Agricultural Sensors Market is projected to reach $9.79 billion by 2026 growing with a CAGR of 15.4% – BIS Reports

Sensors used in smart farming are known as agriculture sensors. These sensors provide data that assist farmers in monitoring and optimizing crops by adapting to changes in environmental conditions. By positioning sensors, farmers can examine crop health at a micro scale, sustain resources, and reduce harsh environmental impact. The smart sensing technology enables farmers to remotely monitor their fields’ pest population on a real-time basis. This helps them take immediate action to protect their crops, utilizing online cloud services and a dashboard.

With a better adoption of alternative farming techniques, countries with low agricultural production due to climatic conditions and low arable land can reinvent their agricultural sector. This would help the countries diversify and limit their vegetable and fruit imports. The global agricultural sensors market is expected to grow more in the coming years with increased emphasis on alternative and vertical farming and increased government initiatives worldwide for uplifting the global agricultural industry.

Agricultural Sensors Market Overview

Agricultural Sensors Market was valued at $4.18 billion in 2020, which is expected to grow with a CAGR of 15.4% and reach $9.79 billion by 2026. The growth is primarily attributed to increased awareness of the benefits of alternative and optimized farming techniques that entail over conventional farming. The key sensor types are humidity sensor, mechanical sensor, water sensor, optical sensor, soil sensor, and others (livestock, electrochemical, pressure) which are being widely used in the agriculture industry for water management, soil management, climate, and dairy management.

Impact of COVID-19 on Agricultural Sensors Market

The COVID-19 pandemic has had a significant impact on almost all major industries throughout the world, including the agricultural industry. The pandemic has led to economic instability throughout the world, and the GDP for all countries declined in 2020. The pandemic has interrupted normal life, and these changes have proved to act as a catalyst for technology and innovations in every sector, including agriculture. The pandemic’s potential impact on the adoption of the Internet of Things (IoT) has increased the traction of sensing technology in the agricultural sector.

Market Segmentation

Agricultural Sensors Market by Application

The global agricultural sensors market in the application segment is expected to be dominated by soil management. This scenario is majorly attributed to the fact that soil is the prime part of the crop plantation process. Followed by soil management is water management, which accounts for the second-highest share in the concerned market. Water management forms the second most important step in the growth process. Timely irrigation and monitoring of the water and moisture content is necessary for the crops’ healthy growth, so water management is likely to propel the application of related sensors.

Agricultural Sensors Market by Product

The global agricultural sensors market in the product segment is expected to be dominated by electrochemical sensors. These sensors have the highest demand as they help monitor and evaluate critical applications, including soil and water management. These sensors are likely to witness significant growth in the future years on account of the increasing demand for food production.

Agricultural Sensors Market by Region

North America was estimated to hold the highest share of about 24.0% in 2020, thereby accounting for a value of $1,003.9 million. The highest contributing country in the North America agricultural sensors market is the U.S. due to the prevalence of advanced technology and its implications in the farming sector to increase production. Also, North America is characterized as a tech-savvy region wherein every industry, including agriculture, is actively adopting smart technologies to achieve sustainable and efficient production.

Key Market Players and Competition Synopsis

Acclima Inc., Acuity Agriculture, AgriData, AgEagle Aerial Systems Inc., BaySpec, Inc., Caipos GmbH, CropX Inc., Cubert GmbH, Digital Agriculture (Robert Bosch and BASF), FluroSat, Gamaya, HAIP Solution GmbH, Imec, Inno-spec GmbH, INO, Libelium, Precision Hawk, Pycno, The Yield Pty Ltd.

The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (holding 50-60% of the market), mid-segment players (comprising 30-40% share), and small and emerging companies (holding the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the agricultural sensors industry.

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How This Report Can Add Value

This report will help with the following objectives:

  •   This report covers major regions associated with the agricultural sensors market.
  •   Extensive competitive benchmarking of the top 20 players has been done to offer a holistic view of the global agricultural sensors market landscape.

Product/Innovation Strategy: The product segment helps the reader in understanding the different types of sensors for the agriculture industry and their potential globally. Moreover, the study provides the reader a detailed understanding of the operation of different sensors products (i.e., humidity sensor, water sensor, optical sensor, electrochemical sensor, etc.). These solutions enable seamless crop management, especially in large-scale commercialized farms.

Growth/Marketing Strategy: The sensors providers have opted for merger and acquisition strategy to establish dominance in the agricultural sensors market. Growth/marketing strategies will help the reader in understanding the revenue-generating strategies adopted by the players operating in the global Agricultural Sensors market. For instance, in April 2021, AgEagle announced its acquisition of Measure Inc. to provide the best-in-class drone technologies required to offer customized drone solutions. In January 2021, the same company had announced its acquisition of MicaSense to provide high precision thermal and multispectral sensors to offer aerial mapping and analytics requirements of the agriculture market.

Key Questions Answered in the Report

  •   What is the estimated global agricultural sensors market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
  •   What are the key trends, market drivers, and opportunities in the market pertaining to agricultural sensors and equipment?
  •   What are the major restraints inhibiting the growth of the global agricultural sensors market?
  •   What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
  •   What is the competitive strength of the key players in the agricultural sensors market based on an analysis of their recent developments, product offerings, and regional presence?
  •   How is the competitive benchmarking of the key agricultural sensors and equipment companies in the agriculture market based on the analysis of their market coverage and market potential?
  •   How much revenue each of the segments is expected to record during the forecast period along with the growth percentage, in the following segments:

        o Product including equipment (humidity sensor, water sensor, optical sensor, mechanical sensor, electrochemical sensor, and others)

        o Application, including water management, soil management, climate management, and others

        o Region, including North America, the U.K., Europe, Asia-Pacific and Japan, China, the Middle East and Africa, and South America

  •   Which type of players and stakeholders are operating in the market ecosystem of agricultural sensors and equipment, and what is their significance in the global market?
  •   Which are the leading consortiums and associations in the global agricultural sensors market, and what are their roles in the market?
  •   How does the regulatory landscape differ in different regions for agricultural sensors and equipment?

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