Press release
Harnessing Growth Opportunities in Remote Sensing Technology for Agriculture Market
Remote Sensing Technology for Agriculture Market
The remote sensing technology for agriculture market size is expected to see strong growth in the next few years. It will grow to $2.76 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to government investment and initiatives, focus on sustainable agriculture, iot and sensor integration, precision agriculture adoption, enhanced satellite imaging services.. Major trends in the forecast period include government initiatives and support, emergence of big data analytics, expansion of iot in agriculture, focus on precision agriculture, development of satellite-based solutions..
Market Overview -
Remote sensing technology for agriculture refers to the use of satellite images that take photos of a field over time so that the grower can analyze the data and take action that will increase crop yield.
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Rising Agricultural Sector Drives The Remote Sensing Technology For Agriculture Market
The rising implementation of the agricultural sector is expected to propel the growth of remote sensing technology for the agriculture market going forward. The agricultural sector refers to the cultivation of the soil for growing businesses that are primarily engaged in growing crops. Remote sensing technology for agriculture is used to increase farm output by improving soil properties, and crop species, and monitoring weeds and crop diseases. For instance, in December 2022, according to the United States Department Of Agriculture, a US-based federal agency, the agriculture service contributed 1.264 trillion to the gross domestic product (GDP), and its share was 0.7 in 2021, in order to add value to the economy. Therefore, the rising implementation of the agricultural sector drives remote sensing technology for the agriculture market.
Competitive Landscape -
Major companies operating in the remote sensing technology for agriculture market report are Yara International ASA, Koch Ag & Energy Solutions, Coromandel International Limited, Agriculture Solutions Inc., Hafia Groups, Sapec Agro S.A, Kugler Company, ICL Group Ltd., Honeywell International Inc., Green Peak Technologies LLC, ABB Ltd., Kheti Buddy Pvt. Ltd., Trimble Inc., Eastern Peak Ltd., PrecisionHawk Inc., Deere & Company, Ag Leader Technology, Raven Industries Inc., Topcon Corporation, AgJunction Inc., SST Software BV, The Climate Corporation, Iteris Inc., Taranis Inc., Gamaya, MicaSense Inc., TerrAvion Inc., Descartes Labs, CropX Technologies Inc., Granular Inc. .
Strategic Partnerships In Remote Sensing Technology For Agriculture
Strategic partnerships are a key trend gaining popularity in the remote sensing technology for the agriculture market. Major companies operating in the remote sensing technology for the agriculture market are undergoing partnerships to develop agricultural practices. For instance, in January 2022, General Mills Inc., a US-based multinational manufacturer firm, partnered with Regrow Agriculture Inc., a UK-based remote sensing technology company for agriculture. This partnership aims to monitor agricultural practices and grow their opportunities globally. Furthermore, in February 2023, EOS Data Analytics (EOSDA), a US-based provider of AI-powered satellite imagery analytics partnered with Agrvision. This partnership aims to address important ecological, agricultural, and sustainability concerns while advancing the regenerative agriculture ambitions of participating farmers. This partnership is to help local farmers make educated decisions about crop growth and provide them with knowledge about agricultural analytics and remote sensing technologies. Agrvision is a Kenya-based company that provides agri-tech solutions to the agriculture and forestry markets.
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Key Segments -
The remote sensing technology for agriculture market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Application: Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking and Forecasting, Irrigation Management, Inventory Management, Farm Labour Management, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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