The Global Advanced Farming Market Growth Accelerated By Sensor Technology Implementation

Advanced farming involves deployment of digital technologies and sensors in agriculture. Precision farming technologies such as sensors provide accurate field data to farmers for better crop and soil management. Sensors measure soil condition, moisture content and other field data which helps farmers optimize usage of inputs such as water, fertilizers and pesticides. This reduces production costs and enhances farm output.

The global Advanced Farming Market is estimated to be valued at US$ 9.7 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Implementation of sensor technology is one of the major trends being observed in the advanced farming market. Various types of sensors are being used in precision farming to collect field data. For example, soil sensors measure parameters such as moisture content, pH, nutrient levels and others which help farmers understand soil health and condition. Likewise, sensing devices are being used to detect plant diseases at an early stage. Sensors provide real-time monitoring of crops and enable farmers to take preventive actions. This trend is expected to grow further during the forecast period as sensor technology becomes more affordable. Farmers can effectively maximize production while minimizing risks with accurate field data collected through sensors.
Segment Analysis

The global advanced farming market is dominated by precision farming sub segment which holds around 60% market share. Precision farming helps farmers to optimize yields through site specific soil and crop management. It involves use of technologies like GPS, GIS, variable rate technology and remote sensing to collect field data and efficiently use inputs like water, seeds, fertilizer and pesticides. This reduces farming costs, maximizes profitability and minimizes environmental impact through judicious use of resources.

Key Takeaways

Global Advanced Farming Market Size is expected to witness high growth over the forecast period owing to increasing global food demand and need to optimize agricultural production. Factors like ongoing technological advancements, growing focus on sustainable andprecision farming practices are expected to drive market expansion. The global Advanced Farming Market is estimated to be valued at US$ 9.7 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.

Regional analysis

North America currently leads the global advanced farming market accounting for over 35% share due to widespread adoption of innovative farming technologies by large scale farmers in the region. However, Asia Pacific is projected to be the fastest growing regional market owing to rising population, increasing disposable incomes and government support for farm mechanization in countries like India and China.

Key players

Key players operating in the advanced farming market are Walmart, Amazon, Costco, Target, Best Buy, Home Depot, Kroger, Lowe's, Albertsons, Publix, Walgreens Boots Alliance, CVS Health, 7-Eleven, Rite Aid, Ace Hardware, Menards, Dic Sporting Goods, L Brands, Nordstrom, Macy's. Walmart has been strategically investing in precision farming tools and farm management software to assist farmers. Amazon has collaborated with agri-tech startups to develop AI and IoT based solutions for livestock monitoring and predictive analysis.