Europe Smart Agriculture market is predicted to reach USD 5.66 billion in 2024 and USD 8.73 billion by 2029, growing at a CAGR of 9.05% during the forecast period.
Smart Agriculture is a modern concept of agriculture or farm management that uses modern agriculture, communication and information technology to increase the quality and quantity of agricultural products. In addition, connected technologies such as Zigbee, additional wireless sensors, WiFi, and low-power wide area network technology are just some of the various technologies that help farmers efficiently perform various agricultural tasks such as growing, purchasing, harvest and inventory management. The concept of smart agriculture is applied using technology or technology. Soil scanning, GPS, agricultural information systems, data management, access to new equipment, advanced fertilizers, animal nutrition, IoT for agriculture, unnamed aircraft, etc.
Increased investment in the agricultural technology sector has fueled the growth of the smart agriculture market. Increased government support for adopting expensive IoT devices and infrastructure will promise huge growth in the Europe Smart Agriculture market in the near future. Smart agriculture is changing rapidly in terms of services and products. A significant increase in the level of adoption of artificial intelligence and the Internet of Things by producers and farmers, and the growing interest in disease detection and livestock monitoring to increase the efficiency of Europe Smart Agriculture are key factors expected that enhance the growth of a small number of markets in the future. In addition, improvements in software and hardware technologies are providing new agricultural methods, digital data, especially with the introduction of many major operators who have identified the need for smart sensors, modern biology, robotic automation, and adoption of smart agriculture. Therefore, as the technological revolution in the field of smart agriculture increases, the growth of the Europe Smart Agriculture market in terms of sales value is accelerating. Additionally, increased adoption of IoT and artificial intelligence by farmers will help monitor crops and automate the irrigation process. Furthermore, the introduction of advanced technology has improved organic farming and productivity, including vertical and greenhouse farming. In addition, the use of IoT and artificial intelligence in greenhouses eliminates the need to constantly monitor crops and provides a cost-effective and optimal solution for farmers with minimal manual intervention, promoting the growth of the Europe Smart Agriculture market. However, the emergence of big data on farms and the integration of smartphones and software and hardware applications will provide players with potential growth opportunities for the Europe Smart Agriculture market in the near future. The agricultural sector has traditionally been concentrated because farmers' incomes are low and pressures on natural resources such as land and water have increased. In addition, increasing research on a variety of genetic varieties and decreasing resistance to disease is a major concern for farmers and large commercial producers. With the recent launch of natural beverages by brands such as Coca-Cola and Pepsi, the growing demand for agricultural products in the food and beverage industry has been refocused on the growth of the Europe Smart Agriculture market. The increasing demand for modernization and the growing environmental problems associated with the enormous use of water in this sector will lead to new growth opportunities of the Europe Smart Agriculture market. The Smart Agriculture sector also forms the backbone of the economy with inputs to the industrial sector for a variety of products. The emphasis on quality agricultural products, growth in the food and beverage sector and increased opportunities in emerging countries will lead to new growth avenues for players in the Europe Smart Agriculture market.
The rising cost of Smart Agriculture equipment and the lack of farmers with technical knowledge are expected to limit the growth of the Europe Smart Agriculture market in the coming years. Furthermore, issues related to data aggregation and data management, as well as the lack of standardization in the Smart Agriculture market, are the main challenges faced by major players and are likely to slow Europe Smart Agriculture market growth in a next future.
Depending on the type of agriculture, the Europe Smart Agriculture market is segmented into aquaculture, precision agriculture, livestock and greenhouses. Precision agriculture had the highest market share of over 49% in 2020. It is also expected to grow at the highest CAGR of around 13% during the forecast period. In precision agriculture, detection and monitoring devices optimize the amount of fertilizer and water used to harvest crops.
On the basis of offering, the Europe Smart Agriculture market is segmented into software, hardware, and services. The hardware segment is expected to occupy the largest Smart Agriculture market share. The factor may be due to the rapid increase in the implementation of IoT and artificial intelligence-based livestock monitoring devices by dairy farmers and the increasing adoption of new technologies and modern Smart Agriculture devices.
On the basis of the application, the Europe Smart Agriculture market is segmented into precision forestry, precision agriculture, precision aquaculture, livestock monitoring and smart greenhouses. Smart greenhouse applications include HVAC management, yield monitoring, water and fertilizer management, etc. The HVAC management sector is expected to show significant growth over the forecast period as use in smart greenhouse agriculture increases. The need to maintain different temperatures and humidity for farms and hydroponic farms increases the demand of the HVAC management sectors.
Europe Smart Agriculture Market By Country
Europe is one of the leading regions in the smart agriculture market and will contribute to generating the highest income in the region to technological advances and the significant application of Europe Smart Agriculture solutions. In the regions of Spain and France, where the construction sector is growing enormously, the fast-growing economy will increase adoption and pave the way to boost the market for Smart Agriculture markets. German regional demand is expected to increase over the forecast period as government initiatives and regulations increase to improve the region's Smart Agriculture industry. Increased government support and increased awareness among farmers are driving the Smart Agriculture market adoption in the UK region over the forecast period
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