The Asia Pacific smart agriculture market size is expected to reach a valuation of USD 6968 million by 2030, growing at a CAGR of 13.05% during the forecast period (2022–2030).
Smart Agriculture is a farming method that employs information technology to manage, analyse, and identify variability on a farm in order to boost agricultural yields while minimizing human labour. By accessing real-time data about weather, yields, and soil quality, smart agriculture allows farmers to determine the exact amount of nourishment crops require to boost output. Farmers can employ advanced automation techniques to reduce labour and material costs with smart agriculture systems. Sensors and monitoring techniques are used in smart farming systems to help farmers make better decisions about water management, soil management, inventory control, and harvesting schedules. Smart agricultural applications include irrigation control, water resource management, crop planting, and production monitoring. Users of smart agriculture will be able to map and record agricultural output and humidity data in real-time, allowing them to assess the crop's performance immediately.
Agriculture is a critical sector for the region's development in Asia Pacific. Almost 70% of the rural population relies on agriculture as their primary source of income. Rice is the most common crop grown in Asia Pacific, and it is also the staple food crop for the majority of Asians. Nearly 90% of the world's rice is grown in this region. Tea, rubber, palm oil, cotton, jute, coconuts, and sugarcane are just a few of the plants found in Asia. Agriculture is the world's largest consumer of freshwater resources, and demand for smart agriculture systems has risen as a result of the growing need for water conservation.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
By 2030, the Asia Pacific smart agriculture market is estimated to be worth USD 6968 million, with a CAGR of 13.05% over the forecast period (2022–2030). Agriculture is a crucial area for the Asia Pacific region's development. Agriculture is the principal source of income for about 70% of the rural population. Rice is the most widely farmed crop in Asia Pacific, as well as the majority of Asians' main diet. This region produces over 90% of the world's rice. Asian plants include tea, rubber, palm oil, cotton, jute, coconuts, and sugarcane, to name a few.
China, Japan, India, Australia, and South Korea are the top producers in this field. China dominates the smart agricultural sector, and it is already a market leader in artificial intelligence and the IoT (Internet of Things). China is Asia's largest agricultural country, with abundant agricultural resources, a long history of agriculture, a tradition of intensive cultivation, and a large rural population. Other countries, such as India and Japan, are gradually expanding their desire for smart agriculture as more rural regions become involved with technology and are using it effectively.
Even the governments of Asian countries like South Korea, Australia and India are working on a few efforts to lower the costs of smart agriculture gadgets and machinery. Various learning programmes have been created to help farmers get more familiar with technology and learn how to use it in the field. As farmers and government entities get the guts to invest in smart agriculture and enhance the productivity of the agriculture sector, the market for smart agriculture is expected to explode. The rate at which China contributes to agricultural science and technology progress is a good measure of the country's agricultural modernization agenda. From 48.0% in 2005 to 59.2% in 2019, the country has seen a significant increase (Ministry of Science and Technology, China). The use of IoT devices to track the health of cattle is becoming increasingly popular in Australian agriculture. As livestock emissions are one of the most significant contributors to global warming, substantial research and trials are being conducted to determine greenhouse gas emissions.
Typhoons, isolated downpours, droughts, and other extreme weather phenomena have tended to occur with higher regularity in recent years in Japan, according to the Remote Sensing Technology Centre of Japan, necessitating a robust action plan on food price volatility and agricultural outputs. This action plan involves a variety of strategies, including the use of satellite-based remote sensing to boost crop productivity and weather forecasts. Although Internet of Things (IoT)-based agriculture is still in its infancy in India, the market for sensors is expected to grow due to the proliferation of start-ups and India's food security concerns over the forecast period.
The market share of Asia Pacific Smart Agriculture Market is divided into three categories: agricultural type, offering, and geography.
Precision farming, smart greenhouses, animal monitoring, and other types of agriculture are all part of the smart agriculture business. Precision farming is predicted to become the region’s most popular farming method. It is expected to grow at a CAGR of 9.75% between now and 2030, reaching USD 15,661 million. Precision farming is becoming more popular due to a rising focus on on-farm efficiency and production. Precision farming has the potential to transform agriculture by increasing the efficiency and dependability of existing farming practices.
Based on product offerings, the smart agriculture sector has been divided into three categories: hardware, software, and services. The hardware offering sector is likely to lead the Asian Pacific market by 2030, with a forecasted value of USD 22,211 million and a 9.45% CAGR over the forecast period.
As the dairy industry's raw material processing and product manufacturing become more digitalized, the market for milking robots is expected to rise. As a result of automation technologies, milk quality and animal welfare have both improved. The dairy and food processing industries are expected to benefit from the growing trend of lowering labour costs and increasing productivity. Animal welfare, better herd management, cow health, and increasing milk frequency are driving demand for milking robots.
Some of the major players in the Asian Pacific Region (having significant market shares) are listed below: