The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The remote sensing technology for agriculture market has witnessed robust growth in recent years, with significant projections for the future. From its size of $1.82 billion in 2023, it is expected to reach $1.98 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 8.8%. Looking ahead, the market is poised to expand further, reaching $2.76 billion by 2028, at a CAGR of 8.6%.

Driving Forces Behind the Growth

• Integration of Geographic Information Systems (GIS): Utilizing GIS enhances decision-making processes in agriculture.
• Rise of Satellite-Based Solutions: Satellite imagery provides valuable insights for agricultural activities.
• Development of Unmanned Aerial Vehicles (UAVs): UAVs offer cost-effective and efficient monitoring solutions.
• Evolution of Image Processing Techniques: Advanced image processing aids in accurate analysis of agricultural data.
• Precision Agriculture Initiatives: Precision farming techniques optimize resource usage and increase yields.

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Rising Agricultural Sector Drives The Remote Sensing Technology For Agriculture Market The growing prominence of the agricultural sector is a significant catalyst for the remote sensing technology market. Agriculture’s contribution to the economy is substantial, as evidenced by the $1.264 trillion it added to the US GDP in 2022. Remote sensing technologies play a vital role in enhancing farm output by optimizing various parameters such as soil properties, crop species, and disease monitoring.

Strategic Partnerships In Remote Sensing Technology For Agriculture

• Key Trend: Strategic partnerships are becoming increasingly prevalent in the remote sensing technology sector.
• Example 1: General Mills Inc. partnered with Regrow Agriculture Inc. to enhance agricultural monitoring practices globally.
• Example 2: EOS Data Analytics partnered with Agrvision to address ecological and agricultural concerns while advancing regenerative agriculture initiatives.

Planet Expands Precision Agriculture Portfolio With VanderSat Acquisition

• Acquisition: In December 2021, Planet acquired VanderSat, bolstering its precision agriculture offerings.
• Enhanced Portfolio: VanderSat’s products focus on water management and crop health, complementing Planet’s existing capabilities.

Market Segmentation

• By Component: The market is segmented into Hardware, Software, and Services.
• By Application: Applications include Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking and Forecasting, Irrigation Management, Inventory Management, Farm Labor Management, and Others.

Regional Dynamics

• North America: The largest region in the remote sensing technology for agriculture market in 2023.

Conclusion The remote sensing technology for agriculture market is on a trajectory of impressive growth, fueled by technological advancements, strategic collaborations, and the ever-evolving needs of the agricultural sector. As governments, companies, and farmers increasingly recognize the value of precision and efficiency in farming practices, the demand for remote sensing technologies is expected to soar, opening up new avenues of innovation and opportunity in the agricultural landscape.

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The Remote Sensing Technology For Agriculture Global Market Report 2024  provides comprehensive insights on the remote sensing technology for agriculture market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the remote sensing technology for agriculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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