase in adoption of automated machineries and equipment, sensors and navigation systems, robots, autonomous vehicles, guidance and steering systems, and others. Sensors and guidance and steering systems are the most important hardware components used in the modern agriculture operations.
Impact
Smart farming is about using the new technologies that emerged in agriculture and livestock at the beginning of the fourth industrial revolution to increase production volume and quality by making maximum use of resources and minimizing environmental impact. Also, the implementation of technology in agriculture and livestock will make it possible to improve food security around the world.
The use of smart farming can assist farmers in reducing waste and increasing efficiency by integrating them into their operations. Trends such as increasing requirements for crop yield and increasing demand to combat climate change further contribute to the growth of the Europe smart farming market. Varying weather circumstances influence soil quality and crop yields. Therefore, farmers in Europe are adopting innovations and technologies that can optimize production costs and lessen the harmful effects of greenhouse gases, such as methane, on the environment.
The use of smart farming technologies has positive impact of agriculture operations and livestock farming. These technologies offer benefits such as increased efficiency & productivity, water saving, reduced costs, pest detection and animal health, better sustainability, and others. In addition, smart farming helps farmers better understand the important factors such as water, topography, orientation, vegetation, and soil types.
Analyst Thoughts
According to Debraj Chakraborty, Principal Analyst, the publisher, 'The use of smart farming technologies such as IoT sensors have been able to increase crop yields by 15% while decreasing fertilizer and water use by around 25%. This highlights the significance of smart farming technologies in raising profitability and environmental performance.'
How can this report add value to an organization?
Product/Innovation Strategy:
The product segment helps the reader understand the different types of hardware, software, and services are available in the smart farming applications. Moreover, the study provides the reader a detailed understanding of the different product types by applications (precision farming, livestock monitoring & management, aquaculture, and others).
Hardware solutions such as autonomous vehicles, sensing and navigation systems, yield mapping devices, and auto steering systems are most widely used in modern agriculture practices. Therefore, the smart farming market is a moderate investment and high revenue generating product in the coming years owing to the rise in investment towards climate smart agriculture practices across the region.
Growth/Marketing Strategy:
The Europe Smart Farming Market has seen major development by key players operating in the market, such as acquisition, partnership, agreement, business expansion, and product launches. The favoured strategy for the companies has been partnerships, joint venture, collaborations, and product launch to strengthen their positions in the Europe smart farming market.
For instance, in October 2021, AGRIVI partnered with FarmApp. This partnership aimed at providing customers with digital agriculture solutions. It would help customers to achieve new levels of production efficiency. In addition, AGRIVI would strengthen its presence in Europe through this partnership.
Competitive Strategy:
Key players in the Europe Smart Farming Market analysed and profiled in the study involve integrated hardware and software manufacturers that are engaged in providing advanced smart farming solutions to farmers and other agriculture service companies.
Moreover, a detailed competitive benchmarking of the players operating in the Europe Smart Farming Market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
The top segment players who are leading include key precision farming and livestock monitoring & management technologies manufacturers in the market and the ones which are engaged in providing smart aquaculture solutions across the region.
Market Segmentation:
Application
The Europe Smart Farming Market in the application segment is expected to be dominated by precision farming applications.
Rise in use of precision farming applications such as precision irrigation, yield monitoring & forecasting, precision spraying, precision planting, and others are expected to drive the growth of this segment in the region.
This is followed by the livestock monitoring and management segment which accounts for the second-largest share in the smart farming market due to increase in awareness and demand towards tracking and monitoring of health of livestock across the Europe.
Product Type
The hardware segment is estimated to capture highest market share during the period 2022 to 2027.
The hardware equipment is increasingly used in the various farming operations. In addition, the increasing adoption of intelligent or autonomous vehicles integrated with sensors and navigation systems, computer vision is expected to drive the growth of the smart farming market in the region.
Moreover, increase in penetration of integrated hardware and software technologies are expected to increase the production and efficiency of farms which in turn is projected to drive the market growth in the coming years.
Country
U.K. generated the highest revenue of $540.2 million in 2021. The country is experiencing an increase in adoption of smart farming technologies such as autonomous vehicles, software systems, and other automation and control systems.
In addition, increase adoption of digital technologies for modern farm machineries in efficient crop production in the country along with rise in popularity of indoor farming owing to urbanization. Germany registered the 2nd highest revenue in the Europe smart farming market.
Key Questions Answered in the Report
- What is smart farming?
- What are the key trends in smart farming industry?
- What kinds of new strategies are being adopted by the existing market players to strengthen their market position in the industry?
- For a new company looking to enter the Smart Farming Market, which areas could it focus upon to stay ahead of the competition?
- Who should buy this report?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 346 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $3993.7 Million |
| Forecasted Market Value (USD) by 2027 | $8420.6 Million |
| Compound Annual Growth Rate | 16.1% |
| Regions Covered | Europe |
Company Profiles
- AGRIVI
- Agroptima S.L.
- CropX, Inc.
- Hexagon Agriculture
- Kubota Corporation
- Climate LLC (Bayer AG)
- AgriCircle
- Augmenta
- Yara International ASA
- Ec2ce
- Ag Leader Technology
- Trimble Inc.
- CNH Industrial N.V.
- BASF SE
- Deere & Company
- FarmFacts
- OneSoil
- Intellias
- Proagrica (LexisNexis Risk Solutions Group)
- Syngenta AG
Industry Outlook
Trends: Current and Future
- 5G: The Future of Smart Farming
- Increasing Adoption of Agriculture Technology-as-a-Service
Ecosystem/Ongoing Programs
- Consortiums and Associations
- Regulatory Bodies
- Government Programs
Business Dynamics
Business Drivers
- Need for Higher Food Production with Limited Resources
- Decreasing Workforce Availability in Agriculture
- Increased Farmland Consolidation and Large Farm Size
Business Opportunities
- Integration of Emerging Technologies with Existing Practices
- Integral Offerings with Horizontal Integration in Farming
Business Challenges
- Rising Concern over Data Security
- Lack of Interoperability is Hindering the Growth
Market Strategies and Developments
Business Strategies
- Product Developments
- Market Developments
- Corporate Strategies
- Mergers and Acquisitions
- Partnerships, Collaborations, Joint Ventures, and Alliances
- Others
Business Model Analysis
- Business Model of OneSoil
- Business Model of CropX inc.
- Business Model of Hummingbird Technologies Limited
Start-up Landscape
- Key Start-ups in the Ecosystem
- Funding Analysis
- Total Investments and Number of Funding Deals
- Top Funding Deals by the Start-Ups
- Funding Analysis (by Country)
- Funding Analysis (by Investors)
Geopolitical and Socioeconomic Impact Analysis
- Impact of European Green Deal on Smart Farming Market
- Impact of COVID-19 on the Europe Smart Farming Market
- Impact of Russia-Ukraine Crisis on Europe Smart Farming Market
For more information about this report visit https://www.researchandmarkets.com/r/6l4k4c
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