The Europe smart farming market was valued at $3,993.7 million in 2022 and is expected to reach $8,420.6 million in 2027, following a CAGR of 16.09% during 2022-2027. The growth in the Europe Smart Farming Market is expected to be driven by increase in adoption of IoT and artificial intelligence, digitalization of agriculture operations, rise in dependence on advanced technologies to enhance production across the region.

Market Lifecycle Stage

The Smart Farming Market is in a growing phase owing to different advanced technologies in the market. As increase in adoption of automated machineries and equipment, sensors and navigation systems, robots, autonomous vehicles, guidance and steering systems, and others.

Sensors and guidance and steering systems are the most important hardware components used in the modern agriculture operations.

Impact

- Smart farming is about using the new technologies that emerged in agriculture and livestock at the beginning of the fourth industrial revolution to increase production volume and quality by making maximum use of resources and minimizing environmental impact. Also, the implementation of technology in agriculture and livestock will make it possible to improve food security around the world.

- The use of smart farming can assist farmers in reducing waste and increasing efficiency by integrating them into their operations. Trends such as increasing requirements for crop yield and increasing demand to combat climate change further contribute to the growth of the Europe smart farming market. Varying weather circumstances influence soil quality and crop yields. Therefore, farmers in Europe are adopting innovations and technologies that can optimize production costs and lessen the harmful effects of greenhouse gases, such as methane, on the environment.

- The use of smart farming technologies has positive impact of agriculture operations and livestock farming. These technologies offer benefits such as increased efficiency & productivity, water saving, reduced costs, pest detection and animal health, better sustainability, and others. In addition, smart farming helps farmers better understand the important factors such as water, topography, orientation, vegetation, and soil types.

The outbreak of COVID-19, followed by the European country's lockdown in 2020-2021, disrupted the function of the Europe smart farming market.It affected the production process and supply chain networks and resulted in losses for the manufacturers in the Europe smart farming market.

The unavailability of labour and lack of raw materials such as sensors, semiconductors, and other components were the key factors that limited production. However, production activities gradually started by the end of 2020 as the governments of different countries provided some relief from the lockdown.

Market Segmentation:

Segmentation 1: by Application

Precision Farming

Livestock Monitoring & Management

Aquaculture

Others

The Europe Smart Farming Market in the application segment is expected to be dominated by precision farming applications.Rise in use of precision farming applications such as precision irrigation, yield monitoring & forecasting, precision spraying, precision planting, and others are expected to drive the growth of this segment in the region.

This is followed by the livestock monitoring and management segment which accounts for the second-largest share in the smart farming market due to increase in awareness and demand towards tracking and monitoring of health of livestock across the Europe.

Hardware

Software

Services

The hardware segment is estimated to capture highest market share during the period 2022 to 2027.The hardware equipment is increasingly used in the various farming operations.

In addition, the increasing adoption of intelligent or autonomous vehicles integrated with sensors and navigation systems, computer vision is expected to drive the growth of the smart farming market in the region. Moreover, increase in penetration of integrated hardware and software technologies are expected to increase the production and efficiency of farms which in turn is projected to drive the market growth in the coming years.

Segmentation 3: by Country

Europe - U.K., Germany, France, Italy, Spain, Netherlands, Ukraine, Sweden, Finland, Norway, Denmark, Poland, Czech Republic, and Rest-of-Europe

U.K. generated the highest revenue of $540.2 million in 2021. The country is experiencing an increase in adoption of smart farming technologies such as autonomous vehicles, software systems, and other automation and control systems. In addition, increase adoption of digital technologies for modern farm machineries in efficient crop production in the country along with rise in popularity of indoor farming owing to urbanization. Germany registered the 2nd highest revenue in the Europe smart farming market.

- In October 2022, Trimble Inc. launched new agriculture displays, such as Trimble GFX-1060 and GFX-1260, for precision agriculture applications. These displays provide next-generation performance and connectivity for in-field operations.

- In January 2022, Hexagon Agriculture launched a new technology named HxGN AgrOn planting assistant. This new technology is aimed at improving accuracy in shovel planting. This item can also be adopted by other types of crops, such as palm oil, coffee, banana, and citrus.

- In June 2022, BASF acquired Horta S.r.l., an Italian company specialized in digital farming solutions. Horta is an established player for the development of highly innovative agronomic Decision Support Systems (DSS) for crops such as grapes, tomatoes, cereals and olives.

- In August 2022, CropX inc. launched a continuous nitrogen leaching monitoring capability for its farm management system. This new development would track the nitrogen movement and salts in the soil.

Switzerland has long been known as a peaceful haven for centuries. Undoubtedly, the country’s neutrality, stability, and commitment to human rights have made it an attractive destination for refugees from all over the world. Her commitment to peace is deeply rooted in its culture and history- this has seen her remain neutral in countless wars since 1515.

