Agricultural Sensors Market: Current Analysis and Forecast (2022-2028)

Report Description

Sensors used in smart farming are known as agriculture sensors. These sensors provide data that assist farmers to monitor and optimize crops by adapting to changes in environmental conditions. Precision farming, also known as smart farming, allows farmers to maximize their yields with minimal resources. These sensors help understand plants at the microscale to conserve resources and reduce environmental pollution.

The Agricultural Sensor Market is expected to grow at a CAGR of around 15% during the forecast period (2022-2028). This is mainly due to the increasing need for optimal production with the resources provided. Additionally, changing weather patterns due to increased global warming have required advanced sensors to increase productivity and crop yields. By offering advanced sensors, farmers can monitor farms, and weather forecasts, and achieve optimal field requirements. Agricultural sensors allow farmers to increase yields with minimal human effort and waste. Moreover, the increasing demand for farm produce coupled with increasing population and declining arable land are forcing the farmer communities to increase crop yield.

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Some of the major players in the market are CropX Technologies Ltd., Ag Leader Technology, Pycno Agriculture, Robert Bosch GmbH, Sentera Inc., Texas Instruments Incorporated, Acuity Agriculture, The Yield Technology Solutions Australia Pty Ltd., Trimble Inc., and AquaSpy Inc.

Insights Presented in the Report

“Amongst Type, location sensor category accounted for the majority share in the market in 2020”

Based on type, the market is segmented into electrochemical sensor, humidity, sensor, mechanical sensor, optical sensor, pressure sensor, water sensor, soil sensor, livestock sensor, and Others. The location sensor segment accounted for the largest revenue share amongst the other segments, contributing significantly, Location sensors use GPS satellite signals for determining topographic attributes, including latitude, longitude, and altitude of the required field area. The location data provided by these sensors is used to position precision technologies where they are most required. These sensors are essential to implement precision farming technologies in farming.

“Amongst application, soil management segment is expected to witness highest CAGR during the forecast period”

Based on application, the market is segmented into dairy management, soil management, climate management, and water management. In 2020, the soil management application segment dominated the market with the majority of the revenue share. Moreover, soil management is of utmost importance for optimum plant growth and yield. Monitoring systems are being enhanced with soil moisture sensors, continuous plant growth sensors, and microclimate tracking. The data gathered through these sensors is transferred to mobile devices, enabling farmers to take immediate action. Moreover, the increasing use of sensors in agricultural lands has helped farmers reduce water consumption and increase overall food production. These benefits are expected to drive the segment in the coming years. Moreover, increasing the focus of governments across various nations on water conservation to improve the quality of crops is driving the market.

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“North America to witness significant growth during the forecast period”

North America is the largest regional market for agricultural sensors. Strong government support to increase agricultural production, availability of infrastructure support, and acceptance of smart and precession farming methods increased the deployment of advanced farming solutions. In North America, the adoption of soil moisture sensors has rapidly increased. Soil moisture instruments are used in the sports turf segment for more efficient monitoring and conversion of turfgrass. Studies indicate that the adoption of sensors helps farmers to minimize drought stress and reduces maintenance and labor cost of protected cultivation by 20%, at least. The United States is an early adopter of precision agricultural technology and is a major contributor to the region’s largest share of the global market. The considerable acceptance of modern farming practices in Canada has contributed to the growth of the industry.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Global Agricultural Sensors Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global agricultural sensors market were the three major steps undertaken to create and analyze the adoption of agricultural sensors in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global agricultural sensors market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the agricultural sensors market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the agricultural sensors market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the agricultural sensors market. Further, we conducted factor analysis using dependent and independent variables such as various types and applications of agricultural sensors. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the agricultural sensors market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global agricultural sensors market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Agricultural Sensors market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global agricultural sensors market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global agricultural sensors market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of various types and applications of agricultural sensors in the global agricultural sensors market.

The main objective of the Global Agricultural Sensors Market Study

The current & future market trends of the global agricultural sensors market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the agricultural sensors market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and application.
• Define and analysis of the regulatory framework for the agricultural sensors market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the agricultural sensors market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
• Company profiles of the Agricultural Sensors market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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