Israel Precision Farming Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 13.7% in the Forecast Period
Published | 18 August 2021
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Israel Precision Farming market is estimated to grow at the CAGR of 13.7% during the forecast period of 2021-2027. The adoption of precision farming is flourishing at a high rate because of the efforts made by companies to promote the use of modern farming technologies and techniques, along with the support of local communities like Kibbutz and Moshavs. Furthermore, high research and development activities in Israel also favor the market growth of precision farming. However, a lack of sufficient awareness of the benefits of precision farming among farmers and the high cost of equipment and technologies may act as restricting factors for market growth.
Technological Advancements in Precision Farming Is Estimated to Boost the Israel Precision Farming Market
Israel is leading the agricultural technology market with its innovations and modern agricultural technologies. According to the World, Economic Forum, Israel spends 4.3% of its GDP on research and development activities, which is the highest among all countries. Israel's inventions are not only benefiting Israel's precision farming, but they are also assisting other countries in increasing productivity and reducing losses. For instance, Israeli-designed GrainPro Cocoons offer a simple and cheap way to keep the grains market fresh. It prevents loss of grains resulting from moisture and other atmospheric elements during the production chain.
Emerging Israel-Based Agtech Startups Is Projected to Drive the Market Growth During The Forecast Period
The emerging Israel-based agtech startups are becoming the backbone of precision farming in Israel. Companies like SupPlant and Taranis are offering innovative solutions in the precision farming realm. For instance, Taranis, a precision ag intelligence platform that plans to launch a scalable solution for predicting diseases in crops leverages high-resolution aerial images to predict crop diseases and pests. Such innovations and advanced technologies introduced by major startups are expected to significantly push the precision farming market in Israel.
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Israel Precision Farming Market - By Application
Based on applications, the Israel precision farming market is segmented into yield monitoring, field mapping, crop scouting, weather tracking, irrigation management, farm labor management, and others. The weather tracking segment is projected to witness the highest CAGR during the forecast period. The increasing cloud-based technologies in weather tracking applications have significantly proliferated its adoption among farmers. The use of weather tracking is increasingly important in coping with frequent climate change and maximizing production.
Impact of COVID-19 on Israel Precision Farming Market
The COVID-19 and the global pandemic declared by the World Health Organization significantly affected the economy of several countries. Israel was placed under a lockdown by the authorities in response to a surge in COVID-19 cases. Due to this, the manufacturing and production operations were completely halted, which negatively affected the Israel precision farming market. Furthermore, the disruption in the supply chains also affected the market as the floating demand for the components and technologies of precision farming could not be met.
The leading market players in the Israel precision farming market are Saturas Israel, Taranis Israel, Tevatronic, Prospera Technologies Ltd., Haifa Group, CropX Technologies, Roots Sustainable Agricultural Technologies Ltd., PickApp Farming Ltd., Metzer Group, Netafim Ltd., SupPlant, and other prominent players.
The companies significantly adopt competitive strategies such as partnerships, mergers & acquisitions, collaborations, and joint ventures to expand their market and establish themselves as leading brands to improve their distribution system. Moreover, the industry participants have also been taking various initiatives to promote the use of modern technologies and precision farming techniques among Israeli farmers to increase their market revenue.
Don’t miss the business opportunity of the Israel Precision Farming market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Israel precision farming market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Israel precision farming market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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