Dublin, Oct. 13, 2023 (GLOBE NEWSWIRE) -- The "Global Imaging Technologies for Precision Agriculture Market: Focus on Product, Application, Operational Analysis, and Country - Analysis Forecast Period, 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global imaging technologies for precision agriculture market is poised for remarkable growth, with the market size reaching $885.0 million in 2022 and expected to soar to $1.691 billion by 2028, representing a robust CAGR of 11.27%.
Factors Driving Adoption
The adoption of imaging technologies in agriculture is primarily driven by the imperative need for precision and efficiency. Farmers are increasingly optimizing their agricultural practices by leveraging data-driven insights from imaging technologies. This empowers them to identify crop health issues and apply targeted treatments, leading to improved productivity and yield. Additionally, these technologies offer cost savings through reduced resource usage, minimized chemical inputs, and lower labor costs via automation.
Furthermore, imaging technologies contribute to environmental benefits by promoting sustainable farming practices, reducing chemical runoff, and conserving natural resources. In the face of climate change, these technologies enable continuous crop monitoring, helping farmers adapt to changing conditions and ensuring food security.
Market Introduction
Imaging technologies in precision agriculture involve sensors and cameras that capture detailed information about crops, soil, and environmental factors. These technologies enable precise crop health monitoring, disease detection, nutrient level assessment, and pest infestation identification. Aerial and ground-based imaging solutions are employed for crop monitoring, soil mapping, and climate monitoring.
Impact
- Increased Productivity and Yield: Real-time insights from imaging technologies enhance crop health and growth patterns, enabling early detection of diseases and pests, leading to improved yields and higher productivity.
- Resource Efficiency and Cost Savings: Imaging technologies aid in optimizing resource utilization, reducing waste, and saving costs on chemicals and fertilizers, promoting sustainability.
- Sustainability and Environmental Benefits: Sustainable farming practices are promoted through reduced agrochemical usage, lower water consumption, and decreased ecological footprint.
- Data-Driven Decision-Making and Precision Agriculture: Imaging technology data informs precise decisions, streamlines farming operations, and enhances efficiency.
Market Segmentation
Segmentation 1: by Application
- Crop Monitoring
- Soil Mapping
- Climate Monitoring
Crop Monitoring to be the Largest Application Segment for Imaging Technologies over the Forecast Period
Crop monitoring accounted for $631.0 million in revenue in 2022 and is projected to reach $1,238.8 million. This growth is attributed to increased focus on crop health and precision agriculture practices. Imaging technologies provide real-time insights for pest and disease detection, aided by technological advancements and government support.
Segmentation 2: by Crop Monitoring
- Nutrient Analysis
- Yield Prediction and Estimation
- Pest and Disease Detection
- Weed Detection
Imaging Technology in Crop Monitoring Being Used for Pest and Disease Detection
Imaging technology plays a pivotal role in pest and disease detection, enhancing crop health and sustainability.
Segmentation 3: by Technology
- Aerial Imaging
- Ground-based Imaging
Aerial Imaging Technologies to Remain the Largest Technology Segment during the Forecast Period
Aerial imaging's efficiency and cost-effectiveness drive its dominance in the market, with high-resolution imagery empowering precise decisions.
Segmentation 4: by Region
- North America
- Europe
- China
- U.K.
- Asia-Pacific
- South America
- Middle East and Africa
Asia-Pacific Experiences Highest Growth at 12.85% CAGR
The Asia-Pacific region leads in growth due to smart farming adoption, government initiatives, and the need for food security. North America and Europe dominate the market due to advanced agricultural technologies and sustainability focus.
Demand - Drivers, Challenges, and Opportunities
Market Demand Drivers:
- Efficient Resource Management
- Need for Data-Driven Decision Making
- Climate Change and Extreme Weather Events
Market Challenges:
- Adoption and Awareness
- Infrastructure and Connectivity
Market Opportunities:
- Growing Precision Agriculture Adoption
- Customization and Tailored Solutions
Key Market Players and Competition Synopsis
The global imaging technologies for precision agriculture market is highly fragmented, with several large multinationals and many start-ups operating in it. In the global imaging technologies for precision agriculture market, as of 2022, the top 5 companies hold a combined market share of around 30%. These companies include:
- DJI
- GeoPard Agriculture
- Ceres Imaging
- Syngenta
- AgEagle Aerial Systems Inc.
The remaining market share of over 70% is distributed among numerous other players, including Resonon, Specim (A Konica Minolta Company), Planet Labs PBC, Agricolus, FIXAR-AERO, LLC, and Trimble Inc., among others. This fragmented landscape reflects multiple competitors offering solutions to meet industry needs. Stakeholders must closely monitor market dynamics and technological advancements to stay competitive in this dynamic sector.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 134 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $0.99 Billion |
| Forecasted Market Value (USD) by 2028 | $1.69 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/f8rbtq
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