The agriculture sensor market was valued at US$841.487 million in 2018 and is projected to expand at a CAGR of 15.46% over the forecast period to reach US$1993.625 million by 2024. Sensing technology is used in smart agriculture to provide data to farmers that help monitor soil, weather and crop condition. It enables farmers to maximise yield using minimal resources such as water, fertilisers and seeds. The global agriculture sensor market is expected to have a significant growth rate as farmers all over the world are adopting modern technologies to increase productivity. Manufacturers are focusing on the development of sensor technology for small farms which is expected to expand the market further. There has been increasing support from the government of major agriculture nations in developing the infrastructure which enables deployment of smart agriculture. The High initial cost of deployment of sensor technology is expected to be a restraint for the growth of the market. Lack of awareness among farmers of developing nations regarding the use of sensors in the absence of educational or awareness programs is expected to limit the market growth.
By application, yield management is expected to have a significant market share as farmers are increasingly using it to maximise the yield. By geography, North America is expected to have a noticeable market share due to the availability of supporting infrastructure for precision agriculture. The Asia Pacific is expected to have a notable growth rate due to rising investment in agriculture and government support.
Increasing adoption of smart farming practices to increase productivity
Development of sensor technology for small farms
High cost of sensor technology
Lack of awareness among farmers of developing nations about the use of sensors
In January 2019, Microsoft India began using AI sensors to help farmers increase crop yield.
Purdue University developed a handheld sensor that provides a more precise way to measure health of crops in November 2018.
The Agriculture Sensor Market has been analyzed through the following segments:
Middle East and Africa