Europe Smart Farming Market Anticipated to Reach $7.2 billion by 2023
Farm productivity across Europe has been significantly increasing since the last decade. With the exponential growth of population, subsequent rise in demand for food, shrinking agricultural lands, and depletion of finite natural resources, the need to enhance farm yield has become critical.
The increase in urban population in developing countries, such as Poland and Czech Republic with the enhancement of quality of living due to high income levels, and the demand for fresh crop produce and animal protein are boosting the demand for crop production.
Limited availability of natural resources such as fresh water and arable land along with slowing yield trends in several staple crops has prompted growers and companies in the farming sector to introduce innovative and advanced smart farming techniques in order to enhance farm profitability.
The high market growth is expected to be driven by the need to apply site-specific farming and variable rate application of raw materials and resources as per the requirement of high crop yield. Besides this, the deployment of automation and control systems to steer the application of agricultural inputs has become crucial to augment the growth of the market.
In emerging countries, growth is expected to be driven by rising awareness among the governments of different countries about the need to elevate farm produce while taking care of the environment. The Europe smart farming market has also been strongly motivated by the substantial support of the government in terms of investments, favorable initiatives, and trade policies.
The major countries in the region that have significant share in the smart farming market are Germany, U.K., France, Italy, Spain, Netherlands, Poland, and Czech Republic. Among all the countries, Germany generated the highest revenue in 2017. The strong growth in the Germany market was largely due to the high rate of adoption of technologies by the agricultural producers in the country. The extensive R&D activities that take place in the country and the urgent need to improve production from the decreasing number of farms, consolidation of farms, and increasing livestock herd sizes further contributed to the growth of the market in the country.
However, during the forecast period, countries such as Netherlands, Czech Republic, Poland, and Spain are projected to display the fastest 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.
The key players operating in this market have ramped up their product launch activities over the recent years in order to generate public awareness about their existing as well as new products and technologies and to compete with the competitors' product portfolios. This has been the most widely-adopted strategy by the players in this market.
Allflex introduced an innovative cow monitoring and intelligence system called the SenseTime.
Osram announced the launch of Oslon Square Hyper Red LED for better plant growth with improved emission characteristics, higher optical output, and impressive corrosion resistance.
Ag Leader Technology enhanced its AgFiniti cloud-based platform with the announcement of an Application Program Interface (API) that allows third-party farm management information systems (FMIS) to transfer files.