The market is estimated to grow with a CAGR of 9. 7% from 2020 to 2027. The growth of this market is attributed to the key driving factors such as the rising need for cattle tracking solutions and an increasing demand in dairy farming applications.
New York, April 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Smart Collar Tags for Cow Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type ; Application" - https://www.reportlinker.com/p06065024/?utm_source=GNW
However, the market is expected to experience slow growth during the forecast period owing to the availability of substitute technologies.
The introduction of the Internet of things (IoT) technology in the livestock industry brought new solutions for dairy farmers to manage the livestock more effectively.New smart technologies, such as real-time animal activity monitoring, automated feeding systems, and health tracking devices, have boosted the revenue margin for dairy farmers.
The cost-saving benefits experienced after mounting the collars on a cow is one of the key factors for the market growth.Dairy farmers and ranchers are adopting smart collars to locate and monitor the cow’s activities.
The IoT-based cattle-tracking collar offers remote visibility of the livestock locations.Securing and protecting the cows from natural disasters, theft, injury, and organized crime are among the key factors augmenting the adoption of these collars in a livestock monitoring application.
Rising awareness about IoT technology among livestock owners and farmers is supplementing the market growth.
Growing inclination of dairy farmers and ranchers toward smart agricultural practices and livestock monitoring solutions is mounting the demand for smart collars.Companies are further improving the solution by integrating advanced sensors for enhanced monitoring and tracking features.
For instance, Sigfox—a provider of the IoT technology—offered a series of wireless monitoring devices for livestock, including collars and tags.Ranchers are using smart livestock collars offered by the company to monitor the cattle.
Further, the cost-saving benefits of smart collars are increasing their incorporation in livestock tracking applications.The demand for wearable livestock trackers is mounting across the globe, which is supporting the market growth.
For instance, according to the Sierra Wireless company prediction, the wearable livestock trackers market is expected to reach US$ 2.5 billion by 2025. Such supporting stats and acceptance of the IoT technology in farming and livestock monitoring applications are driving the market.
In the North American region, a slight decline in the demand for smart collar tags for cow was witnessed owing to a halt in the livestock industry.In Canada, livestock farms deemed nonessential were shut down, and the essential farms are subject to public health guidelines.
However, positive demand from food & beverages industry, were noticed.Additionally, demand was accelerated due to the expiration of tax incentives and credits offered by the US government for agricultural projects.
In December 2020, the government passed the COVID-19 relief bill, extending tax incentives timeline for industries, including agriculture sector.The agriculture industry in the US, including livestock farms, has witnessed growth during the COVID-19 epidemic so far.
Further, the US government support for an infrastructure package worth US$ 2 trillion will moderate the impact on demand for smart collar tags used in livestock farms.
Based on product type, the North America smart collar tags for cow market is segmented into GPS based, radio based, and others. The radio based segment held the largest market share in 2019 and is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the North America smart collar tags for cow market is segmented into tracking, training, and others. The tracking segment held the largest market share in 2019, whereas the training segment is anticipated to register the highest CAGR in the market during the forecast period.
A few of the primary and secondary sources referred to while preparing the report on the North America smart collar tags for cow market are the Food and Agriculture Organization (FAO), the Sierra Wireless company, among others.
Read the full report: https://www.reportlinker.com/p06065024/?utm_source=GNW
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