The farming industry of Europe has witnessed numerous revolutions over decades starting from the domestication of livestock and crops to the organized use of crop rotation using new farming techniques. This was followed by the large-scale usage of fertilizers and pesticide and systematic breeding called as the green revolution. Finally, with the introduction of Information and Communication Technologies (ICT) in farming since the last decade, the farming industry has been witnessing another revolutionary phase. The integration of sensing systems into farming equipment has led to the generation of large amounts of data, which is analyzed with farm management software to provide farmers with valuable insights used for promoting the yield growth. The incorporation of navigation systems into agricultural machinery and systems has led to the precise movement of farming equipment in the field.
According to a new market intelligence report by BIS Research, titled ‘Europe Smart Farming Market - Analysis and Forecast, 2018-2023’, the Europe smart farming market is projected to grow from $2.60 billion in the year 2018 to $7.20 billion by 2023, growing at a CAGR 18.54% from 2018 to 2023. Rising concerns over food security and sustainability in Europe have led to extensive investments by the governments of nations across the region. The Europe smart farming market has been strongly motivated by the substantial support of the government in terms of investments, favorable initiatives, and trade policies.
Germany is at the forefront of the Europe smart farming market, with high market penetration.
However, during the forecast period, countries such as Netherlands, Czech Republic, and Poland are projected to display high market growth. These countries present immense scope for market development owing to the increasing urban population size, growing market penetration of internet in farm management, and favorable government investments.
This report is a meticulous compilation of research on more than 50 players in the Europe smart farming ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 15 leading companies which include AGCO Corporation, CNH Industrial, Deere and Company, Hexagon Agriculture, Topcon Positioning Group, Trimble Inc., Dairymaster, DeLaval, Fullwood, Lely S.a.r.l, Osram Licht AG, Phillips Lighting, Evergreen Farm Oy, AKVA Group, and Integrated Information Systems S.A.
Key questions addressed in the report:
- What is the Europe smart farming market size in terms of revenue along with the growth rate during the forecast period 2018-2023?
- What is the revenue generated by the different smart farming solutions such as hardware systems, software, and services?
- What are the major types of applications in the smart farming market in terms of revenue generation and future growth?
- What is the anticipated market size for different countries based on various solutions and applications during the forecast period?
- How attractive is the smart farming market for different stakeholders present in the industry as per the analysis of the complete supply chain?
- What are the major driving forces that are expected to increase the demand for smart farming during the forecast period?
- What are the major challenges inhibiting the growth of the market?
- What are the upcoming trends and opportunities in this market?
- What are the kinds of new strategies adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the Europe smart farming market in terms of their recent developments, product offerings, and country presence?
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