Dublin, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The "Smart Specialty Crop Farming Market - A Global and Regional Analysis: Focus on Application, Product, and Region - Analysis and Forecast, 2024-2033" report has been added to ResearchAndMarkets.com's offering.
The global smart specialty crop farming market is projected to reach $6.84 billion by 2033 from $2.3 billion in 2023, growing at a CAGR of 11.4% during the forecast period 2024-2033.
The smart specialty crop market is expected to experience robust expansion, underscored by the escalating integration of smart agriculture technologies. The combination of factors including heightened global food demands, resource scarcity, and the imperative for sustainable agricultural methodologies propels this growth. Innovations such as Internet of Things (IoT) sensors and artificial intelligence (AI) are transforming crop management, cultivation, and harvesting processes, enhancing operational efficiencies and improving yield outcomes.
The industrial impact of the smart specialty crop farming market is profound, reshaping agricultural methodologies across the globe. By integrating advanced technologies such as IoT, AI, and smart sensors, this approach enhances the efficiency of crop monitoring, management, and yield optimization. As a result, it significantly reduces wastage, lowers operational costs, and minimizes environmental impact through more targeted use of water and agrochemicals. This transformation not only bolsters food security but also improves profitability for farmers by enabling smart agriculture. Moreover, the adoption of these smart farming practices aligns with global sustainability goals, contributing to a reduction in the agricultural carbon footprint. The broader implications include stronger supply chain resilience and the potential for fostering innovation in related sectors such as agri-tech equipment manufacturing and agricultural data analytics, ultimately stimulating economic growth within the industry.
Market Segmentation
Fruits and Tree Nuts to Lead the Market (by Application)
Fruits and tree nuts are leading the application of smart specialty crop farming, underscoring a significant trend within the agricultural sector. This leadership is driven by the high value and demand for these crops, coupled with their sensitivity to environmental conditions, which makes them ideal candidates for smart agriculture technologies. Utilizing IoT, AI, and remote sensing, farmers can precisely monitor and control the micro-climate conditions, soil health, and hydration levels necessary for optimal growth. The deployment of these technologies in fruit and tree nut farming not only enhances yield quality and quantity but also ensures consistency in production. This adaptability to smart farming techniques facilitates a reduction in resource waste, improves pest management, and increases the overall efficiency of operations, thereby solidifying their leading position in the smart specialty crop farming market.
Controlled Environment Agriculture (CEA) Systems Hardware to Hold the Largest Share in the Market (by Product Type)
Controlled Environment Agriculture (CEA) systems hardware dominates the smart specialty crop farming market by product type, holding the largest share. This prominence is attributed to the critical role CEA systems play in optimizing growing conditions, enabling year-round crop production irrespective of external climate conditions. These systems, which include advanced hydroponics, aeroponics, and climate control technologies, allow for precise control over temperature, humidity, light, and nutrients. The ability to fine-tune these environmental parameters ensures not only higher yields but also superior quality crops with increased consistency. Moreover, the integration of IoT and AI technologies with CEA hardware further enhances efficiency, reducing resource waste and boosting sustainability. This strategic advantage is essential for meeting the increasing global demand for high-value crops, particularly in urban and non-arable regions, thus securing its leading position in the market.
North America Region to Lead the Market
North America is at the forefront of the smart specialty crop farming market, distinguished by its rapid adoption of advanced agricultural technologies. The leadership of this region is fueled by substantial investments in research and development, a strong technological infrastructure, and supportive government policies promoting sustainable agriculture. Farmers in North America are increasingly utilizing precision agriculture tools such as sensors and AI-driven analytics to enhance the efficiency and productivity of crop management. These innovations enable precise monitoring and optimization of water, nutrient, and pesticide use, significantly reducing environmental impact while boosting yield quality and quantity. The proactive approach of North American agribusinesses in embracing these technologies demonstrates a commitment to leading the global transition towards more sustainable and technologically driven agriculture, positioning the region as a key player in shaping the future of farming.
Recent Developments in the Global Smart specialty crop farming market:
- In April 2024, CNH Industrial N.V., expanded its network connectivity through a collaboration with Intelsat. This partnership provides a field-ready connectivity option for hard-to-reach locations, enhancing the reach of precision agriculture for CNH customers.
- In February 2024, John Deere announced the new C-Series air cart line, offering farmers enhanced options for improving productivity, quality, and accuracy during seeding.
Demand - Drivers, Challenges, and Opportunities
Market Drivers
- Mitigating Labor Shortages and Rising Costs
- Rising Demand for Premium and Organic Produce Fuels Smart Specialty Crop Farming
- Increased Demand for Workforce Mechanization
Market Restraints
- Lack of Technical Knowledge and Internet Access in Rural Areas
- High Investment Cost of IoT Integration
Market Opportunities
- Capitalizing on Regulatory Support and Incentives to Promote Innovation
- Enhancing Traceability in Specialty Crops through Blockchain Technology
Key Market Players and Competition Synopsis
The companies that are profiled in the smart specialty crop farming market have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some of the prominent names in this market are:
- Freight Farms
- IUNU
- OSRAM
- Kolostat
- Wurth Elektronik
- Everlight Electronics Co.
- Netafim
- Ag Leader Technology
- AGCO Corporation
- CNH Industrial
- Deere & Company
- Hexagon
- Topcon
- Trimble
- Climate
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 156 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value (USD) in 2024 | $2.59 Billion |
| Forecasted Market Value (USD) by 2033 | $6.84 Billion |
| Compound Annual Growth Rate | 11.4% |
| Regions Covered | Global |
Key Topics Covered:
1 Markets
1.1 Trends: Current and Future Impact Assessment
1.1.1 Expanding Vertical Farming and Controlled-Environment Agriculture (CEA)
1.1.2 Augmented Advancements in IoT and AI to Elevate Yields
1.2 Supply Chain Overview
1.2.1 Market Map
1.2.1.1 Smart Specialty Crop Farming Market- by Product Type
1.2.1.1.1 Open-Field Hardware
1.2.1.1.2 Controlled-Environment Agriculture (CEA) Systems Hardware
1.2.1.1.3 Software
1.3 Research and Development Review
1.4 Regulatory Landscape
1.5 Impact Analysis for Key Global Events
1.6 Adoption Analysis
1.7 Case Studies
1.8 Technology Roadmap
1.9 Market Dynamics
2 Application Segmentation
2.1 Application Segmentation
2.2 Application Summary
2.3 Smart Specialty Crop Farming Market (by Application)
2.3.1 Fruits and Tree Nuts
2.3.2 Vegetables
2.3.3 Culinary Herbs and Spices
2.3.4 Medicinal Herbs
2.3.5 Nursery, Floriculture, and Horticulture Crops
3 Products
3.1 Product Segmentation
3.2 Product Summary
3.3 Smart Specialty Crop Farming Market (by Type)
3.3.1 Open-Field Hardware
3.3.1.1 Displays/Yield Monitors
3.3.1.2 Flow and Application Rate Control Valves
3.3.1.3 Farm Computers, Mobile Devices, and Laptops
3.3.1.4 Agriculture Sensors
3.3.1.5 Guidance and Steering Systems
3.3.1.6 Others
3.3.2 Controlled-Environment Agriculture (CEA) Systems Hardware
3.3.2.1 Lighting Systems
3.3.2.2 Climate Control Systems
3.3.2.3 Containers
3.3.2.4 Irrigation Systems
3.3.3 Software
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/3mcfyl
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