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InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Smart Farming Market Size, Share & Trends Analysis Report By Application (Precision Farming, Livestock Monitoring & Management, Aquaculture) And Product Type (Hardware, Software, And Services)- Market Outlook And Industry Analysis 2031″
The global smart farming market is estimated to reach over USD 13.80 billion by 2031, exhibiting a CAGR of 15.19% during the forecast period.
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The key factors driving demand during the projected period are increasing automation of commercial greenhouses and increasing the use of the controlled environment agriculture (CEA) concept in greenhouses in order to produce a greater yield and maintain optimum growth conditions. Growers recognize the potential benefits of growing plants in a greenhouse, resulting in commercial greenhouses’ development.
Cultivators have turned away from traditional lighting systems and towards LED grow lights, which can be readily integrated into a CEA setup. Although LED growth lights are expensive, they are an excellent choice for indoor farming due to their long-term energy efficiency benefits. Smart agriculture uses innovative technologies to help farmers grow crops more efficiently. Increasing technological advances and the adoption of fresh technologies are two major factors propelling the global smart agriculture market ahead.
List of Prominent Players in the Smart Farming Market:
Market Dynamics:
Drivers-
Governments in both emerging and established nations are always attempting to expand the global smart agriculture market. The governments of such regions are substantially investing in R&D operations to support the development of the smart agriculture business. Furthermore, market participants are conducting research in order to put new items into the market. As a result, increasing R&D activities will drive the growth of the worldwide smart agriculture market over the forecast period.
Challenges:
The information and data gathered through smart agriculture software, and solutions are highly confidential and critical. The data collected by smart agriculture instruments assist farmers in making more informed decisions. As a result, this information must be appropriately controlled. However, there are no strong data management standards or guidelines. As a result, growing worries over data management are posing a significant impediment to the growth of the worldwide smart agriculture industry.
Regional Trends:
The North American smart farming market is expected to register a major market share in terms of revenue and is projected to boost at a high CAGR in the near future. The growing government initiatives and advantageous guidelines for agricultural improvement are associated with the rise of the North American smart agriculture business. Furthermore, this region’s government is providing subsidies and tax incentives to support the expansion of the smart agriculture sector. All of these factors are propelling the North American smart agriculture industry to new heights. Additionally, increasing government initiatives for the agriculture industry are propelling the Asia-Pacific smart agriculture market forward.
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Recent Developments:
Segmentation of Smart Farming Market-
By Application-
By Product-
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
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