Smart Farms Market Size & Share, by Technology (Indoor Vertical Farming, Automated Farming, Livestock Farming, Modern Greenhouse, Precision Farming); Application (Livestock Monitoring & Management, Indoor Farming, Aquaculture) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4690
  • Published Date: Sep 05, 2023
  • Report Format: PDF, PPT
  1. An Introduction to the Research Study
    1. Market Definition
    2. Market Segmentation
    3.  Assumptions and Assumptions
  2. The Research Procedure
    1. Research Objective
    2. Sources of Data
      1. Secondary
      2. Primary
        1. Manufacturer/service provider front
        2. End user front
  3. An Abstract of the Report
  4. Evaluation of Market Fluctuations and Outlook
    1. Market Growth Drivers
    2. Market Growth Deflation
    3. Market Trends
      1. Application-based
      2. Technology based
  5. Fundamental Market Prospects
    1. Strategic Competitive Opportunities
    2. Geographic Opportunities
    3. Application Centric Opportunities
  6. Regulatory & Standards Landscape
  7. Economic Outlook
  8. Industry Risk Analysis
  9. Use Case Analysis
  10. Analysis of Ongoing Trends
  11. Industry Value Chain Analysis
  12. Technological Shift and Implementation Analysis
  13. Startup Analysis
  14. Analysis of Controlled Environment Agriculture (CEA)
  15. Differences between Traditional and Smart Farming
  16. Regional Analysis
  17. Industry Growth Outlook
  18. Decarbonization Strategy and Carbon Credit Benefits for Market Players
    1. Global Government Decarbonization Plans/Goals by Each Country under 2015
    2. Measures taken by Countries to Reduce Carbon Footprints
    3. Carbon Credits and Subsidy Plans/Benefits Rolled out by the Government for Market Players
    4. Effective Ways to Harness Carbon Credits and Impact on Profit Margins
    5. Demand Impact on the Companies Opting for Carbon Credits
  19. Competitive Model: A Detailed Inside View for Investors
    1. Market share of key competitors in the market, (%) 2022
    2. Benchmarking of the competitors
    3. Profile of the major vendors
      1. Ag Leader Technology
      2. AGCO Corporation
      3. AgJunction LLC
      4. Autonomous Solutions, Inc.
      5. Argus Embedded Systems Pvt. Ltd
      6. CropMetrics LLC
      7. John Deere
      8. DeLaval
      9. Trimble Inc.
      10. Topcon
  20. Global Smart Farms Market, Outlook & Projections, Opportunity Assessment, 2022 to 2035
    1. Market Overview
    2. Market Revenue by Value (USD million) and Compound Annual Growth Rate (CAGR)
  21. Global Smart Farms Market, Segmentation Analysis, 2022-2035
    1. By Technology
      1. Indoor Vertical Farming, Market Value (USD Million), CAGR, 2023-2035F
      2. Automated Farming, Market Value (USD Million), CAGR, 2023-2035F
      3. Livestock Farming, Market Value (USD Million), CAGR, 2023-2035F
      4. Modern Greenhouses, Market Value (USD Million), CAGR, 2023-2035F
      5. Precision Farming, Market Value (USD Million), CAGR, 2023-2035F
      6. Others, Market Value (USD Million), CAGR, 2023-2035F
    2. By Application
      1. Livestock Monitoring and Management, Market Value (USD Million), CAGR, 2023-2035F
      2. Indoor Farming, Market Value (USD Million), CAGR, 2023-2035F
      3. Aquaculture, Market Value (USD Million), CAGR, 2023-2035F
      4. Others, Market Value (USD Million), CAGR, 2023-2035F
    3. By Geography
      1. Market Overview
      2. Market Revenue by Value (USD million) and Compound Annual Growth Rate (CAGR)
        1. North America, Market Value (USD million), and CAGR, 2023-2035F
        2. Europe, Market Value (USD Million), and CAGR, 2023-2035F
        3. Asia Pacific, Market Value (USD Million), and CAGR, 2023-2035F
        4. Latin America, Market Value (USD Million), and CAGR, 2023-2035F
        5. Middle East and Africa, Market Value (USD Million), and CAGR, 2023-2035F
  22. North America Smart Farms Demand Outlook & Projections, 2022 to 2035: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Market Revenue by Value (USD million) and Compound Annual Growth Rate (CAGR)
    3. North America Smart Farms Market Valuation, Business Viewpoint and Forecast by Segment, 2022-2035
      1. By Technology
        1. Indoor Vertical Farming, Market Value (USD Million), CAGR, 2023-2035F
        2. Automated Farming, Market Value (USD Million), CAGR, 2023-2035F
        3. Livestock Farming, Market Value (USD Million), CAGR, 2023-2035F
        4. Modern Greenhouses, Market Value (USD Million), CAGR, 2023-2035F
        5. Precision Farming, Market Value (USD Million), CAGR, 2023-2035F
        6. Others, Market Value (USD Million), CAGR, 2023-2035F
