Project Report For Smart Farming
Project report for Smart Farming is as follows.
The smart agriculture market is predicted to be valued USD 14 billion in 2021 and USD 23.0 billion by 2026, with a CAGR of 9.5% from 2021 to 2026. The rise of smart irrigation systems is being fueled by increasing strain on the food supply system over time of fast increasing population, increased usage of contemporary technology in agricultural goods, and farmers’ increased attention on livestock tracking and detection of diseases. Furthermore, growing investments in the agriculture technological industry have fueled the smart agriculture industry’s rise.
The COVID-19 pandemic is likely to have a minor impact on the smart agricultural industry in 2020, since mobility restrictions and lockdowns have caused supply chain interruptions.
Nevertheless, in the post-COVID-19 era, the utilisation of distant surveillance technologies and farm management software solutions may lead to greater usage. COVID-19 has wreaked havoc on the supply chains of many smart agricultural verticals, including precise farming, livestock monitoring, aquaculture, greenhouses, and forestry. Using modern technology, the firms are looking into new ways to engage with growers and farmers.
The COVID-19 pandemic, which started in China, had spread throughout the world, posing a major health threat. In the immediate term, consumption for agricultural devices and related technology is expected to decline. By the first half of 2021, the market should be showing signs of improvement, and by the end of the year, the market may be gaining up steam.
Market potential & Strategy
When utilized to its full capacity, smart agriculture may assist farmers combat the negative impacts of environment on crops by gathering geospatial data on soil, animals, and plants, as well as other inter- and intra-field intelligence. Smart agriculture also gives information on the amount of irrigation water, liquid fertilisers, nutrients, herbicides, and pesticides that are needed, decreasing resource waste and lowering agricultural costs. Two major elements that promote the implementation of smart agriculture instruments are enhanced business productivity via automated processes and higher production with lower farming costs.
Smart agriculture innovations are expected to make agriculture more lucrative than ever before. As a result, business-minded farmers have begun to use different precision farming/smart agriculture equipment to boost crop yields and profitability.
The necessity for large initial expenditures is a significant issue impeding the development of the smart agriculture business. Smart agricultural equipment are still too costly for local farmers in developed regions and the majority of farmers in developing markets. As a result of the high expense of technology, the latest technology is only available to large and industrialised farms.
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