(Food-Beverage-News.Com, June 22, 2024 ) Global Smart Farms Market size was valued at USD 16200 Mn in 2023 and is expected to reach USD 36363 Mn by 2032, at a CAGR of 9.40%.
Pune, 21 June 2024: The Global Smart Farms Market was valued at USD 16200 million in 2023 and is expected to reach USD 36363 million by 2032, with a CAGR of 9.40%. The demand for smart farms is driven by the increasing adoption of advanced technologies in agriculture. According to the National Institute of Food and Agriculture, contemporary farms and agricultural operations have significantly evolved from those of the past, largely due to technological advancements, including devices, machines, sensors, and information technology. Moreover, the smart farms market is poised for growth, bolstered by government initiatives promoting smart farming. For instance, the Indian government partnered with Microsoft to enhance smallholder farmers' income by improving price management and increasing agricultural yield through AI sensors.
Smart Farms Market Dynamics
The global population is increasing, leading to a 2% annual growth in food demand. Smart farming methods have been used to increase food production without compromising quality standards. Smartphones are increasingly being used in agriculture to provide real-time information about crops and machinery, enabling farmers to access information about weather, crop conditions, and soil health. The demand for automation of commercial greenhouses is also increasing, with Revol Greens, an American greenhouse lettuce farmer, selecting Blue Radix, an independent Dutch expert in autonomous growth, to support their US-based greenhouse operations. Blue Radix will provide artificial intelligence technologies and services to support climate control, irrigation, and energy management.
In the smart farms market stem from advancements in precision agriculture, vertical farming, and autonomous machinery. These technologies provide effective solutions to challenges like labor shortages, climate change, and decreasing arable land. The growing use of data analytics and predictive modeling also enhances risk management and crop planning, driving market growth. the market faces challenges, including high initial investment costs for small-scale farmers and concerns about data privacy and cybersecurity. Additionally, limited awareness and technical expertise in certain regions can impede market penetration. Regulatory hurdles and insufficient infrastructure in rural areas also restrict widespread adoption. Despite these obstacles, continued technological advancements and supportive policies position the smart farms market for substantial growth.
Would you Like to Take a Look On “Sample Report” of Smart Farms Market Click the Link Below:
North America is Expected to Dominate the Market Over the Forecast period., driven by the rise of US-based vendors and domestic farmers' significant investments in technology. Key players are also collaborating to expand their global consumer base. For instance, the Public Investment Fund and Aero Farms have partnered to build and operate the largest indoor vertical farm in Saudi Arabia, utilizing advanced technologies to produce up to 1.1 million kilograms of crops annually. North America is expected to dominate the smart farms market due to its adoption of precision farming techniques, advanced analytics, and IoT-based solutions, which reduce crop losses and enhance productivity.
Smart Farms Market Segment Analysis
By Agriculture Type
Precision Farming
Livestock Monitoring
Fish Farming
Smart Greenhouse
Others
Precision farming involves highly accurate and optimal agricultural production, enhancing productivity, resource efficiency, and minimizing environmental impact. According to the U.S. Wheat Associates, farmers utilizing precision technology saw a 4% increase in crop production, a 7% improvement in fertilizer placement efficiency, a 9% reduction in herbicide and pesticide use, and a 6% decrease in fossil fuel consumption. One notable example is AI-assisted targeted pesticide application, which focuses on specific areas needing treatment rather than blanket coverage. These technologies enable farmers to collect and analyze data on weather, soil conditions, and crop growth, leading to more informed decisions regarding planting, irrigation, and fertilizer use.
Would you Like to Take a Look On “Sample Report” of Smart Farms Market Click the Link Below:
Pristine Intelligence LLP, a prominent Food and Beverages Industry research firm, has released the following reports:
Coconut Milk Market: Coconut Milk Market Size Was Valued at USD 1233.70 Million in 2023 and is Projected to Reach USD 2141.63 Million by 2032, Growing at a CAGR of 6.32% From 2024-2032.
Fermented Milk Market: Fermented Milk Market Size Was Valued at USD 53.38 Billion in 2023 and is Projected to Reach USD 111.62 Billion by 2032, Growing at a CAGR of 8.54% From 2024-2032.
About Us:
We are technocratic market research and consulting company that provides comprehensive and data-driven market insights. We hold the expertise in demand analysis and estimation of multidomain industries with encyclopedic competitive and landscape analysis. Also, our in-depth macro-economic analysis gives a bird's eye view of a market to our esteemed client.
Our team at Pristine Intelligence focuses on result-oriented methodologies which are based on historic and present data to produce authentic foretelling about the industry. Pristine Intelligence's extensive studies help our clients to make righteous decisions that make a positive impact on their business. Our customer-oriented business model firmly follows satisfactory service through which our brand name is recognized in the market.
