The global market for agriculture sensors is expected to cross US$ 2.75 Bn by 2026 at a CAGR of 12.5% throughout the forecast period from 2018 to 2026.
According to a new market report published by Credence Research Inc "Agriculture Sensors Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 - 2026," the global agriculture sensors market is expected to witness significant growth with increasing deployment of precision agriculture technologies to increase agriculture productivity. Farmers across the world are shifting towards advance agricultural practices from traditional farming methods and adopting modern technologies and equipment to improve yield productivity. The rising deployment of smart farming practices and advanced monitoring solutions is supporting the demand for sensor solutions in agriculture sector. In addition, manufacturers are focusing on developing sensor solutions for small size farm which is expected to proliferate the demand for sensors in agricultural applications. Moreover, use of sensor technologies in farm machineries, vehicles and farm management systems also expected to support the growth of this market throughout the forecast period. In addition, increasing support from the governments of major agricultural nations to develop essential infrastructure to increase deployment of precision farming technologies is also expected to spur the demand for agriculture sensors throughout the forecast period. The global market for agriculture sensors is expected to cross US$ 2.75 Bn by 2026 at a CAGR of 12.5% throughout the forecast period from 2018 to 2026.
North America is the largest regional market for agriculture sensors market in 2017. Strong government support to increase agriculture production, availability of supporting infrastructure as well as acceptance of smart and precession farming methods increased deployment of advance agriculture solutions in the U.S and Canada. Large size farmers in North America and European countries benefited significantly with the use of precision farming methods and now medium and small size farms are also steadily increasing investment in precision and smart farming methods to increase their productivity. Asia Pacific is expected to witness significant growth throughout the forecast period as major countries are focusing on to increase awareness about the benefits of precision farming methods. India and China are expected to be the major markets for agriculture sensors with presence of large agricultural land and increasing deployment of precision and smart farming methods to meet rising agricultural production demand.
Yield monitoring is the largest application segment for agriculture sensors. Farmers in developed market are increasingly investing in yield monitoring solutions to monitor crop yield and take necessary decision to increase productivity and reduce loses. Sensors used in irrigation applications are expected to witness considerable growth as farmers across the world are investing in advanced water management solutions.
The global agriculture sensors industry characterized as fragmented and comprise of large number of local as well as international players in each region. Some major players in the global agriculture sensor market include Texas Instruments Inc, Auroras s.r.l., Robert Bosch GmbH, AG Leader, Avidor High Tech, Libelium Comunicaciones Distribuidas S.L, Ag Leader Technology, Sol Chip Ltd, Pycno Agriculture, CropX Inc, Trimble Inc, Sentera, LLC., The Yield Pty Ltd and others.