InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Smart Specialty Crop Farming Market – (By Application (Fruits and Tree Nuts, Vegetables, Culinary Herbs and Spices, Medicinal Herbs, Nursery, Floriculture, and Horticulture Crops), By Product Type (Open Field Hardware (Displays/Yield Monitors, Flow and Application Rate Control Valves, Farm Computers, Mobile Devices, and Laptops, Agriculture Sensors, Guidance and Steering Systems, Others), Controlled Environment Agriculture (CEA) Systems Hardware (Lighting Systems, Climate Control Systems, Containers, Irrigation Systems), Software)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Smart Specialty Crop Farming Market is valued at US$ 2.39 Bn in 2023, and it is expected to reach US$ 5.09 Bn by 2031, with a CAGR of 10.2% during the forecast period of 2024-2031.
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Smart speciality crop farming describes the practice of improving the production of high-value, distinctive, or geographically specialized plants (e.g., herbs, fruits, vegetables, nuts, and seeds) by the application of cutting-edge technology and data-driven strategies. The necessity for effective resource management, new developments in artificial intelligence and the Internet of things, and government initiatives to promote modern agricultural practices are all factors propelling the smart specialty crop farming industry forward. The increasing need for environmentally friendly farming methods is a major factor propelling the smart specialty crop farming industry worldwide.
Reducing the carbon footprint and resource depletion connected with traditional farming methods is becoming more important as environmental challenges are being recognized on a worldwide scale. Smart agricultural technologies, which maximize efficiency and reduce. Furthermore, increased demand for food worldwide and growing populations have spurred the adoption of new technologies to maximize agriculture production, and this trend is expected to drive the growth of the smart specialty crop farming sector. However, smart specialty crop farming technology requires large initial investments for acquisition, setup, and training and a widespread absence of technical knowledge among agricultural laborers and farmers. Due to this, smaller, stable farmers need help accessing certain markets.
List of Prominent Players in the Smart Specialty Crop Farming Market:
- Freight Farms, Inc.
- IUNU
- OSRAM GmbH
- Kolostat
- Würth Elektronik eiSos GmbH & Co. KG
- Everlight Electronics Co., Ltd.
- Netafim
- Ag Leader Technology
- AGCO Corporation
- CNH Industrial NV.
- Deere & Company
- Hexagon AB
- Trimble Inc.
- Climate LLC
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Market Dynamics:
Drivers-
The smart specialized crop farming market is experiencing strong demand due to a number of factors. An increase in agricultural output and better management of resources is required, first, to meet the needs of a growing world population and shifting food habits. Additionally, precision agriculture, the Internet of Things, and artificial intelligence are all examples of smart specialized crop farming that can help farmers maximize crop yield while decreasing water and fertilizer waste. Moreover, sustainable farming practices and environmental issues are becoming more widely recognized, which is another factor pushing for their implementation. The market is further stimulated by government incentives and support for new agricultural methods, which continue to drive expansion. Smart specialty crop farming solutions are in high demand as farmers look for ways to increase profitability while also coping with the effects of climate change.
Challenges:
A number of factors are challenging the growth of the smart specialty crop farming market. Large start-up costs can make it impossible for small and medium-sized farms to use cutting-edge technologies like IoT devices, drones, and AI systems. For farmers to successfully use these technologies, they also need to have the technical skills and knowledge to do so. Additionally, smart specialty crop farming solutions are slowed down even more by problems with connectivity in rural places. Farmers may also be hesitant to use digital tools because they are worried about data protection and security, which slows the business world’s growth. Furthermore, there are substantial obstacles caused by worries regarding the privacy and security of data, which also hinder the market’s growth.
Regional Trends:
The North American smart specialty crop farming market is anticipated to note a major market share in terms of revenue. It is projected to improve at a high CAGR in the near future because there is a noticeable uptick in eco-friendly farming methods, cutting-edge infrastructure, and an abundance of top tech businesses working tirelessly to create and implement Internet of Things (IoT) solutions for the smart specialty crop farming sector. Besides, Europe had a remarkable share in the market because of the availability of cutting-edge technology, solid infrastructure, government programs that encourage sustainable farming practices, and the quick implementation of crop farming technology, which should increase demand in the smart specialty crop farming market in the area.
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Recent Developments:
- In March 2024, Agrinam Acquisition Corporation and Agricultural Technology Trailblazer Freight Farms, Inc. Signed a Merger and Acquisition Agreement. An official merger agreement has been finalized between Freight Farms, Inc. and Agrinam Acquisition Corporation, with the combined company’s pro forma market cap estimated to be around US$147 million.
- In June 2024, Case IH’s new Axial-Flow 260 series combines state-of-the-art technology with the legendary Axial-Flow® harvesting expertise to make it the ideal harvesting companion for a diverse range of farmers and contractors. Growers can use subscription-free, integrated technology purpose-built to maximize efficiency and cater to their specific operations’ needs.
Segmentation of Smart Specialty Crop Farming Market-
By Application-
- Fruits and Tree Nuts
- Vegetables
- Culinary Herbs and Spices
- Medicinal Herbs
- Nursery, Floriculture, and Horticulture Crops
By Product Type-
- Open Field Hardware
- Displays/Yield Monitors
- Flow and Application Rate Control Valves
- Farm Computers, Mobile Devices, and Laptops
- Agriculture Sensors
- Guidance and Steering Systems
- Others
- Controlled Environment Agriculture (CEA) Systems Hardware
- Lighting Systems
- Climate Control Systems
- Containers
- Irrigation Systems
- Software
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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