The smart pest monitoring management system market is projected to reach US$ 1,219.35 million by 2028 from US$ 805.06 million in 2022; it is expected to grow at a CAGR of 7.2% from 2022 to 2028
Pro AgroTech is one of the companies that is focused on developing automated technologies for monitoring insect pests. Their objective is to create an automatic insect counting device that can overcome the challenges posed by conventional pheromone traps. These traps are typically used for monitoring insect pests, particularly Lepidopteran pests like the Diamond Back Moth and Oriental Leaf Worm. The move towards replacing old pest trap systems is driving the adoption of newer smart pest control management systems. The use of AI-based products for species identification and insect recognition is expected to create profitable growth opportunities in the market. The adoption of automated insect pest monitoring systems for various settings, including residential, commercial, industrial, agriculture, orchards, and forestry, is increasing at an impressive rate. The development efforts of companies are expected to drive the global market for smart pest monitoring management systems.
Furthermore, timely pest control is crucial to prevent crop damage. This highlights the importance of adhering to the guidelines of Integrated Pest Management (IPM), which plays a significant role in promoting sustainable agriculture. IPM helps in the implementation of environmentally friendly and effective pest control practices that are safe for human consumption and beneficial to the ecosystem:
- Increase in food availability and farm productivity, whereas loss caused due to pre, and post-harvest crop reduction.
- High-income levels due to decreased production costs associated with lower pesticide use.
- The proportion of pesticide residues in feed, food, and fiber as well as the environment is lowered.
Following the guidelines of Integrated Pest Management (IPM), monitoring pest insects is a crucial step in determining the actual situation of a field before taking any action. In April 2022, the California Department of Pesticide Regulation allocated US$ 3.75 million to fund ten research projects aimed at developing IPM tools for agricultural, non-agricultural, and urban pest management. This funding reflects a 617% increase from the previous year's investment to promote safer and more sustainable pest management methods. As the usage of IPM continues to increase, it is expected to contribute directly to the growth of the smart pest monitoring management system market.
Europe held the second position in the smart pest monitoring management system market in 2021, with a considerable market share, and it is predicted to grow steadily from 2022 to 2028. During the forecast period, the region is expected to provide several growth opportunities for market players. Germany and France are the target regions for the smart pest monitoring management system market in Europe. The market is anticipated to grow in the region due to an increase in demand for consumer-based goods and warehouses. The food & beverage, automotive, and pharmaceutical industries are the three main industries in the region. Germany has a large trade surplus in the food and beverage industry, and the EU food law is highly harmonized. Therefore, the growth of these industries across the region is positively impacting the growth of the smart pest monitoring management system market, as they are major end-users of the system.
The region is seeing robust growth in residential construction, driven by demographic trends, low mortgage rates, and increased household income. This has resulted in an increase in the number of new construction projects and maintenance activities of existing structures, including smart pest control. Furthermore, the non-residential construction sector is also on the rise, thanks to the growth in consumer demand and relatively high corporate profits. Germany and the UK, in particular, are experiencing significant growth in their construction industries. As a result, the booming construction sector in these countries will create profitable growth prospects for the smart pest monitoring management system market.
Italy and Spain's governments are implementing initiatives to support the construction industry by investing in subsidies and grants for the renovation and construction of public and private infrastructure projects, particularly in the residential and commercial sectors. This broad focus on construction and maintenance activities is expected to lead to increased adoption of smart pest monitoring management systems, which will fuel the growth of the smart pest monitoring management system market share in Europe.
The market players in the region are concentrating on developing smart pest monitoring management systems to precisely handle the pest control issue. Some well-established smart pest monitoring management system manufacturers are Futura GmbH, Rentokil Initial plc, Ratdar, and Pelsis Group Ltd, among others.
COVID-19 Impact on Smart Pest Monitoring Management System Market
Due to the COVID-19 pandemic, Europe experienced an economic slowdown in 2020 and the first few months of 2021, caused by business shutdowns, travel restrictions, and supply chain disruptions. European countries such as Italy, Spain, and Germany have taken significant measures and imposed travel restrictions to curb the spread of the virus. The smart pest monitoring management system market players in the region have responded by focusing on the development of wireless platforms, allowing farmers to make real-time decisions regarding pest monitoring, crop health monitoring, yield monitoring, field mapping, harvesting management, and irrigation scheduling. Although the impact of the pandemic on the smart pest monitoring management system market was temporary, the market is expected to offer profitable opportunities in the medium to long term.
The pandemic has put many pest management companies in Europe in a difficult situation. COVID-19 has made it difficult to manufacture and apply biological control agents, which require expertise and effort. Additionally, the European Green Deal and its Farm to Fork approach are limiting the use of synthetic pesticides and fertilizers in agriculture, which may encourage the adoption of organic pest control methods and smart pest monitoring systems to prevent crop damage. All of these factors are expected to directly impact the growth of the smart pest monitoring management system market in European countries.
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 analysis is categorized into hardware and software & services. By end-user, the smart pest monitoring management system market analysis 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.
Anticimex, Bell Labs, Bayer AG, Corteva, Ecolab, and Rentokil Initial PLC are some of the prominent smart pest monitoring management system market players. The market is highly fragmented, with several smart pest monitoring management system market players localized in a specific region to cater to the domestic demand.
The smart pest monitoring management system market research has been carried out by using both primary and secondary sources. In the initial stage of the research process, extensive secondary research was conducted from internal and external sources to obtain qualitative and quantitative information about the market. The process also involved obtaining an overview and market forecast of the smart pest monitoring management system market size for all the market segments. Furthermore, multiple primary interviews were conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants involved in the primary research process included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers. In addition, external consultants such as valuation experts, research analysts, and key opinion leaders who specialize in the growth of the smart pest monitoring management system market were also consulted.