Newark, NJ, July 27, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global smart plantation management systems market is expected to grow from USD 1.1 billion in 2019 to USD 1.73 billion by 2027, at a CAGR of 5.8% during the forecast period 2020-2027.
The main factors that are driving the growth of the market are the increasing adoption of precision farming, data mining & plantation intelligence among farmers, in order to reduce resource wastage and enhance workforce efficiency. Furthermore, rising environmental concerns and long-term sustainability is also anticipated to boost the growth of the smart plantation management systems market.
A set of specific sophisticated techniques that assist farmers in monitoring soil moisture, temperature and crop health, among others is known as a smart plantation management system. Many farmers have recently begun to adapt this technique due to its numerous benefits. The system is such that it generates automatic alerts to notify the farmer regarding the health of crops and other variables.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the smart plantation management systems market. With less disposable income and broken supply chains, the growth of the market is expected to slow down.
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Key players operating in the global smart plantation management systems market include Rivulis, Robert Bosch, WaterBit, Jain Irrigation Systems, Hidrosoph, SemiosBio Technologies, AgroWebLab Co., Ltd (AWL), Tevatronics, Deere & Company, Netafim, DTN, Synelixis Solutions, Phytech and AquaSpy among others. To gain the significant market share in the global smart plantation management systems market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Robert Bosch and Netafim are some of the biggest manufacturers and suppliers of smart plantation management systems in the global market.
- For instance, Sustainable Development Technology invested approximately 9.9 million dollars on SemiosBio Innovations in October 2018. This will assist the firm to develop machine-learning models to forecast factors that affect the growth of trees and fruits.
- Netafim, an Israeli manufacturer of irrigation equipment, formed a strategic partnership with Khang Thinh Irrigation Technology JSC (Vietnam) and ACOM (Vietnam) in December 2018 to provide Vietnamese coffee farmers with information and technology exposure.
Irrigation systems dominated the market and held the largest market share of 39.7% in the year 2019
The type segment comprises of harvesting systems, irrigation systems, and plant growth monitoring systems. The irrigation systems segment accounted for the majority market share in 2019. Various studies have shown that smart irrigation systems reduce the amount of water needed for irrigation, thereby, trimming costs. According to the Irrigation Association & the ICWT (International Center for Water Technology), approximately 20% more water is conserved by smart irrigation systems relative to traditional irrigation systems.
Hardware dominated the market and valued at USD 760 million in the year 2019
Based on components, the market has been segmented into software and hardware. The hardware segment is anticipated to lead the smart plantation management systems market in 2019. It was valued at USD 760 million in 2019. The hardware component comprises of GPS devices, flow meters, sensors, controllers, switches, solenoid valves, and displays, among others. GPS devices and sensors are expected to lead the market. Sensors are installed to collect real-time data, which is used to spawn maps & reports to assist farmers in decision making regarding their crops. GPS-based applications in farming are used for yield mapping, soil sampling, tractor guidance, farm planning, crop scouting, field mapping etc.
Fruit dominated the market and held the largest market share of 24.2% in the year 2019
On the basis of crops, the global market has been segmented into cotton, sugarcane, oilseeds, coffee, fruits, and others. The fruit segment accounted for the majority market of about 24.2% of the share in 2019 and is expected to dominate the market over the forecast period since fruits have come up as a principal crop. Due to the rising demand for fruits like apples & grapes, smart plantation management systems are being implemented for them on a priority basis by fruit farmers around the globe. Many market players are offering smart plantation systems specifically for fruits and new technologies are being developed for them.
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Regional Segment Analysis of the Smart Plantation Management Systems Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global smart plantation management systems market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The APAC region accounted for the major market share of 33.67% in the year 2019. This is mainly due to the factor of having a supportive environment and climate conditions best suitable for growing plantation crops. Owing to the extensive production of plantation crops, which include sugarcane, tea and cotton, the Asia-Pacific market has tremendous potential. The smart plantation management systems market is still in its nascent stage in the region and is anticipated to register strong growth in the future that will improve crop output. China holds the largest market share because of the availability of a vast cultivation area for plantation crops, specifically for sugarcane, fruits and tea.
On the other hand, the North America region is anticipated to grow at the highest CAGR of more than 6% over the forecast period. This growth is attributed to the presence of a large concentration of service providers and manufacturers. The North America region stands as a promising market for smart plantation management systems. The North American market is facing a severe shortage of labour due to gloomy working and pay conditions, resulting in the waste generation of several plantation crops and agricultural land. Unpredictable weather conditions and a lack of sufficient knowledge can cause crop losses as well. On account of smart plantation management systems, more farms are constantly finding innovative solutions.
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About the report:
The global smart plantation management systems market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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