Dublin, July 04, 2023 (GLOBE NEWSWIRE) -- The "Satellite Imaging for Agriculture Market - A Global and Regional Analysis: Focus on, Application, End User, Product, and Region - Analysis and Forecast, 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global satellite imaging for agriculture market was valued at $516.1 million in 2022, and it is expected to grow with a CAGR of 7.50% during the forecast period 2023-2028 to reach $785.3 million by 2028.
The growth in the global satellite imaging for agriculture technology market is expected to be driven by the increasing need for efficient and sustainable agriculture practices.
Through the analysis of satellite imagery, farmers can assess soil characteristics, track crop health, and identify susceptibility to diseases, pests, and other risks. The integration of satellite imaging into precision agriculture practices has significantly enhanced sustainability and intelligence in the field.
Recognizing the potential of satellite imaging in agriculture, the United Nations Food and Agriculture Organization (FAO) acknowledges the need for improved management of global agricultural resources, especially in developing nations.
Industrial Impacts
Market for satellite imaging technology in agriculture is set to benefit significantly from the advancement of small satellite constellations. These constellations consist of multiple compact satellites working collaboratively to provide high-resolution and high-frequency satellite services, delivering crucial information for achieving profitable, efficient, and sustainable agricultural practices.
In comparison to traditional satellite systems, small satellite constellations offer notable advantages, including cost reduction, shorter revisit intervals, and enhanced image resolution. These factors have substantially improved farmers' accessibility to satellite imagery, enabling its integration into sustainable farming methods and precision agriculture.
In the global market for satellite imaging in agriculture, companies are proactively employing knowledge-driven strategies and technological innovations to establish themselves as market leaders. By adopting effective business or corporate strategies, these companies aim to maintain their relevance in the market and identify opportunities for growth. They strive to gain a competitive edge by implementing efficient business or corporate strategies that contribute to long-term profitability and ensure their future success.
Demands, Drivers and Limitations
Increasing Requirements from the Insurance Sector
In the realm of payment claims management, crop insurance companies are progressively incorporating satellite imagery as a valuable tool to assess the magnitude and extent of crop damage. An accurate and unbiased view of a crop's status and potential can be obtained from satellite imagery, which can assist insurers in making more informed choices regarding crop insurance claims.
Increasing Farm Consolidation
The proliferation of satellite imagery in agricultural applications is projected to surge in response to the growing trend of farm consolidation. As farms expand in size, the integration of remote sensing technology would enable managers to effectively monitor various aspects such as growth, weather conditions, and other relevant factors. Moreover, identifying underutilized or suboptimal areas would empower farmers to consolidate these areas and increase overall productivity and operational efficiency.
High Benefits over Other Remote Sensing Technology and Infield Monitoring Technology
By incorporating satellite data into sophisticated algorithms, it is also possible to measure a variety of characteristics, including yield and crop growth stage, using satellite imagery. Satellite imagery can also aid farmers in understanding a variety of farming-related issues, such as areas that require more or less irrigation, the areas where their livestock graze, where to apply fertilizer, and the effects of changing weather patterns.
Need for Sustainable Agriculture Practices
In several ways, satellite imagery in agriculture supports the need for sustainable agricultural practices. First, crop health and growth rates can be tracked using satellite imagery, which can assist farmers in maximizing inputs and minimizing the use of pesticides and fertilizers. Second, land use and changes in vegetation cover can be tracked using satellite imagery, which can be used by farmers to identify underutilized or underused land. Deforestation and other types of land-use changes may not be as necessary as a result of more effective land use.
Market Challenges:
Technical Challenges in Obtaining and Analyzing Satellite Imagery
Even though satellite imagery has long been used in the agriculture industry, many developing nations still lack knowledge and understanding of the technology. This ignorance and lack of understanding may limit the use of satellite imagery in agriculture and prevent farmers from benefiting from its advantages.
Although satellite imagery offers data for agricultural practices, crop types, and the corresponding outcome variables over lengthy time periods, farmers in developing nations might lack the technical know-how or expertise to effectively access and use the data.
Geopolitical Issues
High-resolution satellite imagery is restricted from being accessed for agricultural purposes due to national security, political, and privacy concerns, among other geopolitical issues.
