"Overview of Smart Plantation Management Systems Market"
The Smart Plantation Management Systems Market Registered US$ XX Mn in 2018 and it is Estimated to Reach More Than US$ 1,613.5 Mn by 2027, Likely to Grow with a CAGR of 6.01% During the Forecast Period.
The global smart plantation management system has shown moderate growth since the last few years and is anticipated to grow at a rapid pace in the coming years. Some of the factors driving the growth of the global market include a reduction in wastage of manpower and resources, technological advancements in the agriculture sector, and the introduction of agriculture robots.
Government Initiatives and Advantages Associated with Smart Plantation Management System is Likely to Drive the Growth of Global Market
The smart plantation management system is coupled with sensors and robust wireless systems. The system offers an intelligent method for the management of vast areas of crop plantation. The system enables the farmers to remotely operate and maintain the overall process of plantation. Owing to the advantages offered by the system, it is gaining popularity across the globe. For instance, in Malaysia plantation managers have integrated these systems in their palm oil fields. Malaysia is one of the leading countries in the area of palm oil.
Furthermore, the regional and international government has taken initiative to promote the smart plantation management systems which are supporting the growth of the global market. For instance, In April 2018, India and the United Kingdom jointly announced the Farmer Zone open data platform for smart agriculture. The statement was made in Commonwealth Heads of Government Meeting.
The above-mentioned factors are anticipated to propel the growth of the global smart plantation market over the forecast period.
The Fruit Segment is Projected to be the Dominant Segment in the Global Market
By Crop Type, the fruit segment is anticipated to be the dominant segment by holding a larger market share in 2018. The players operating in the global market are focused on developing smart plantation system for fruits and also developing new technologies for fruits such as citrus fruits, apple, and grapes. This is supporting the growth of the fruit segment in the global smart plantation management systems market.
The Irrigation System Segment is Projected to Show Fastest Growth Over the Forecast Period
Based on type, the irrigation system is anticipated to show remarkable growth during the forecast period. The segment is growing at a CAGR of 6.2 % between 2018-2024. Based on data collected by sensors, a smart irrigation system monitors and controls the water scheduling for crop plantation. Moreover, smart irrigation helps in reducing water amount required for irrigation which results in minimizing operational cost. Smart irrigation saves more than 20 % of water consumption than the traditional irrigation system.
Hardware Segment is Projected to Grow at the Highest CAGR of 24.2% Between 2018 to 2027
By component, the hardware segment is projected to dominate the global market and is expected to maintain its dominance throughout the forecast period by growing at the highest compound annual growth rate. The hardware segment is an essential component in smart plantation management systems. The segment contains switches, sensors, GPS systems, controller, solenoid valves, and flow meters.
The Asia Pacific Dominates the Global Market, Holding Larger Market Share in 2018
Among all the regions, Asia Pacific dominates the global market by holding significant market share in 2018. The region is projected to maintain its dominance over the forecast period. This is mainly due to favorable climate conditions for the plantation systems. The APAC region has huge potential owing to the large cultivation od plantation crops, including cotton, tea, and sugarcane. In the Asia Pacific, China is the largest market for smart plantation management system market. This is mainly due to a large cultivation area for plantation for several crops. Though in many countries, the smart plantation deployment is at its initial phase, it is expected to grow rapidly in the coming years across the Asia Pacific.
Continuous research to achieve perfect sensitivity is the strategy adopted by the players present in this market
The global smart plantation management systems market is fragmented with several regional and global enterprises which makes the market highly competitive. The major players are focused on research and development activities to cater to the high demand from consumers and cope up with the rising technological advancements in the area of the plantation system.
Some of the major players driving the growth of the global smart plantation management system include Robert Bosch, AquaSpy, Deere & Company, Hidrosoph, Netafim, Jain Irrigation Systems, Synelixis Solutions, Rivulis, DTN, Phytech, AgroWebLab Co., Ltd, WaterBit, Tevatronics, and SemiosBio Technologies.
Global Smart Plantation Management Systems Market by Type
- Irrigation systems
- Harvesting systems
- Plant growth monitoring systems
Global Smart Plantation Management Systems Market by Crop
- Others (areca nuts, tea, and coconuts)
Global Smart Plantation Management Systems Market by Component
Global Smart Plantation Management Systems Market by Region
- North America
- Latin America
- Asia Pacific
- Middle East & Africa