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The Israel precision farming market is growing at the CAGR of 13.7% during the forecast period. Precision farming is growing in Israel due to the growing demand for efficient agricultural technologies, tools, and techniques, the rapid switch from labor-intensive to technology driven farming, and the numerous initiatives by companies to promote precision farming. Furthermore, the Israel precision farming market is likely to prosper in the forecast future as major firms take steps to deliver high-quality education on how to employ contemporary agricultural technologies to expand crop production.
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Israel Precision Farming Market, By Component, Trend Analysis, Market Share & Forecast, 2021-2027
Industry Trends & Forecast Report 2027 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.
Growth drivers Increasing R&D Activities in Precision Farming Israel precision farming has an innovative advantage over the world. In terms of agricultural innovations, it is only a step behind the US. Companies like SupPlant and Taranis are offering innovative solutions in precision farming in Israel. For instance, a startup called SupPlant developed sensor-less irrigation technology, which uses real-time data and algorithms to determine and generate precise irrigation plants for crops. Israel is also working hard to make water consumption as efficient as possible, with 80% of water being reused. Such breakthroughs provide enormous opportunity for local and rural communities to thrive.
Restraints Limited Knowledge of Modern Farming Technologies Even though Israel is pioneering precision farming technologies, its adoption is still highly concentrated among the big farmers only. Israeli farmers are largely unaware of precision agriculture and the existence of advanced agricultural technologies, which in turn prevents their businesses from expanding. Furthermore, the high cost of such technologies serves as an additional barrier to their adoption. To combat this challenge, numerous companies are taking initiatives and running campaigns to educate farmers about the benefits of precision farming.
Impact of COVID-19 on Israel Precision Farming Market The COVID-19-induced pandemic declared by the World Health Organization significantly affected the economy of several countries. With the surging COVID-19 cases in the country, the authorities imposed a lockdown in the country to control the spread of the virus. Due to this, manufacturing and production operations were completely halted, which negatively affected the Israel precision farming market. Furthermore, disruptions in the supply chain affected the market as the floating demand for precision farming components and technologies could not be met.
Recent Developments • In July 2021, Amir Marketing and Investments in Agriculture Ltd., announced to have signed an exclusive agreement with the NDrip to distribute NDrip’s precision irrigation system to Israeli farmers. • In June 2021, SupPlant, an Israeli agricultural company, announced to have raised USD 10 million in the funding round led by Boresight Capital, Menomadin Foundation, Smart-Agro Fund, and Mivtah Shamir.
Competitive Landscape 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 like partnerships, mergers & acquisitions, collaborations, and joint ventures to expand their market and establish themselves as leading brands to improve their distribution system. Sample Copy of the Report :https://www.blueweaveconsulting.com/report/israel-precision-farming-market/report-sample
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