      2. By Application
        1. Livestock Monitoring and Management, Market Value (USD Million), CAGR, 2023-2035F
        2. Indoor Farming, Market Value (USD Million), CAGR, 2023-2035F
        3. Aquaculture, Market Value (USD Million), CAGR, 2023-2035F
        4. Others, Market Value (USD Million), CAGR, 2023-2035F
      3. By Country
        1. US, Market Value (USD million), and CAGR, 2023-2035F
        2. Canada, Market Value (USD million), and CAGR, 2023-2035F
  23. Europe Smart Farms Demand Outlook & Projections, 2022 to 2035: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Market Revenue by Value (USD million) and Compound Annual Growth Rate (CAGR)
      1. By Technology
      2. By Application
      3. By Country
        1. Germany, Market Value (USD million), and CAGR, 2023-2035F
        2. France, Market Value (USD million), and CAGR, 2023-2035F
        3. UK, Market Value (USD million), and CAGR, 2023-2035F
        4. Italy, Market Value (USD million), and CAGR, 2023-2035F
        5. Spain, Market Value (USD million), and CAGR, 2023-2035F
        6. Russia, Market Value (USD million), and CAGR, 2023-2035F
        7. Netherlands, Market Value (USD million), and CAGR, 2023-2035F
        8. Rest of Europe, Market Value (USD million), and CAGR, 2023-2035F
  24. Asia Pacific Smart Farms Demand Outlook & Projections, 2022 to 2035: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Market Revenue by Value (USD million) and Compound Annual Growth Rate (CAGR)
    3. Asia Pacific Smart Farms Market Valuation, Business Viewpoint and Forecast by Segment, 2022-2035
      1. By Technology
      2. By Application
      3. By Country
        1. China, Market Value (USD million), and CAGR, 2023-2035F
        2. India, Market Value (USD million), and CAGR, 2023-2035F
        3. Japan, Market Value (USD million), and CAGR, 2023-2035F
        4. South Korea, Market Value (USD million), and CAGR, 2023-2035F
        5. Australia, Market Value (USD million), and CAGR, 2023-2035F
        6. Singapore, Market Value (USD million), and CAGR, 2023-2035F
        7. Rest of Asia Pacific, Market Value (USD million), and CAGR, 2023-2035F
  25. Japan Smart Farms Demand Outlook & Projections, 2022 to 2035: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Market Revenue by Value (USD million) and Compound Annual Growth Rate (CAGR)
    3. Japan Smart Farms Market Outlook & Projections, Opportunity Assessment by Segment
      1. By Technology
        1. Indoor Vertical Farming, Market Value (USD million) CAGR, 2022-2035F
        2. Automated Farming, Market Value (USD million) CAGR, 2022-2035F
        3. Livestock Farming, Market Value (USD million) CAGR, 2022-2035F
        4. Modern Greenhouses, Market Value (USD million) CAGR, 2022-2035F
        5. Precision Farming, Market Value (USD million) CAGR, 2022-2035F
        6. Others, Market Value (USD million) CAGR, 2022-2035F
      2. By Application
        1. Livestock Monitoring and Management, Market Value (USD million) CAGR, 2022-2035F
        2. Indoor Farming, Market Value (USD million) CAGR, 2022-2035F
        3. Aquaculture, Market Value (USD million) CAGR, 2022-2035F
      3. Others, Market Value (USD million) CAGR, 2022-2035F
  26. Latin America Smart Farms Demand Outlook & Projections, 2022 to 2035: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Market Revenue by Value (USD million) and Compound Annual Growth Rate (CAGR)
    3. Latin America Smart Farms Market Valuation, Business Viewpoint and Forecast by Segment, 2022-2035
      1. By Technology
      2. By Application
      3. By Country
        1. Brazil, Market Value (USD million), and CAGR, 2023-2035F
        2. Mexico, Market Value (USD million), and CAGR, 2023-2035F
        3. Argentina, Market Value (USD million), and CAGR, 2023-2035F
        4. Rest of Latin America, Market Value (USD million), and CAGR, 2023-2035F
  27. Middle East and Africa Smart Farms Demand Outlook & Projections, 2022 to 2035: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Market Revenue by Value (USD million) and Compound Annual Growth Rate (CAGR)
    3. Middle East and Africa Pacific Smart Farms Market Valuation, Business Viewpoint and Forecast by Segment, 2022-2035
      1. By Technology
      2. By Application
      3. By Country
        1. GCC, Market Value (USD million), and CAGR, 2023-2035F
        2. Israel, Market Value (USD million), and CAGR, 2023-2035F
        3. South Africa, Market Value (USD million), and CAGR, 2023-2035F
        4. Rest of Middle East & Africa, Market Value (USD million), and CAGR, 2023-2035F
  28. Recommendation by Analyst for C-Level Executives

