The global smart agriculture solution market was expected to reach US$ 13.75 billion in 2022 and is projected to grow to US$ 14.48 billion in 2023. This growth is driven by the increasing demand for smart agriculture solutions, especially in the context of cultivating crops within controlled environments like greenhouses.
According to reports from Future Market Insights, the smart agriculture solution market is forecasted to expand at a compound annual growth rate CAGR of 6.9% from 2023 to 2033. This growth trajectory is expected to result in a market size of approximately US$ 28.31 billion by 2033.
In essence, the demand for smart agriculture solutions is on the rise, particularly due to the advantages offered by controlled environments like greenhouses. This market is poised for substantial growth in the coming years, making it an attractive sector for investment and innovation.
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As per FMI, the global market registered a year-on-year growth of 6.8% between 2020 and 2021. Medium-sized specific agriculture solution suppliers are creating and presenting answers for precision farming with the help of imaging drones and technologies. Higher integration of smart technology in agriculture will create a conducive environment for the growth of the market.
North America is considered to be one of the most lucrative markets for smart agriculture solutions with a market share of 27.7% whereas the United States is estimated to account for 16.9% of the market share.
Some of the important developments of the key players in the market are:
In February 2023, LumiGrow has announced the worldwide release of the Pro Series E, a horticultural lighting product line that combines optimized spectrum LED technology with cloud-based wireless control. Each Pro Series E fixture comes with a wireless control module included, so you can get up and running with the most modern lighting controls quickly and easily. You can manage your lights from any phone, tablet, or computer via the SmartPAR Wireless Control System.
In March 2023, HERE Technologies, the world’s leading location data and technology platform, and Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced a multi-year agreement to integrate a broader suite of location-based services and user capabilities from HERE Technologies into Iteris’ ClearMobility® Platform, including HERE Traffic Products, HERE Maps and HERE platform services.
