Meticulous Research®, a prominent leader in global market research, has released a new report titled "Crop Monitoring Market by Offering, Technology (Remote Sensing, AI & Computer Vision, Automation & Robotics, Others), Farm Type, Application (Yield Monitoring, Crop Scouting, Nutrient Monitoring, Others), and Geography - Global Forecast to 2030.”
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The report projects that the global crop monitoring market will reach $8.9 billion by 2030, growing at a robust CAGR of 19.3% during the forecast period. Key drivers of this growth include the increasing adoption of remote sensing technologies in precision farming, supportive government initiatives promoting IoT in agriculture, and rising global demand for high-quality agricultural products. However, high costs of advanced agricultural equipment and stringent government regulations may hinder market growth.
Key Insights:
- Offering: The market is segmented into hardware, software, and services. The hardware segment is expected to dominate in 2023 due to the rapid automation of agricultural processes, increased use of drones for yield monitoring, and rising labor costs. Notably, XAG Co., Ltd. (China) introduced the V40 and P40 agricultural drones in November 2021, enhancing yield monitoring and cost efficiency.
- Technology: Segments include remote sensing, AI & computer vision, IoT, cloud technologies, big data, automation & robotics, and others. The remote sensing segment is projected to hold the largest market share in 2023, driven by decreasing sensor costs and increased government investments in farm automation systems. For instance, Farmsense (U.S.) launched the FlightSensor in June 2022, a real-time pest monitoring system improving pest management and crop yield optimization.
- Farm Type: Segments include small farms (less than 2 hectares), medium farms (2-10 hectares), and large farms (more than 10 hectares). Large farms are expected to lead the market in 2023 due to the higher adoption of advanced technologies that enable precise health, growth, and yield assessments over extensive land areas.
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Application: Segments include yield monitoring, field mapping, crop scouting, nutrient monitoring, pest control, and others. Yield monitoring is expected to dominate in 2023 due to the increasing adoption of precision farming practices, rising food consumption due to population growth, and government subsidies aimed at enhancing agricultural profitability. An example is NASA’s partnership with CropX Inc. (Israel) in March 2021 to support sustainable agriculture and improve crop yields.
- Geography: The market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Europe is expected to hold the largest market share in 2023, driven by demand for improved food products, adoption of precision farming techniques, and substantial government investments in IoT solutions. The European Union's funding of the Robs4Crops project in January 2021 with USD 9.3 million exemplifies efforts to accelerate robotics and automation implementation in farming.
Key Players: Topcon Corporation (Japan), Trimble Inc. (U.S.), Climate LLC (U.S.), Yara International ASA (Norway), CropX Inc. (Israel), EOS Data Analytics, Inc. (U.S.), The Cropio Group (U.S.), PrecisionHawk (U.S.), Taranis (Israel), Ag Leader Technology (U.S.), Deere & Company (U.S.), AGCO Corporation (U.S.), Sentera (U.S.), American Robotics, Inc. (U.S.), SGS S.A. (Switzerland), Cropin Technology Solutions Private Limited (India), Arable (U.S.), and Small Robot Company (U.S.).
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