Agriculture sensing and monitoring devices market to grow by USD 620.7 million (2024-2028), rising population drives food demand, AI transforming market - Technavio report

Report with market evolution powered by AI- The global agriculture sensing and monitoring devices market size is estimated to grow by USD 620.7 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  8.37%  during the forecast period. Rising global population boosting food demand is driving market growth, with a trend towards growing developments in agriculture sensing and monitoring devices. However, high costs for technology adoption in agriculture sensing and monitoring devices  poses a challenge. Key market players include Ag Leader Technology, AGCO Corp., Arable Labs Inc., Auroras Srl, Bayer AG, CropX Technologies Ltd., Deere and Co., DICKEY john, DTN LLC, GroGuru Inc., Hexagon AB, Murata Manufacturing Co. Ltd., Parker Hannifin Corp., Raven Industries, Inc., Sentera Inc., Syngenta Crop Protection AG, Teralytic Inc., and Trimble Inc..

Key Market Trends Fueling Growth

The agriculture sensing and monitoring devices market is witnessing notable growth due to technological advancements. CropX Technologies and Reinke Irrigation recently introduced the Reinke Direct ET sensor, which mounts on center pivot irrigation systems to provide farmers with real-time, precise Evapotranspiration (ET) values for optimized irrigation. GroGuru launched an advanced wireless soil sensor probe, featuring six sensors at various soil depths for continuous root zone monitoring in annual field crops. This technology, equipped with GroGurus patented wireless underground system (WUGS), offers detailed, real-time insights into soil conditions for effective water management. These innovations underscore the progress in agriculture sensing technologies, enabling farmers to manage resources efficiently and sustainably, fueling the expansion of the global agriculture sensing and monitoring devices market. 

Agriculture sensing and monitoring devices are transforming modern farming practices. These devices use various sensors like optical, electrochemical, mechanical, and physical to monitor soil, water, crop health, and livestock. Soil monitoring helps in understanding soil properties for better crop management. Disease and pest control are ensured through sensors that detect early signs of infestations. Irrigation and water management systems use sensors for efficient use of resources. Smart greenhouses and fish farms are monitored for optimal growth conditions. Bio-acoustic sensors detect animal behavior for improved livestock management. Yield mapping and real-time decision-making are essential for agricultural production and technology practices like precision agriculture and intensification. Location sensors, satellite and drone remote sensing, ground IoT data, and wireless platforms provide valuable insights for farmers. All these sensors enable farmers to make informed decisions, improve yields, and enhance agricultural productivity. 

Market Challenges

• The global agriculture sensing and monitoring devices market faces a significant challenge due to the high initial costs associated with adopting these technologies. The expense for integrating advanced systems can be substantial, acting as a barrier for farmers, particularly those with limited financial resources. Costs vary depending on the technology's features and scale. Comprehensive record-keeping systems, which track crops, harvests, and expenses, cost between USD25,000 and USD35,000. Basic analytics tools, generating reports and visualizing data, range from USD15,000 to USD20,000. Weather forecasting systems, crucial for planning and decision-making, cost between USD5,000 and USD10,000. Real-time data monitoring, including soil moisture, temperature, and other environmental factors, costs approximately USD5,000 to USD8,000. Basic sensor integration, involving common sensors like soil moisture and temperature sensors, ranges from USD2,000 to USD4,000. Data-driven recommendations for irrigation and fertilization cost between USD3,000 and USD5,000. The total cost for a complete setup incorporating these features ranges from USD25,000 to USD150,000. Real-time monitoring costs around USD5,000 to USD8,000, and basic sensor integration costs between USD2,000 and USD4,000. Ongoing maintenance and updates are essential, with regular maintenance contracts costing between USD500 and USD2,000 per month and developer support costing approximately USD50 to USD100 per hour. These expenses are vital for maintaining functionality, security, and compatibility with evolving technologies, adding to the financial challenges of adopting advanced agricultural technologies. Consequently, the high costs for technology adoption hinder the growth of the global agriculture sensing and monitoring devices market during the forecast period.

  
  

• Agriculture sensing and monitoring devices are essential tools for modern farming, enabling farmers to optimize production and conserve resources. However, challenges exist in various sectors. Harvest management and smart farming techniques require real-time monitoring of environmental conditions, soil condition, and crop health. Environmental regulations demand accurate detection of water contamination, pesticide residues, and nutrient shortages. Indoor farming and climate control call for IoT-enabled devices and high-tech irrigation tools. Automation and labor reduction bring challenges in infrastructure support and skilled labor force. Drought stress, disease attacks, and precision farming methods add complexity to sensing and monitoring needs. Sports turf segment and protected cultivation require specialized monitoring devices. Sensor-based technologies, cellular devices, and weather forecasting are key to smart agriculture. Overall, agriculture sensing and monitoring devices are crucial for optimum production, productivity, and crop yield in the face of food demand, arable land, and various environmental pressures.

Research Analysis

Agricultural sensing and monitoring devices are revolutionizing the way farmers manage their lands by providing real-time data on environmental conditions, soil condition, and crop health. Precision agriculture, a technology practice aimed at intensifying agricultural production, relies heavily on these devices. Agricultural sensors, including location sensors, satellite remote sensing, and drone remote sensing, collect ground IoT data that is transmitted wirelessly to wireless platforms for analysis. Farmers can make optimum decisions for yield monitoring, crop health monitoring, field mapping, and weather forecasting, leading to increased productivity and crop yield. Smart farming, an essential component of modern agriculture, utilizes these devices to monitor agricultural machinery and optimize environmental conditions. With food demand continuing to rise and arable land becoming scarce, the use of agricultural sensing and monitoring devices is crucial for efficient and sustainable farming practices.

Market Research Overview

Agricultural sensing and monitoring devices are revolutionizing the agricultural industry by providing real-time data and insights for optimal production. With the intensification of agriculture and the shift towards precision farming, technology practices have become essential for farmers to make informed decisions. Agricultural sensors, including location sensors, satellite remote sensing, drone remote sensing, and ground IoT data, provide valuable information on crop health, yield monitoring, field mapping, irrigation scheduling, harvesting management, and environmental conditions. These sensors use various technologies such as optical, electrochemical, mechanical, physical, and chemical sensors to monitor soil condition, disease control, irrigation, water management, and more. Smart farming techniques, including IoT-enabled devices, groundwater levels, infrastructure support, and precision farming methods, are also gaining popularity. Environmental regulations, climatic conditions, skilled labor force, automation, labor reduction, water contamination, pesticide residues, nutrient shortages, and disease attacks are some of the challenges addressed by these devices. Indoor farming, sports turf segment, drought stress, protected cultivation, smart agricultural practices, and sensor-based technologies are other areas where agricultural sensing and monitoring devices are making a significant impact. Cellular devices, agriculture, sensing devices, monitoring devices, smart farming, and productivity are all interconnected, with the ultimate goal of achieving optimum production, real-time monitoring, and resource conservation.