According to the new research report titled "Smart Pest Monitoring Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 1,219.35 million by 2028, registering a CAGR of 7.2% from 2022 to 2028.
Integrated pest management (IPM) is an ecosystem-based strategy that aims to address pest problems while reducing risks to the environment and people. This approach has been successfully applied in various areas such as agricultural, urban, natural, and wildland to manage all kinds of pests. The primary focus of IPM is to prevent pests or minimize the damage they cause. The future prospects of IPM are highly profitable as it reduces pests and decreases the use of pesticides, saving money, and safeguarding health. The US EPA recommends the use of IPM as a smart, sustainable, and practical method of pest control. Moreover, with the growing adoption of digital monitoring tools like geographic information systems, global positioning systems, and precision agriculture, the use of IPM is likely to rise. Therefore, the adoption of IPM will directly contribute to the growth of the smart pest monitoring management system market.
Smart Pest Monitoring Management System Market: Impact of COVID-19
China, being the country with the largest population in the world, had a higher risk of widespread virus transmission. The pandemic has affected major economies in the region, including China, India, South Korea, and Vietnam, according to the Organization for Economic Co-operation and Development (OECD). The industrial downturn in these countries has adversely impacted the smart pest monitoring management system market during the first two quarters of 2020.
The Asia Pacific region is expected to witness an increase in the adoption of smart pest monitoring management systems and services among farmers due to the rising adoption of farm mechanization and evolving smart agriculture infrastructure. However, the growth of the market was negatively impacted by the COVID-19 pandemic. Although the pandemic has increased the inclination towards digital agriculture in the coming years, the short-term impact of COVID-19 has adversely affected the market's growth due to supply chain disruptions and labor shortages. The adoption of smart pest control methods and solutions was also relatively slower due to economic slowdown and inflation. South Korea is seen as a role model for how it is managing the COVID-19 pandemic and finding answers to longer-term issues like agriculture and climate change due to its long-standing farming traditions. The government's immediate countermeasures, such as restarting agricultural production, providing financial support, stabilizing agricultural production and product supply, providing agricultural technology guidance, and managing pest monitoring, are aiding the steady market recovery.
The Asia Pacific smart pest monitoring management system market is expected to register the highest CAGR over the forecast period, followed by Europe and MEA. The market in the Asia Pacific region is growing rapidly and is expected to continue its growth trajectory during the forecast period. Key contributors to this market include China, India, South Korea, Japan, and Australia. The agri-food industry in Asia, which is valued at approximately US$ 5 trillion, is undergoing a technological revolution that is expected to expand the agriculture business's scope. Increasing population in countries such as China, India, Indonesia, Japan, the Philippines, and Vietnam, along with rising demand for higher yields, are driving factors for the agriculture sector in this region. Governments and private manufacturers are focusing on developing and implementing smart pest monitoring management systems to address the issue of pest control. Some of the leading smart pest monitoring system manufacturers in the region include Corteva, Bell Labs, and Anticimex, among others. All of these factors are expected to contribute to the growth of the smart pest monitoring management system market in the Asia Pacific region.
The smart pest monitoring management system market size is segmented into component, end-user, and geography. Based on component, the smart pest monitoring management system market is categorized into hardware and software & services. By end-user, the smart pest monitoring management system market is segmented into commercial, residential, agriculture, and industrial. On the basis of geography, the smart pest monitoring management system market size is primarily segregated into North America, Europe, Asia Pacific (Asia Pacific), the Middle East & Africa (MEA), and South America.
Key Findings of Study:
The global smart pest monitoring management system market analysis is segmented into five major regions- North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2021, North America led the largest smart pest monitoring management system market share, followed by Europe and North America. Moreover, Asia Pacific is expected to grow at the highest CAGR over the forecast period 2022-2028 in the global smart pest monitoring management system market.
China dominated the smart pest monitoring management system market share in the Asia Pacific region in 2021, reflecting the country's rapid population growth and plans to relocate approximately 250 million individuals to its booming megacities. To address the surging demand for food and accommodation, China is heavily investing in its agriculture and residential sectors, resulting in a high adoption rate of precision farming and other agriculture technologies. The Chinese State Council issued regulations for the Prevention and Control of Crop Diseases and Insect Pests on April 2, 2020, specifying the responsibilities for preventing and controlling agricultural illnesses and pests and outlining the consequences of non-compliance. As a result, with the population increase and growing investment in agriculture, the smart pest monitoring management system market in China is expected to undergo significant growth.
Additionally, it allows for establishing a national surveillance system for agricultural diseases and pests. In March 2022, EQT Private Equity Asia invests in Guardian, the largest domestic pest treatment company in China with a significant presence in that nation's eastern and southern regions. Such steps by companies will promote the growth of smart pest monitoring management system market.
India, a rapidly expanding economy in the Asia Pacific region, depends heavily on agriculture, which accounts for nearly 16% of its GDP. To enhance farming activities, India has made significant progress in utilizing smart pest control techniques. In addition, the country has implemented laws such as The Insecticides Act, 1968, and Insecticides Rules, 1971, which regulate the use of pesticides throughout the nation and safeguard human beings, animals, and the environment. The Pesticide Management Bill, 2020, introduced by the Minister of Agriculture and Farmers Welfare in the Rajya Sabha, aims to replace the Insecticides Act, 1968, and covers any unwelcome or harmful animal, plant, or pathogenic agent as a pest. The introduction of such regulations will facilitate the implementation of pest management in India, driving the growth of the smart pest monitoring management system market. Exciting developments are anticipated, such as the launch of a new BASF pesticide in April 2022 to help Indian farmers protect their crops against major insect pests. BASF's Exponus insecticide is powered by a distinctive formulation of Broflanilide, a novel active component. It will enable farmers in India to safeguard their crops and improve their yields.
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