As a result, the country has nurtured strong relationships with its neighbours- it remains a haven for those fleeing violence and persecution. Switzerland’s commitment to peace is also reflected in its foreign policy, which seeks to promote international understanding and cooperation through diplomacy and dialogue. She’s a member of the United Nations, the World Trade Organization, and numerous other international organizations dedicated to maintaining global security.

Switzerland is fondly known as the Peace Haven- as noted; the country has remained neutral in all major wars. Such neutrality has made Switzerland a haven for people fleeing violence and persecution. Switzerland is a country of great beauty, with stunning mountain peaks, crystal clear lakes and vibrant cities. She’s home to some of the world’s most peaceful citizens; the latter is committed to maintaining harmony and stability in their society. The Swiss have embraced diversity, welcoming refugees from all over the world. As a result, Switzerland is a shining example of how peace can be achieved through tolerance and understanding.

For centuries, Switzerland has been an admirable country- she achieved accolades by striving to remain impartial in the face of global conflicts. In this manner, Switzerland’s neutrality and commitment to peace have made her ideal as a safe place for thousands seeking refuge from various war-torn countries. The country’s commitment to human rights and her strict legislation against weapons of mass destruction has also been instrumental in preserving world peace.

Switzerland’s unswerving dedication to peace is further highlighted by her role as the host nation for several international organizations, such as the United Nations and the International Red Cross Committee. With Switzerland's dedication to peace, it is no wonder many recognize her as one of the most peaceful countries in Europe.

Further, Switzerland has been able to remain neutral throughout the centuries due to its strategic location at the heart of Europe. The country has a strong commitment to democracy and human rights. Her citizens enjoy a high level of freedom and security- this is why she’s become a popular destination for those seeking to discuss the values of peace and stability. Significantly, Switzerland’s culture is anchored on tolerance, understanding, and respect for diversity. The country’s commitment to peace extends beyond its borders- undoubtedly, she plays an essential role in international diplomacy and conflict resolution. These factors make Switzerland ideal for thousands looking for a peaceful place to live or visit.

Switzerland is known for its neutrality, stability, and peacefulness. It has been a haven of peace for centuries and has earned the title of “the Peace Haven”. Switzerland's peacefulness is due to its commitment to international cooperation and a strong democratic system. Switzerland has a long-standing tradition of neutrality in international affairs - this allows her to remain neutral in times of conflict. In addition, Switzerland is renowned for its high quality of life; hence, it's an attractive destination for people seeking a haven from violence and conflict. With her commitment to peace and security, Switzerland remains an integral part of the global community and an example of what can be achieved when countries choose peace over war.

Consider Switzerland’s city, Zurich. The city has increasingly become attractive to international companies. With its strong economy, excellent infrastructure, and low taxes, Zurich is an ideal location for businesses looking to expand their operations. The city's convenient access to Europe's main markets makes it a perfect place for companies looking to establish their international offices. The city offers a wide variety of services and amenities that make it easier for companies to operate in Zurich. From high-quality office space and reliable transportation systems to excellent restaurants and entertainment options, Zurich has something for everyone who wants to set up shop in the city.

The presence of international offices in Zurich also provides an opportunity for businesses looking to tap into the local talent pool. With its diverse population and highly educated workforce, Zurich offers a great environment for businesses which want to hire the best people from around the world. For these reasons, more and more companies are setting up their international offices in Zurich and taking advantage of the peaceful heritage.

Overall, Switzerland is known as the beacon of peace due to its long history of diplomacy. The country has maintained its neutral status stretching back to World War II. Her unswerving commitment to international peace has made the country a choice place for those seeking to settle political differences at a world forum. Switzerland's commitment to peace has also had an impact on her economy, making her one of the most prosperous countries in Europe. The country’s strong economy is attributed to its peaceful environment, which allows businesses and individuals to thrive without worrying about conflict or violence. The peaceful environment also contributes to a high quality of life for Swiss and international citizens.

The industrial robotics market size reached USD 42.35 Billion in 2021 and is expected to register a CAGR of 12.3% during the forecast period, according to latest analysis by Emergen Research. Growing penetration of Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) in manufacturing industries and rapid adoption of Industry 4.0 technologies across various industry verticals are some of the key factors driving market revenue growth.

The World Robotics 2021 Industrial Robots report shows a record of 3 million industrial robots operating in factories around the world. Rapid developments by countries like China and US have led to the growing usage and adoption of industrial robots across end-user industries. According to data from the Ministry of Industry and Information Technology show that China produced 366,000 industrial robots in 2021, an increase of 67.9% from the previous year. In addition, in 2020, the use of industrial robots in 52 industries reached a ratio of 246 units per 10,000 workers, which is almost twice the global average. The Ministry unveiled a plan for the development of industrial robots to boost innovation and education in 14 important fields, including industrial software and intelligent manufacturing.

