PUBLISHER: The Business Research Company | PRODUCT CODE: 1455330
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455330
Smart spraying technology encompasses advanced equipment and techniques designed to optimize the application of pesticides, fertilizers, and other chemicals in agricultural or industrial spraying. These systems typically leverage various technologies, including sensors, GPS, and automation, to enhance precision and effectiveness in spraying applications.
The main mobility configurations for smart spraying technology include mounted, self-propelled, and trailed systems. Mounted systems are designed to be attached or mounted onto agricultural vehicles or machinery, such as tractors. These technologies find applications in various types of farms, including small-sized farms and large-sized farms. The applications for smart spraying technology cover a range of farming activities, including row crops, arboriculture, viticulture, horticulture, and other agricultural applications.
The smart spraying technology market research report is one of a series of new reports from The Business Research Company that provides smart spraying technology market statistics, including smart spraying technology industry global market size, regional shares, competitors with smart spraying technology market share, detailed smart spraying technology market segments, market trends, and opportunities, and any further data you may need to thrive in the smart spraying technology industry. This smart spraying technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The smart spraying technology market size has grown exponentially in recent years. It will grow from $4.33 billion in 2023 to $5.2 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth observed in the historic period can be attributed to factors such as the adoption of precision agriculture practices, the necessity for resource optimization in farming, the use of data analytics for crop management, goals related to environmental sustainability, and government initiatives and regulations supporting these advancements in agriculture.
The smart spraying technology market size is expected to see exponential growth in the next few years. It will grow to $10.95 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The anticipated growth in the forecast period can be attributed to factors such as the integration of smart spraying technology with farm management systems, the increasing global population and demand for food, adaptation to climate change, enhanced connectivity, and integration with the Internet of Things (IoT). Additionally, global sustainability initiatives are expected to drive the adoption of advanced spraying technologies in agriculture. Major trends expected in the forecast period include technological advancements in artificial intelligence (AI) and robotics, progress in sensor technologies, increased integration of AI, a focus on sustainable agriculture practices, and enhanced connectivity and IoT integration in the agricultural sector.
The growth of the smart spraying technology market is expected to be driven by the increasing demand for precision farming. Precision farming, also known as precision agriculture, utilizes technology and data-driven methods to optimize agricultural production by precisely controlling inputs such as fertilizers, pesticides, and water based on specific field needs. Smart spraying technology plays a crucial role in precision farming, enabling the accurate and targeted application of pesticides and herbicides using real-time data and field conditions. In June 2023, Caffini S.p.A., an Italy-based agricultural technology company, reported a significant 31% growth rate in the adoption of Agriculture 4.0 in Italy in 2022. Additionally, the use of smart farming technologies in cultivated areas increased from 6% in 2021 to 8% in 2022, indicating a rising trend. Therefore, the increasing demand for precision farming is expected to fuel the growth of the smart spraying technology market.
The expansion of commercial agriculture is anticipated to contribute to the growth of the smart spraying technology market. Commercial agriculture involves large-scale production of crops and livestock for profit. The adoption of smart spraying technology in commercial agriculture aims to optimize the application of pesticides and herbicides through data-driven insights and precision technology. This approach helps target specific areas, reduce chemical usage, minimize environmental impact, and enhance overall crop yield and quality. According to the U.S. Department of Agriculture (USDA), in 2021, the agriculture, food, and related industries contributed approximately $1.264 trillion to the U.S. gross domestic product (GDP), representing a 5.4 percent share. Moreover, commercial farms received an average of $66,314 in government payments in 2021. Therefore, the increasing prominence of commercial agriculture is expected to be a driving factor for the growth of the smart spraying technology market.
The growth of the smart spraying technology market is anticipated to face limitations due to low network coverage in rural areas. Smart spraying systems rely on seamless real-time data transmission between spraying equipment, sensors, and cloud platforms for effective analysis and decision-making. Insufficient network coverage disrupts this communication flow, resulting in delays, errors, and the potential for missed or over-sprayed areas. A November 2021 report by the International Telecommunication Union revealed that around 30% of Africa's rural population lacked internet access, with 18% lacking any mobile network service and an additional 11% having only 2G coverage. Consequently, the constraint of low network coverage in rural regions is impeding the expansion of the smart spraying technology market.
Leading companies in the smart spraying technology market are actively developing advanced solutions, such as artificial intelligence (AI)-enabled spraying systems, to deliver precise and real-time analysis of crop conditions and optimize the application of pesticides and herbicides. An AI-enabled spraying system employs machine learning algorithms and sensor data to intelligently and autonomously adjust the application of agricultural chemicals during crop spraying operations. For example, in October 2021, Greeneye Technology, an Israel-based company, introduced AI-enabled precision spraying technology, demonstrating a substantial reduction in herbicide usage by up to 78% compared to traditional broadcast spraying methods. This innovative system enhances weed control efficacy by utilizing AI to detect and precisely target weeds within the crop, minimizing herbicide costs and maintaining the health of nearby crops.
In November 2021, Kubota Corporation, a Japanese agricultural equipment manufacturer, completed the acquisition of Pulverizadores Fede for an undisclosed amount. This strategic move aims to bolster Kubota Corporation's presence and capabilities in the specialty crop market. The acquisition further aims to strengthen the compatibility between tractors and implements, expand the lineup of implements for specialty crops, and contribute to reducing environmental impact and fuel consumption. Pulverizadores Fede, based in Spain, specializes in the manufacturing of sprayers and smart spraying technology.
Major companies operating in the smart spraying technology market report are BASF SE, Deere & Company, Syngenta Group Co., Micron Group, CNH Industrial, AGCO Corporation, Yanmar Co. Ltd., Trimble Inc., Jacto Group, Raven Industries, Hagie Manufacturing Company, Munckhof, AG Leader Technology, Horsch Maschinen GmbH, Topcon Agriculture, Ecorobotix, Blue River Technology, Agrosmart S.A, Ubiqutek Ltd., WaterBit Inc., TerraPrima Group, Greeneye Technology, Abundant Robotics Inc., CropX Technologies Ltd., Gamaya Ltd.
Asia-Pacific was the largest region in the smart spraying technology market in 2023. The regions covered in the smart spraying technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the smart spraying technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The smart spraying technology market includes revenues earned by entities by providing services such as system installation and integration services, precision farming consulting, data analytics and reporting services, and remote monitoring services that help optimize agricultural spraying operations. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart spraying technology market consists of sales of smart sprayers and agricultural drones which are used to optimize the precise application of pesticides, herbicides, and fertilizers in agriculture, enhancing crop health and sustainability. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Smart Spraying Technology Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart spraying technology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart spraying technology ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart spraying technology market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.