According to MarkNtel Advisors, the Global Agriculture 4.0 Market is projected to grow exponentially during 2021-26. The market expansion primarily attributes to the gradually shrinking arable land, coupled with flooding population & its growing requirements for high-quality food products. According to the UN FAO, the global population is estimated to be 9.1 Billion by 2050, i.e., nearly 34% higher than today. Consequently, to feed this larger population, food production must increase by 70 percent.
In addition, the various government initiatives toward promoting modern farming techniques like the adoption of robots in farming, coupled with the introduction of advanced technologies, such as Blockchain, drones, Big Data, etc., across the agriculture sector in crop production, shall also drove the market in the coming years.
The soaring investments in agricultural technology, surging inclination toward greenhouses & indoor farming, and reducing productivity in agriculture due to droughts & floods are other crucial factors expected to augment the market expansion.
With the help of these tools, farmers can efficiently understand the soil variables, moisture levels, monitor crop health, obtain real-time field analysis using drones, etc., and suffice the burgeoning food requirements of the growing population sustainably.
Hence, the demand for Agriculture 4.0 is anticipated to rise significantly, thereby leading the global market to observe an upswing and producing profitability for the market leaders in the coming years, further states the research report, "Global Agriculture 4.0 Market Analysis, 2021."
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain, Russia|
|Asia-Pacific: China, India, Japan, South Korea|
|South America: Brazil|
|Middle East & Africa: Turkey, South Africa, Israel|
|Key Companies Profiled||Trimble Inc., Deere and Company, Agco Corporation, Raven Industries, DeLaval, GEA Group, Agjunction, Antelliq, Ponsse, Komastu Forest, DJI, Granular, Hexagon Agriculture, Crop metrics, Dickey-John|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 on Global Agriculture 4.0 Market
Crop Monitoring & Spraying Application to Continue Leading the Market Through 2026
According to the research report, the Global Agriculture 4.0 Market, based on the Application, segments into:
The Farming application further includes Crop Health Assessment, Crop Monitoring & Spraying, Planting, Soil & Field Analysis, Field Mapping, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, Farm Labor Management, and Financial Management.
Amongst all, Crop Monitoring & Spraying acquired the largest market share in terms of revenue over the previous years and is anticipated to continue its lead in the coming years. It owes to the mounting need to monitor the growth & performance of crops during their developmental stages with the help of Agriculture 4.0 tools & technologies, which would help farmers understand field variability & maximize the yield.
With necessary information like weather conditions, soil property, and fertilizers that might be affecting the overall production, farmers can now monitor their field & achieve optimal crop production through agriculture technology-based tools.
On the other hand, the need for Irrigation Management is expected to witness considerable growth during 2021-26 due to the mounting adoption of rain sensors, sensor-based controllers, water meters, weather-based controllers, etc., to estimate a suitable amount of irrigation water on the field.
Furthermore, Weather Tracking & Forecasting segment shows signs of expanding substantially in the coming years. It owes to the increasing use of sensors, enabling forecasters to provide accurate weather-related insights. Besides, the introduction of machine learning techniques & advanced data analytics shall also enhance the reliability of farmers on Weather Tracking & Forecasting applications, which would lead the segment cited above to witness substantial expansion in the years to come.
Demand for RFID Tags & Readers to Witness Fastest Growth During 2021-26
The increasing adoption of RFID Tags & Readers to identify & monitor the health conditions of the livestock, track farm animals, and detect signs of lameness enables farmers to take appropriate actions at a suitable time. Besides, the burgeoning consumption of meat & dairy by the rapidly increasing population is compelling farmers to opt for better monitoring solutions to automate repetitive tasks & improve overall food quality. Hence, the rapid adoption of better monitoring solutions is expected to drive the need for RFID Tags & Sensors during 2021-26, reveals MarkNtel Advisors in their research report, “Global Agriculture 4.0 Market Analysis, 2021.”
The most prominent factor anticipated to drive the Global Agriculture 4.0 Market in the coming period is the rapidly increasing adoption of technologies like Variable Rate Technology (VRT), remote sensing, GPS, etc., to increase crop productivity and reduce labor overheads. In addition, the growing adoption of drones for spraying, pruning, weeding, and harvesting applications also helps farmers monitor processes at farmlands remotely, which shall gain momentum by reducing the need for manual labor & labor costs.
The prime factors that might restrain the market expansion are inadequate awareness about agriculture 4.0 among farmers and the high installation cost of technology-based equipment. Additionally, the lack of digital literacy in rural areas due to limited network access limiting farmers to exercise digital services might also negatively affect the market in the coming period. Moreover, lack of laws & regulations for ownership & management of digital data, coupled with inadequate availability of IT infrastructure to acquire, process, & share that data, shall further hold the market to grow during 2021-26.
North America Projected to Witness Highest Market Growth, Followed by Europe, During 2021-26
The growing adoption of tools, including Variable Rate Technology (VRT), among farmers in North America for crop production is the primary factor backing the regional outlook.
In the region, the US & Canada are the early adopters of modern farming technology, which is another crucial aspect that shall expand the market size. In addition, various initiatives by the governments of these countries promoting farmers toward the enactment of modern agricultural techniques, coupled with the incredibly developed agricultural infrastructure, shall also generate massive revenues and growth opportunities for the market leaders through 2026.
On the other hand, Europe acquired a majority market share in recent years and is projected to witness significant market growth in the coming years. By 2030, this region would observe a labor shortage of about 28% and, in turn, result in the rapid adoption of digital technologies by farmers and mounting automation in the agricultural sector to reduce the human workforce & surge crop productivity.
Moreover, the burgeoning number of Agtech start-ups in the region, the increasing popularity of drones in farming, and massive investments in the agricultural sector by the government & private firms are other crucial factors projected to enhance the market size and create remunerative opportunities for leading players in Europe during 2021-26.
Key Questions Answered in the Market Report:
Frequently Asked Questions
A. Crop Monitoring & Spraying to witness the maximum demand in the Global Agriculture 4.0 Market during 2021-26.
A. The rapidly increasing adoption of tools like Variable Rate Technology (VRT), remote sensing, GPS, etc., in the agriculture sector, to increase crop productivity & reduce labor overheads is the prime factor anticipated to drive the Global Agriculture 4.0 Market and produce remunerative opportunities for the industry leaders during 2021-26.
A. With the ease of restrictions and massive investments in agro-bot start-ups due to labor shortage, the utilization of Agriculture 4.0 tools & technology-based equipment is surging at an astronomical pace, which shall positively impact the Global Agriculture 4.0 Market in the years to come.