Smart Farming Market in Europe to Reach $8.42 Billion by 2027 - Exclusive DeepTech M-A-P™ Analysis by BIS Research
The U.K. was the leading region for the smart farming market, with a revenue of $540.2 million in 2021
FREMONT, Calif., March 2, 2023 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Smart Farming Market – A Europe Region Analysis.
According to this study, the smart farming market in Europe was valued at $3.99 billion in 2022 and is projected to reach $8.42 billion by 2027.
The following factors are responsible for the increase in demand for smart farming in the Europe region:
- Need for higher food production with limited resources
- Decreasing workforce availability in agriculture
- Increased farmland consolidation and large farm size
The detailed study is a compilation of 178 market data tables and 126 figures spread through 346 pages.
Check out the detailed table of content here
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Analyst's Take on the Market Projection
According to Debraj Chakraborty, Principal Analyst, BIS Research, "The use of smart farming technologies such as IoT sensors have been able to increase crop yields by 15% while decreasing fertilizer and water use by around 25%. This highlights the significance of smart farming technologies in raising profitability and environmental performance."
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Livestock Monitoring and Management to Witness the Highest Growth in Europe
Smart farming technologies enable the farmers to optimize and modify the number of agri-inputs and effectively manage the farm activities, resulting in high yield and low operational cost. The applications include precision farming, livestock monitoring and management, aquaculture, and others.
According to BIS Research's study, the livestock monitoring and management application is projected to witness the highest market growth in the European region. This trend is largely attributed to the advent of complete livestock monitoring and management solutions, such as health monitoring, feed management, and herd management, which have proved to be one of the most beneficial applications of smart farming technologies.
Major Existing Industry Leaders in the Europe Smart Farming Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- AGRIVI
- Agroptima S.L.
- CropX, Inc.
- Hexagon Agriculture
- Kubota Corporation
- Climate LLC (Bayer AG)
- AgriCircle
- Augmenta
- Yara International ASA
- Ec2ce
- Ag Leader Technology
- Trimble Inc.
- CNH Industrial N.V.
- BASF SE
- Deere & Company
- FarmFacts
- OneSoil
- Intellias
- Proagrica (LexisNexis Risk Solutions Group)
- Syngenta AG
Recent Developments in the Europe Smart Farming Market
- In October 2022, Trimble Inc. launched new agriculture displays, such as Trimble GFX-1060 and GFX-1260, for precision agriculture applications. These displays provide next-generation performance and connectivity for in-field operations.
- In August 2022, CropX inc. launched a continuous nitrogen leaching monitoring capability for its farm management system. This new development would track the nitrogen movement and salts in the soil.
- In June 2022, BASF acquired Horta S.r.l., an Italian company specializing in digital farming solutions. Horta is an established player in the development of highly innovative agronomic Decision Support Systems (DSS) for crops such as grapes, tomatoes, cereals, and olives.
- In January 2022, Hexagon Agriculture launched a new technology named HxGN AgrOn planting assistant. This new technology is aimed at improving accuracy in shovel planting. This item can also be adopted by other types of crops, such as palm oil, coffee, banana, and citrus.
Want to learn more about the latest trends in smart farming? Speak to our analysts
Exclusive DeepTech MAPTM Analysis for Agriculture by BIS Research:
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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