Market Value of Agriculture Earth Observation (EO) in China (2017 – 2021, $ Million)
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The Market Value of Agriculture Earth Observation (EO) in China reached $53.9 million in 2021
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This represents an increase of 15.9% as compared to $46.4 million in 2020
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The indicator recorded a historical growth (CAGR) of 12.9% between 2017 and 2021
Market Value of Agriculture Earth Observation (EO) in China (2017 – 2021, $ Million)
Agriculture offers many opportunities for investments and improvements in agricultural practices in the move to sustainable farming. Sustainable agriculture provides a solution to challenges in securing food supply for the growing population, while mitigating climate change problems caused due to current agricultural practices. The agriculture sector accounts for more than 10% of the global greenhouse gas (GHG) emissions and is also affected by climate change caused by GHG emissions. Companies involved in AgTech or agriculture technology are highlighting the role of sustainability in increasing yield and decreasing the impact on climate by solving problems related to food loss and wastage, crop yields, methane from livestock, among others.
Agriculture Earth Observation (EO) involves the use of technologies to collect and analyze data about the physical, biological, and chemical systems of the Earth. In recent years, Earth Observation has become sophisticated with the development of imaging technologies mounted on satellites. The satellites used for Earth Observation help monitor and protect the environment, manage existing resources, monitor, and respond to disasters such as floods and earthquakes. Earth Observation has become more important than ever because of the dramatic effect humans have on the global environment.
The market for Agriculture Earth Observation is expected to grow in the next five years as the rise in big data and cloud would support tech companies that plan to venture into the sector. China is one of the five major markets in the Agriculture EO industry, along with Canada, US, Germany, and India. The market for Agriculture EO was valued at $54 million in 2021, a year-on-year growth of 15.9%. The market grew at a compound annual growth rate (CAGR) of 12.9% between 2017 and 2021. The market is expected to grow as the global agriculture tech sector continues to advance to combat the impact of climate change.
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