The Global Agriculture 4.0 Market is projected to grow exponentially during 2021-26 according to a recent report by Research and Markets. The market expansion primarily attributes to the gradually shrinking arable land, coupled with flooding population & its growing requirements for high-quality food products.
In addition, the various government initiatives toward promoting modern farming techniques like the adoption of robots in farming, coupled with the introduction of advanced technologies, such as blockchain, drones, big data, etc., across the agriculture sector in crop production, shall also drive the market in the coming years.
The soaring investments in agricultural technology, surging inclination toward greenhouses & indoor farming, and reducing productivity in agriculture due to droughts and floods are other crucial factors expected to augment the market expansion.
With the help of these tools, farmers can efficiently understand the soil variables, moisture levels, monitor crop health, obtain real-time field analysis using drones, etc., and suffice the burgeoning food requirements of the growing population sustainably.
Hence, the demand for Agriculture 4.0 is anticipated to rise significantly, thereby leading the global market to observe an upswing and producing profitability for the market leaders in the coming years, further states the research report, Global Agriculture 4.0 Market Analysis, 2021.
Impact of Covid-19 on Global Agriculture 4.0 Market
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The Covid-19 pandemic had a balanced impact on the Global Agriculture 4.0 Market. Initially, the market observed a decelerating effect when the manufacturing units temporarily shut down due to the imposition of lockdown, which, in turn, led to a significantly reduced production of agriculture technology-based equipment & its consumer need.
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In addition, the lockdown & supply chain disruptions amidst the pandemic also underlined the value of local providers, thereby increasing the resilience of smaller farms.
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On the other hand, the use of agriculture 4.0 software tools and technology-based equipment like remote sensors surged after the upliftment of restrictions and investments in agro-bot start-ups owing to the labor shortage.
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The environmental benefits owing to travel restrictions & shut down of manufacturing units augmented a desire for more sustainable sources, requiring producers to transform conventional agriculture practices.
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Nonetheless, monitoring the existing situation of the pandemic and its effect on the market till now, it is anticipated that the demand for Agriculture 4.0 would rise exponentially and produce profitability for the market giants in the coming period.
The increasing adoption of RFID Tags & Readers to identify & monitor the health conditions of the livestock, track farm animals, and detect signs of lameness enables farmers to take appropriate actions at a suitable time. Besides, the burgeoning consumption of meat & dairy by the rapidly increasing population is compelling farmers to opt for better monitoring solutions to automate repetitive tasks & improve overall food quality. Hence, the rapid adoption of better monitoring solutions is expected to drive the need for RFID Tags & Sensors during 2021-26.
The most prominent factor anticipated to drive the Global Agriculture 4.0 Market in the coming period is the rapidly increasing adoption of technologies like Variable Rate Technology (VRT), remote sensing, GPS, etc., to increase crop productivity and reduce labor overheads. In addition, the growing adoption of drones for spraying, pruning, weeding, and harvesting applications also helps farmers monitor processes at farmlands remotely, which shall gain momentum by reducing the need for manual labor & labor costs.
The prime factors that might restrain the market expansion are inadequate awareness about agriculture 4.0 among farmers and the high installation cost of technology-based equipment. Additionally, the lack of digital literacy in rural areas due to limited network access limiting farmers to exercise digital services might also negatively affect the market in the coming period. Moreover, lack of laws & regulations for ownership & management of digital data, coupled with inadequate availability of IT infrastructure to acquire, process, & share that data, shall further hold the market to grow during 2021-26.
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