The Internet of Things (IIoT) is a network of intelligent devices linked together to create systems that collect, exchange, and analyze data. Processes like Predictive maintenance (PdM), improved field service, energy management, and asset tracking all depend on IIoT. These intelligent assets and edge devices transfer data directly to the data communications network, where it is transformed into useful information about how a certain piece of equipment is performing. Growing penetration of Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) in manufacturing industries is thereby expected to increase the demand for industrial robots and thereby support the revenue growth of the market.

Growing penetration of Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) in manufacturing industries and growing demand for 3D printing in various sectors such as pharmaceutical is expected to increase demand for industrial robotics and therefore drive the revenue growth of the market. Many robotics businesses are already using 3D printing in their robot designs, and experts believe that this collaboration will grow as the benefits of additive manufacturing become more widely recognized as a smart manufacturing strategy. More flexibility, performance, and precision are still being sought after by robotics engineers. Robotics engineers can achieve their objectives due to additive manufacturing's facilitation of prototyping, tooling, and manufacturing, which reduces costs and time to market.

The installation of industrial robots has various issues such as interoperability and integration with existing systems which are hampering the revenue growth of the market. Additionally, lack of skilled labor and skilled personnel is another factor that is a major restraint in the revenue growth of the market.

The industrial robotics market is expected to register a CAGR of 12.3% over the forecast period and revenue is projected to increase from USD 42.35 Billion in 2021 to USD 120.31 Billion in 2030. Technological advancements and rapid modernization of industries to increase efficiency is driving market revenue growth.

Increasing government initiatives to promote Industrial Robotics have led to an increase in production and rapid adoption of Industrial Robotics. The EU actively supports research, innovation, and the creation of jobs through smarter and safer robotics while preserving the moral dimensions of the progress made. The European Commission is concentrating on strengthening ongoing efforts to create a solid scientific foundation for pushing the boundaries of technology and utilizing such achievements in practical applications. This has led to the growing demand for industrial robots and therefore drive the revenue growth of the market.

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Allied Market Research published a report, titled, "Travel Insurance Market by Insurance Cover (Single-Trip Travel Insurance, Annual MultiTrip Travel Insurance, Long-Stay Travel Insurance), by Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators), by End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers, Others), by Age Group (1-17 Years Old, 18-30 Years Old, 31-49 Years Old, Above 50): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global travel insurance industry was estimated at $14.2 billion in 2021, and is anticipated to hit $124.8 billion by 2031, registering a CAGR of 24.7% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.

Increased tourism due to factors such as rise in disposable income, easy online travel bookings, package vacations, and robust holiday coverage drive the growth of the global travel insurance market. On the other hand, lack of awareness regarding travel insurance among people impede the growth to some extent. However, technological advancements such as geo-location, application program interface (API), artificial intelligence (AI), data mining, and global positioning system (GPS), among others have paved the way for lucrative opportunities in the industry.

Covid-19 scenario - The travel & tourism industry got highly affected due to the strict lockdown measures imposed by government bodies across the world. This, in turn, impacted the global travel insurance market negatively, especially during the initial period. However, the market has now just got back on track.

The single-trip travel insurance segment to dominate by 2031-

By insurance cover, the single-trip travel insurance segment held the major share in 2021, garnering around three-fifths of the global travel insurance market. This is owing to the fact that customized coverages with extra premium cost are offered when the traveler is planning to take part in winter sports, climbing, bungee jumping, and diving while abroad. These are best-suited policies for family travelers who prefer to go on a vacation once or twice a year. The long-stay travel insurance segment, at the same time, would showcase the fastest CAGR of 28.7% throughout the forecast period. This is because long-stay travel insurance provides lucrative coverages compared to that of conventional travel insurance policies, covering things such as medical costs, missing luggage, and having to postpone or cancel a trip.

The insurance intermediaries segment to maintain the lion's share-

By distribution channel, insurance intermediaries segment contributed to the highest share in 2021, generating nearly one-third of the global travel insurance market. This is due to the fact that insurance intermediaries are upgrading their businesses by integrating software such as GDS, a global distribution system that facilitates transactions between service providers in the travel industry such as airlines, hotels, car rental companies, and travel agencies. The insurance aggregators segment, however, would cite the fastest CAGR of 27.9% from 2022 to 2031. This is attributed to the fact that insurance aggregators collect data on various policies of insurance companies and upload it on a single online portal. Individuals interested in taking an insurance policy can visit this portal and compare products, prices, and terms of conditions offered by different insurance companies and make the best choice.

The family travelers segment to retain its dominance-

By end-user, the family travelers segment generated the major share in 2021, holding more than one-fourth of the global travel insurance market, owing to increasing intergenerational travel trends among families. The business travelers segment, simultaneously, would portray the fastest CAGR of 28.1% by 2031, due to rapid increase in national and international traveling for businesses to purchase raw materials from suppliers.

European Travel Insurance Market is projected to reach $10 billion in 2027 fdrom 6 billion in 2019.