Report : Europe Smart Pest Monitoring Management System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Hardware and Software and Services) and End-User (Commercial, Residential, Agriculture, and Industrial)
Commercial Segment to Dominate Europe Smart Pest Monitoring Management System Market during 2019–2028
According to The Insight Partners market research study on “Europe Smart Pest Monitoring Management System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast Component and End-User,” is expected to reach US$ 352.51 million by 2028 from US$ 213.94 million in 2021. The market is estimated to grow at a CAGR of 7.4% from 2021 to 2028. The report provides trends prevailing in the Europe smart pest monitoring management system market along with the drivers and restraints pertaining to the market growth. Surge in adoption of advance technologies in agriculture sector is the major factor driving the growth of the Europe smart pest monitoring management system market. However, huge initial and registration cost of smart pest monitoring management systems may hinder the growth of Europe smart pest monitoring management system market.
Businesses in Europe are facing severe economic difficulties due to the wake of COVID-19. Several business activities have been suspended or substantially reduced. The member states such as Italy, Spain, and German, have implemented drastic measures and travel restrictions to limit the spread of COVID-19 among its citizens. The market players present in the region have started focusing on the development of wireless platforms, which allow the farmers to strengthen their real-time decision making with respect to pest monitor, crop health monitoring, yield monitoring, field mapping, harvesting management, and irrigation scheduling. The impact of COVID-19 pandemic is projected to be for shorter duration and the market is anticipated to offer lucrative opportunity in medium to long term.
The Europe smart pest monitoring management system market is segmented on the basis of component, end-user, and country. The market, based on component, is segmented into hardware, software and services. In 2020, hardware segment had the largest share among components. On the basis of end-user, the market is segmented into commercial, residential, agriculture, and industrial. With respect to end-user, commercial segment had substantial share in 2020. Based on country, the market is segmented into Germany, France, Italy, UK, Russia, and rest of Europe. In 2020, Germany held the largest share Europe smart pest monitoring management system market.
Ratdar, Anticimex, Bell Labs, Bayer AG, Corteva, EFOS d.o.o., SnapTrap B.V., Pelsis Group Ltd, VM Products, Rentokil Initial plc, Futura GmbH and PestWest USA are among the leading companies in the Europe smart pest monitoring management system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Bayer AG has started preparations to kick off the sale of pest control unit Bayer Environmental Science with a price tag potentially topping 2.4 billion euros.