Remote Sensing Technology for Agriculture Global Market Report 2024

The remote sensing technology for agriculture market size has grown strongly in recent years. It will grow from $1.82 billion in 2023 to $1.98 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth observed in the historical period can be attributed to factors such as the integration of Geographic Information Systems (GIS), the rise of satellite-based solutions, the development of unmanned aerial vehicles (UAVs), advancements in image processing techniques, and initiatives in precision agriculture.

The remote sensing technology for agriculture market size is expected to see strong growth in the next few years. It will grow to $2.76 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period can be attributed to government investments and initiatives, a heightened focus on sustainable agriculture practices, integration of IoT and sensors, increased adoption of precision agriculture techniques, and advancements in satellite imaging services. Major trends expected in the forecast period include continued government initiatives and support, the emergence of big data analytics in agriculture, the expansion of IoT applications, a sustained focus on precision agriculture practices, and ongoing development of satellite-based solutions.

The growth of remote sensing technology for agriculture is anticipated to be driven by the increasing implementation of the agricultural sector. This sector involves soil cultivation for crop cultivation, and remote sensing technology is employed to enhance farm productivity by monitoring soil properties, crop species, and detecting weeds and diseases. As per the United States Department of Agriculture's report in December 2022, the agriculture service contributed $1.264 trillion to the GDP, representing 0.7% in 2021. Thus, the rising adoption in the agricultural sector is a key factor propelling the remote sensing technology for agriculture market.

The remote sensing technology for agriculture market is also expected to witness growth due to the increasing adoption of IoT (Internet of Things) technology. IoT refers to a network of interconnected physical devices embedded with sensors and network connectivity. Its integration into remote sensing for agriculture transforms farming operations, enabling data-driven decision-making and improving overall efficiency. As indicated by Exploding Topics in March 2023, the number of IoT devices is expected to reach 25.4 billion by 2030. This surge in IoT adoption is contributing to the growth of remote sensing technology for agriculture.

A prominent trend in the remote sensing technology for agriculture market is the emergence of strategic partnerships among major companies. These partnerships aim to advance agricultural practices and technologies. For example, General Mills Inc., a multinational manufacturer, partnered with Regrow Agriculture Inc., a UK-based remote sensing technology company, in January 2022. This collaboration focuses on monitoring agricultural practices globally. Additionally, EOS Data Analytics (EOSDA), a US-based provider of AI-powered satellite imagery analytics, partnered with Agrvision in February 2023. This collaboration addresses ecological, agricultural, and sustainability concerns, supporting regenerative agriculture goals for farmers. Agrvision, based in Kenya, offers agri-tech solutions to agriculture and forestry markets.

Innovation is a key focus for major companies in the remote sensing technology for agriculture market, with a particular emphasis on cloud platforms. CropIn Technology Solutions Pvt. Ltd., an India-based company, launched a cloud platform in September 2022. This platform leverages data, machine learning, earth observation, and remote sensing capabilities to enhance crop and harvest management. The integrated Cropin Cloud platform accelerates digital transformation in the agriculture ecosystem, offering applications for agricultural digitalization and AI-powered agri-intelligence.

In December 2021, Planet, a US-based precision agriculture company, acquired VanderSat for $28 million. This acquisition strengthens Planet's agriculture portfolio by incorporating VanderSat's innovative products, particularly in water management and crop health. VanderSat, headquartered in the Netherlands, specializes in remote sensing technology for agriculture.

Major companies operating in the remote sensing technology for agriculture market report are Yara International ASA, Koch Ag & Energy Solutions, Coromandel International Limited, Agriculture Solutions Inc., Hafia Groups, Sapec Agro S.A, Kugler Company, ICL Group Ltd., Honeywell International Inc., Green Peak Technologies LLC, ABB Ltd., Kheti Buddy Pvt. Ltd., Trimble Inc., Eastern Peak Ltd., PrecisionHawk Inc., Deere & Company, Ag Leader Technology, Raven Industries Inc., Topcon Corporation, AgJunction Inc., SST Software BV, The Climate Corporation, Iteris Inc., Taranis Inc., Gamaya, MicaSense Inc., TerrAvion Inc., Descartes Labs, CropX Technologies Inc., Granular Inc.

North America was the largest region in the remote sensing technology for agriculture market in 2023. The regions covered in the remote sensing technology for agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the remote sensing technology for agriculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of remote sensing technology for agriculture include hardware, software, and services. Hardware encompasses external and internal devices and equipment facilitating essential functions such as input, output, storage, communication, and processing. This technology is applied in various agricultural applications such as yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, and others.

The remote sensing technology for agriculture market research report is one of a series of new reports that provides remote sensing technology for agriculture market statistics, including remote sensing technology for the agriculture industry global market size, regional shares, competitors with a remote sensing technology for agriculture market share, detailed remote sensing technology for agriculture market segments, market trends, and opportunities, and any further data you may need to thrive in the remote sensing technology for the agriculture industry. This remote sensing technology for agriculture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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