Precision Farming Market: Global Industry Analysis and Forecast (2022-2029)

The Precision Farming Market size was valued at US$ 7.58 Billion in 2021 and the total precision farming revenue is expected to grow at 12.9% through 2022 to 2029, reaching nearly US$ 20.02 Billion.

Precision Farming Market Overview:

Precision agriculture is a contemporary agricultural technology that gathers crucial field knowledge using a range of technologies such as GPS, GIS, and remote sensing. The location also has sensors that detect temperature, nutritional level, and soil moisture. By automating important operations, the technology eliminates manual human efforts such as control and knowledge sharing. The growing number of telematics applications in agriculture is expected to fuel demand for precision farming throughout the forecast period (2022-2029). Global Precision Farming MarketTo know about the Research Methodology :- Request Free Sample Report Tracking devices that use the Global Navigation Satellite System (GNSS) to indicate the location of the equipment for management reasons are examples of telematics services. Major agricultural equipment manufacturers are using telematics services for their equipment to increase farm productivity, lowering the cost of agricultural operations and increasing profitability. Furthermore, better management can assist to lessen the environmental effect. The growing use of telematics systems by agricultural equipment manufacturers is likely to boost market expansion. Drones are also set to alter the agriculture business, thanks to breakthroughs in GPS navigation and automation. The capacity of drones to accurately assess soil at the start of the crop cycle and detect a plant afflicted with bacteria or fungus is expected to boost the drone segment's growth.

Precision Farming Market Dynamics:

Rising government support for adopting new agricultural practices, as well as the growing requirement for effective crop health monitoring, are projected to fuel market expansion. The cloud-based software model is expected to hold a high market share by 2029 since it decreases energy consumption and provides enormous amounts of data storage while allowing cost savings. GPS mapping and associated farming applications innovations are allowing farmers to work more effectively and profitably. Drones are becoming more popular in agriculture, where they are frequently employed to monitor irrigation systems. Yield monitoring is widely used in soil monitoring because it detects soil qualities that may be used to increase yields. The agricultural digital revolution, along with government financial incentives for farmers, is expected to stimulate demand for precision farming in Europe in the coming years. Farmers' low rate of technology adoption is projected to stifle market growth throughout the projection period. This might be due to factors such as a lack of severe standards and restrictions on data interchange. Farmers also lack independent consultancy and advising services due to a lack of proven agronomic models for Variable Rate Technology (VRT) investment decisions. Independent services are not related to co-operatives, government entities, or farmer groups, where farmers may obtain additional information to help them make better decisions.

Global Precision Farming Market Segment Analysis:

By Offering: The precision farming market is further sub-segmented into hardware, software, and services. In the year 2029, the market for precision agricultural gear is predicted to be the largest. The precision farming market has been divided into three segments based on their offerings: hardware, software, and services. Due to the widespread deployment of automation and control devices–drones/UAVs, GPS/GNSS, irrigation controllers, guidance and steering systems, yield monitors, and sensors–hardware held the biggest market share in 2021. The growing use of new technologies and improved precision farming equipment is likely to boost the growth of the precision farming hardware market. During the projected period, the precision farming services market is predicted to develop at the fastest CAGR (2022-2029). The growing demand for managed services is a significant factor driving the growth of the precision agricultural services market. By Technology: The precision farming market is sub-segmented into GNSS, GIS, Remote Sensing, and VRT based on technology. The Variable Rate Technology is projected to hold the highest share in the year 2029. Global Precision Farming Market By Application: The market is sub-segmented into different applications like yield and soil monitoring, crop scouting, precision irrigation, and mapping. Mapping had the highest market share in the year 2021. The market for precision irrigation management applications is projected to grow at a higher CAGR during the forecast period (2022-2029). Precision Irrigation is expected to witness an attractive rate of growth during the forecast period (2022-2029). Precision Irrigation involves the use of technologies such as weather-based controllers, rain sensors, temperature sensors, network elements, water meters, and sensor-based controllers. The growing demand for water conservation and food production, as well as the reduction of resource waste, are the primary motivators for the increased usage of precision instruments for irrigation management applications. Global Precision Farming Market

Global Precision Farming Market Regional Insights:

In 2021, North America owned the greatest proportion of the precision farming market. Countries in North America, such as the United States and Canada, were early adopters of precision farming technology, which explains why this area has such a large part of the precision farming industry. Farmers in this region are progressively implementing innovative agricultural methods and equipment such as steering and guiding systems, sensors, display devices, and farm management software. Rising adoption of advanced technologies in various agricultural applications, reduced labor, farm consolidation, growing population, and increasing demand for high productivity from existing farm areas are some of the other factors driving the growth of the precision farming market in the United States. The Asia Pacific is predicted to grow significantly throughout the projection period (2022-2029). Various government programs are ongoing in emerging nations such as India, Sri Lanka, and Nigeria to promote the adoption of cutting-edge precision agriculture technologies to increase production. The objective of the report is to present a comprehensive analysis of the global Precision Farming market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global Precision Farming market dynamics, structure by analyzing the market segments and projecting the global Precision Farming market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Precision Farming market make the report investor’s guide.

