by ISOBUS terminals are electronic devices installed in agricultural equipment for connectivity and communication with smart devices. They replace proprietary control systems to facilitate open communication through standardized application programming interfaces between farm equipment, independent of the brand. ISOBUS terminals enable users to monitor and control agricultural machinery through software applications displayed on terminals. They provide various functionalities like vehicle guidance, section control, fleet management, and documentation. Adoption of precision agriculture practices by farmers is surging to optimize productivity, reduce operational costs, and increase profitability. This in turn is boosting demand for advanced ISOBUS terminals from original equipment manufacturers and aftermarket suppliers.
The global ISOBUS terminal market is estimated to be valued at US$ 698 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers augmenting the growth of the ISOBUS terminal market is the surging adoption of precision agriculture practices globally. Various agriculturally developed nations like the U.S., India, China, Brazil are increasingly adopting site-specific crop management to maximize yields. ISOBUS terminals enable utilization of precision agriculture technologies and software applications through connected farm vehicles and implements for precision field operations. They facilitate utilization of guidance and mapping systems, variable rate control of fertilizer, and seeds. This significantly aids in optimizing input usage and boosting farm output. Furthermore, compatibility of ISOBUS terminals with various farm equipment and telematics solutions regardless of brand also promotes its adoption. This interoperability allows use of a single terminal across mixed fleets and aids fleet management.
Segment Analysis
The ISOBUS terminal market is dominated by the agriculture segment. Within agriculture, the self-propelled and large farm tractors sub-segment accounts for over 60% share owing to greater adoption of advanced farming equipment and technologies by large and medium scale farmers. Adoption of ISOBUS in agriculture equipment allows interoperability between implements and tractors from different manufacturers, resulting in efficient farm operations.
PEST Analysis
Political: Governments in various countries are promoting adoption of advanced farming technologies to improve agricultural productivity and efficiency. Subsidies and incentives are driving ISOBUS terminal adoption.
Economic: Cost savings from optimized field operations and resource utilization is a key driver for ISOBUS adoption. However, high initial installation and purchase costs could restrain market growth.
Social: Younger generations of farmers are more accommodating of new technologies. Growing contract farming is also positively impacting demand.
Technological: ISOBUS allows transfer of data between machinery in real-time for precision agriculture. Software solutions are helping integrate more vintage fleet with ISOBUS. Interoperability standards ensure compatibility.
Key Takeaways
The Global ISOBUS Terminal Market Size is expected to witness high growth supported by the digital transformation of the agriculture sector. The global ISOBUS terminal market is estimated to be valued at US$ 698 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.
Regional analysis
The North America region accounts for over 35% share of the global market led by the US. This can be attributed to large scale farms, use of latest equipment, and government support programs for smart agriculture. Europe is another major market for ISOBUS terminals driven by Western European countries like Germany, France and UK. The Asia Pacific region is expected to witness fastest growth during the forecast period led by China, India with growing mechanization.
Key players
Key players operating in the ISOBUS terminal market are Frinsa, Thai Union Group PCL, Century Pacific Food Inc., Bumble Bee Foods, LLC, Jealsa, Grupo Calvo, PT. Aneka Tuna Indonesia, American Tuna, The Jim Pattison Group, Bolton Group, Dongwon Group. Frinsa is a leading provider of virtual terminals while Bumble Bee Foods specializes in canned tuna.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