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Smart Farms Market size is poised to cross USD 71.3 billion by the end of 2035, growing at a CAGR of 12.74% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of smart farms was over USD 15.18 Billion. The demand for smart farms is attributed to the rising use of technologies in agriculture. For instance, according to the National Institute of Food and Agriculture, modern farms and agricultural operations work far differently than those available in earlier times, primarily due to the advancements in technology, including devices, machines, sensors, and information technology.

Besides this, the smart farms market is also expected to grow on account of the rise in the initiatives taken by the government to support smart farming. Indian government collaborated with Microsoft to support India’s small-holder farmers to boost farmers’ income through improved price management and increased agriculture yield using AI sensors.


Smart Farms Market
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Smart Farms Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

12.74%

Base Year Market Size (2022)

USD 15.18 Billion

Forecast Year Market Size (2035)

USD 71.3 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, and Rest of Europe)
  • Asia Pacific (China, India, South Korea, Australia, Singapore, Japan, and Rest of Asia-Pacific)
  • Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)
  • Middle East and Africa (Israel, GCC, South Africa, and Rest of the Middle East and Africa)
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Smart Farms Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  •  Rising Demand for Food– The demand for food is increasing, owing to the rapidly growing population. As the world’s population continues to rise, the area of land available for agriculture is on the decline. For instance, according to the United Nations, the population around the world is estimated to reach 9.8 billion by 2050. Thus, the demand for food is estimated to grow at a rate of 2% every year. In previous years, smart farming methods have helped to increase food production without compromising quality standards.
  • Increasing Adoption of Smartphones– The use of smartphones in agriculture helps to provide real-time information about crops and machinery to the user, regardless of the farmer's physical presence. Today, the smartphone has a wide range of sensors that plays an essential role in real-time information gathering on weather, crop conditions, and soil health information. This contributes to additional revenue growth in the smart agriculture market. USDA statistics indicate that in 2021, 50% of internet-connected farms used broadband connections, and 70% used cellular data plans to access the internet.
  • Growing Automation of Commercial Greenhouses – The key factor driving demand during the forecast period is increasing automation of commercial greenhouses to obtain a higher yield and maintain optimum growing conditions. In 2022, for all the company's US-based greenhouses, Revol Greens, an American greenhouse lettuce farmer, selected Blue Radix, an independent Dutch expert in autonomous growth, 2022. To support Revol Green's everyday greenhouse operations, such as climate control, irrigation, and energy management, Blue Radix will provide artificial intelligence technologies and services.

Challenges

  • Technical Risks– Compared to traditional farming, smart farming is a technology-intensive farming. Hence, high reliance on technology comes with a potentially serious downside for the agrarian, if there is a breakdown in the unit/sensor failure. For instance, if the smart irrigation sensors are not working, it is possible that the plants will either be under or overwatered. As a result, food safety is endangered in such cases, which can lead to high losses to the farmers.
  • Low Adoption in Rural Farms
  • High Cost of Components such as Imaging Sensors


Smart Farms Segmentation

Technology (Indoor Vertical Farming, Automated Farming, Livestock Farming, Modern Greenhouses, Precision Farming)

By the end of 2035, the precision farming segment in the smart farms market is anticipated to garner the largest revenue of USD 35.57 billion. The segment is further expected to grow at a CAGR of 13.91% during the forecast period. Precision farming entails extremely precise, accurate, and optimum agricultural production. It enables improved productivity, more effective resource use, and minimal environmental impact all at once. For instance, according to the U.S. Wheat Associates, farmers using precision technology experienced an increase of 4% in crop production, an increase of 7% in fertilizer placement efficiency, a reduction of 9% in herbicide and pesticide use, and a reduction of 6% in fossil fuel use. A focused pesticide application with AI-assisted analysis, targeting only areas that need attention instead of a blanket application, is the best illustration of a precision farming approach. These technologies allow farmers to collect and analyze data on a plethora of factors including weather, soil conditions, and crop growth to make more informed decisions about planting, irrigation, and fertilizer use.

