Crop Monitoring Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

Crop Monitoring Market was valued at USD 2,537.6 million in 2021, growing at a CAGR of 14.8% during the forecast period 2022 to 2028. The global market report provides a thorough overview of the Crop monitoring market, which can be segmented by Component, Application, and Technology. Based on the Components, the crop monitoring market is segmented into Hardware, Software/Mobile Applications, and Services. The software segment is expected to witness the highest CAGR forecast period owing to the advancement in software developments in various sectors. Moreover, the applications for crop monitoring are getting updated to include more features which will enhance the demand for featureful software in the existing hardwires. However, the service segment will also observe considerable growth as, according to current trends, the advanced high-end software requires constant management, for which most of the live monitoring software is running on subscription plans either monthly or annually. Additionally, the hardware segment, especially the sensors, can be estimated to observe increased revenue generation as the software need hardware collected data to function properly. Based on applications, the market is segmented into Field Mapping, Crop Scouting, Soil Monitoring, Yield Monitoring, Variable Rate Applications, Weather Monitoring and Forecasting, and Others. Among the different segments in the application field monitoring, soil monitoring, and weather monitoring & forecasting is projected to attest most increase in revenue generation in the foretell period owing to increasing demand for constant monitoring of the soil nutrients status, pH status, water content status, effective weather forecasting, and generalized field monitoring. Based on the technology, the segment has been segregated into Sensing & Imagery and VRT. Both segments have strong potential for growth. Sensing and imagery technology are in demand for effective and accurate soil monitoring and weather forecasting. VRT is growing in popularity as automation in fertilizer and agrochemical applications reduces over-application and erroneous application.

Key Development:

In September 2022, PlanetWatchers, a SAR (Synthetic Aperture Radar) satellite data company, raised $11 million in a Series A funding round, which was led by Seraphim Space and Creative Ventures. The fundraising was done targeting crop monitoring software development and for expanding the current market share.