Agritech funding
Funding for agricultural technology is important to combat many problems farmers may face, such as pests and weather problems. Agritech can also help cultivate crops in climates that are not traditionally as suitable for agriculture. Total global funding for agritech more than tripled between 2017 and 2021, exceeding 53 billion U.S. dollars. Funding dropped again in 2022, reaching about 30 billion dollars. Among European countries, the United Kingdom invested the most into agri-food technology, followed by France and Germany.Smart equipment and artificial intelligence
Drones have been a very popular tool in agritech to help farmers survey crops, take photos, and collect data. Drones for agricultural use make up 11 percent of the global drone market. The market values for all applications of smart crop monitoring are expected to increase by 2027. Automation and robotics are forecast to exceed 1.1 billion U.S. dollars.Autonomous equipment is used for spraying plants, harvesting, and planting, among other applications. By 2027, the market for autonomous equipment used for harvesting is expected to reach about 7.7 billion U.S. dollars worldwide. Spraying holds the largest market share, however, and is forecast to increase by about 240 percent from 2021 to 2027.