Application (Livestock Monitoring & Management, Indoor Farming, Aquaculture)

Smart farms market from the livestock monitoring and management segment is expected to grow at the fastest CAGR of 14% during the upcoming years. Smart farming technologies can be used to monitor and manage livestock in a variety of ways.  Smart farming technologies, such as farm management software, and digital farming can also be used to control and automate the delivery of feed, water, and veterinary care to animals. By using IoT technologies like geofencing, RFID, and sensors, farmers can collect and analyze a wide range of data that can be used to improve efficiency, reduce costs, and optimize animal health and welfare. Furthermore, the livestock monitoring and management segment is predicted to grow in the context of preventing disease outbreaks by early detection. This leads to a more sustainable way of farming that also considers animal well-being. For instance, Telit, a Cinterion brand, provides IoT-enabled management apps to monitor livestock health, reproductive cycle, and location.

Our in-depth analysis of the global market includes the following segments:

        Technology

  • Indoor Vertical Farming
  • Automated Farming
  • Livestock Farming
  • Modern Greenhouses
  • Precision Farming
  • Others

          Application

  • Livestock Monitoring and Management
  • Indoor Farming
  • Aquaculture
  • Others

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Smart Farms Industry- Regional Synopsis

North American Market Forecast

The North America smart farms market is projected to hold a significant market share and account for USD 29.41 Billion by the end of 2035. Factors such as the growing number of US-based market vendors and the high investment in technology by domestic farmers have contributed to this growth. In addition, key market players are aggressively establishing collaborations to support their market presence and consumer base across the globe. For instance, in February 2023, Public Investment Fund (PIF) and US-based AeroFarms signed a joint venture agreement to build and operate the largest indoor vertical farm in Saudi Arabia by utilizing the latest technologies with an annual production capacity of up to 1.1 million kgs of crops. The agreement will enable the growth of the agriculture sector by supporting Saudi Arabia’s positioning in vertical farming regionally.

APAC Market Statistics

The growing number of educated farmers in the Asia-Pacific region is a significant factor propelling smart farms market expansion. The regional market is growing due to the growing adoption of smart irrigation controllers, AI-based land analytics services, and rising agritech-startups in countries like China and India. For instance, according to the India Brand Equity Foundation, Indian agritech companies are predicted to witness investments worth USD 30-35 billion by 2025. Besides, companies are establishing partnerships to expand their presence. For instance, in February 2023, a Korean startup named Croft attracted seed investment from Future Play. The former company offers AI-based smart farm solutions to monitor crops in greenhouses and provides farmers with cutting-edge and optimal automatic greenhouse control solutions.

Research Nester
Smart Farms Market Size
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Companies Dominating the Global Smart Farms Landscape

top-features-companies
    • Ag Leader Technology
      • Company Overview
      • Key Product Offerings
      • Business Strategy
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • AGCO Corporation
    • AgJunction LLC
    • Autonomous Solutions, Inc.
    • Argus Embedded Systems Pvt. Ltd
    • CropMetrics LLC
    • John Deere
    • DeLaval
    • Trimble Inc.
    • Trilogy Networks, Inc.

In-the-news

In The News

  • Trilogy Networks, Inc. which offers AI-powered precision agricultural infrastructure and data-driven farming solutions entered into an agreement with MLGC to advance smart farming solutions in North Dakota for the Dakota Innovation Corridor Project. The main aim of this deal is to boost yield, productivity, and efficiency in the area.
     
  • John Deere & Co. unveiled its line of autonomous tractors which have six pairs of stereo cameras enabling them a 360-degree obstacle detection and the calculation of distance, at the Consumer Electronics Show to expand its impression in the precision agriculture segment.

Author Credits:  Shivam Bhutani, Anil Kumar


  • Report ID: 4690
  • Published Date: Sep 05, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing use of AI, and rising food demand are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 12.74% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Ag Leader Technology, AGCO Corporation, AgJunction LLC, Autonomous Solutions, Inc., Argus Embedded Systems Pvt. Ltd, CropMetrics LLC, John Deere, DeLaval, Trimble Inc., Trilogy Networks, Inc., and other major players.

Precision farming is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Smart Farms Market Report Scope
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