Additionally, some nations might not have the resources or infrastructure necessary to access and use satellite imagery efficiently, which can restrict the extent to which farmers in those nations can take advantage of satellite imagery's advantages in agriculture.
Limited Understanding and Awareness Across Developing Countries
Israel and the U.S. are two nations that limit access to high-resolution satellite imagery. While access to high-resolution satellite imagery in Israel has historically been constrained due to national security concerns, production of satellite imagery with a resolution finer than 0.31 m is prohibited in the U.S.
Market Opportunities:
Rising Threat of Climate Risk
Satellite imagery is employed to tackle climate risks in agriculture. It aids in precision agriculture, enabling farmers to manage their environment sustainably. Remote sensing combines satellite data with field samples for a comprehensive agricultural landscape overview. Decision-makers can utilize satellite data for climate-sensitive matters like land use and water management.
Artificial Intelligence and Machine Learning in Action
By advancing crop production, raising agricultural efficiencies, enhancing crop yields, and cutting costs associated with food production, AI and ML are revolutionizing satellite imagery in agriculture. In order to predict crop yields, ML analyzes sensor data and historical trends, aiding farmers in the practice of precision farming. To help farmers monitor, manage, and protect crops from extreme weather conditions, diseases, pests, and other threats, satellite imagery can be combined with other cutting-edge solutions, such as the Internet of Things.
Tapping Small Holding Farmers with Affordable Solutions
The free use of satellite imagery on services such as Amazon Web Services (AWS) is one of the cost-effective solutions offered to smallholder farmers by satellite imaging. This can improve efficiency and help farmers conserve water and fertilizer. Additionally, utilizing satellite data and machine learning can promote smallholder farmers' financial inclusion.
Key Market Players and Competition Synopsis
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 leading players include the public companies operating in the global satellite imaging for agriculture market, which had a market share of around 62% in 2021. The rest of the market share, 38%, was taken by the private and start-up companies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 317 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $547 Million |
| Forecasted Market Value (USD) by 2028 | $785.3 Million |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
Industry Outlook
Market Dynamics
Business Drivers
- Increasing Requirements from Insurance Sector
- Increasing Farm Consolidation
- High Benefits over Other Remote Sensing Technology and Infield Monitoring Technology
- Need for Sustainable Agriculture Practices
Business Opportunities
- Rising Threat of Climate Risk
- Artificial Intelligence (AI) and Machine Learning (ML) in Action
Business Challenges
- Technical Challenges in Obtaining and Analyzing Satellite Imagery
- Hindrance Due to Cloud Cover
- Hindrance due to Spatial and Temporal Resolution
- Limited Awareness and Understanding across Developing Countries
- Geopolitical Issues
Business Dynamics
Ongoing Trends
- Development of Small Satellite Constellations
- Integration with other technologies
Ecosystem/Ongoing Programs
- Consortiums, Associations, and Regulatory Bodies
- Government Initiatives and Impacts
- Tapping Small Holding Farmer with Affordable Solutions
Market Strategies and Developments
Business Strategies
- Product Developments
- Market Developments
Corporate Strategies
- Mergers and Acquisitions
- Partnerships, Collaborations, and Joint Ventures
- Snapshot of Corporate Strategies Adopted by the Key Players in the Market
Case Study
- Airbus in Yield Optimization
- Planet Labs PBC in Irrigation Intelligence
- EOS Data Analytics,Inc in Precision Agriculture
Start-Up Landscape
- Key Start-Ups in the Ecosystem
- Funding Analysis
- Total Investment and Number of Funding Deals
- Top Funding Deals by the Start-ups
- Funding Analysis (by Country)
- Top Investors
Active Satellites for Digital Agriculture Application and their Technicalities
Impact of Russia-Ukraine Crisis on the Global Satellite Imaging for Agriculture Market
Key Companies Profiled
Public Companies
- Airbus
- Farmers Edge Inc
- Planet Labs PBC
- Satellogic
- Syngenta
- Maxar Technologies
Private Companies
- Descartes Labs, Inc
- EOS Data Analytics,Inc
- Esri
- European Space Imaging
- Gamaya
- ICEYE
- NaraSpace Inc
- Open Cosmos Ltd
- Satellite Imaging Corporation
- SkyWatch
- SpaceKnow Inc.
- EarthDaily Analytics
- SatSure
- SpaceSense
- Synspective
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