Market Size of Agricultural Sensor Industry
|2019 - 2029
|Market Size (2024)
|USD 2.01 Billion
|Market Size (2029)
|USD 3.46 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Agricultural Sensor Market Analysis
The Agricultural Sensor Market size is estimated at USD 2.01 billion in 2024, and is expected to reach USD 3.46 billion by 2029, growing at a CAGR of 11.5% during the forecast period (2024-2029).
- Increasing demand for agricultural production, changing technology practices, and increasing intensification, including precision agriculture, low-till management, and advanced technology, are a few factors driving the agricultural sensors market.
- Agricultural sensors are expected to achieve complete expansion in the region. Location sensors have gained immense traction in recent years for the need for precise positioning in precision agriculture. In China, a large-scale agriculture digital zone was established in the Heilongjiang Modern Agriculture Demonstration Zone in 2018 under the motto 'Sky, Earth, and Space,' where "Sky" stood for satellite remote sensing data, "Space" for drone remote sensing data, and "Ground" for ground IoT data.
- Many agritech companies developed innovative models for easing farming practices by focusing more on wireless platforms to enable real-time decision-making regarding yield monitoring, crop health monitoring, field mapping, irrigation scheduling, harvesting management, etc., for helping the farmers from adverse price fluctuations of their produce.
- North America remains the largest geographical segment of the market and accounts for a major market share. High investments and wide adoption of smart farming techniques show huge potential growth for sensor farming during the forecast period. Stringent environmental regulations and the rising adoption of precision farming and yield monitoring practices by large and small farm owners to upsurge the productivity of fields are expected to drive the market.