Global Precision Farming Market Scope: Inquire before buying

Global Precision Farming Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: The US $ 7.58 Billion
Forecast Period 2022 to 2029 CAGR: 12.9 % Market Size in 2029: The US $ 20.02 Billion.
Segments Covered: by Offering • Hardware • Software • Services
by Technology • Global Navigation Satellite System (GNSS) • Geographic Information System (GIS) • Remote Sensing • Variable Rate Technology (VRT)
by Application • Yield Monitoring • Crop Scouting • Mapping • Soil Monitoring • Precision Irrigation • Others

Global Precision Farming Market, by Region

• North America • Europe • Asia Pacific • The Middle East and Africa • South America

Global Precision Farming Market Key Players

• Deere & Company • AGCO Corporation • Trimble • Raven Industries • Topcon Positioning • AgJunction • Observant • Granular Inc • Agrivi Ltd. • Monsanto Company • Dickey-John Corporation • Ag Leader Technology • CNH Industrial NV • SST Development Group. • Trimble Navigation Limited • Tetra Laval Holdings B.V.

FAQs:

1. What is the use of Precision Farming? Ans. Precision agriculture is a contemporary agricultural technology that gathers crucial field knowledge using a range of technologies such as GPS, GIS, and remote sensing. 2. What is the predicted revenue generation of the Precision Farming market? Ans. The precision Farming Market size was valued at US$ 7.58 Billion in 2021 and the total precision farming revenue is expected to grow at 12.9% through 2022 to 2029, reaching nearly US$ 20.02 Billion. 3. At what growth rate is the Precision Farming market evolving? Ans. the total precision farming revenue is expected to grow at 12.9% from 2022 to 2029 4. Who are the major market giants operating in the global Precision Farming market? Ans. the major key players are Deere & Company, AGCO Corporation, Trimble, Raven Industries, Topcon Positioning, AgJunction, Observant, Granular Inc, Agrivi Ltd., Monsanto Company, Dickey-john Corporation, Ag Leader Technology, CNH Industrial NV, SST Development Group., Trimble Navigation Limited, Tetra Laval Holdings B.V.
1. Global Precision Farming Market: Research Methodology 2. Global Precision Farming Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Precision Farming Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Precision Farming Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Precision Farming Market Segmentation 4.1 Global Precision Farming Market, by Offering (2021-2029) • Hardware • Software • Services 4.2 Global Precision Farming Market, by Technology (2021-2029) • Global Navigation Satellite System (GNSS) • Geographic Information System (GIS) • Remote Sensing • Variable Rate Technology (VRT 4.3 Global Precision Farming Market, by Application (2021-2029) • Yield Monitoring • Crop Scouting • Mapping • Soil Monitoring • Precision Irrigation • Others 5. North America Precision Farming Market(2021-2029) 5.1 Global Precision Farming Market, by Offering (2021-2029) • Hardware • Software • Services 5.2 Global Precision Farming Market, by Technology (2021-2029) • Global Navigation Satellite System (GNSS) • Geographic Information System (GIS) • Remote Sensing • Variable Rate Technology (VRT 5.3 Global Precision Farming Market, by Application (2021-2029) • Yield Monitoring • Crop Scouting • Mapping • Soil Monitoring • Precision Irrigation • Others 5.4 North America Precision Farming Market, by Country (2021-2029) • United States • Canada • Mexico 6. Asia Pacific Precision Farming Market (2021-2029) 6.1. Asia Pacific Precision Farming Market, by Offering (2021-2029) 6.2. Asia Pacific Precision Farming Market, by Technology (2021-2029) 6.2. Asia Pacific Precision Farming Market, by Application (2021-2029) 6.2. Asia Pacific Precision Farming Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. The Middle East and Africa Precision Farming Market (2021-2029) 7.1 The Middle East and Africa Precision Farming Market, by Offering (2021-2029) 7.2. The Middle East and Africa Precision Farming Market, by Technology (2021-2029) 7.2. The Middle East and Africa Precision Farming Market, by Application (2021-2029) 7.4. The Middle East and Africa Precision Farming Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Precision Farming Market (2021-2029) 8.1. Latin America Precision Farming Market, by Offering (2021-2029) 8.2. Latin America Precision Farming Market, by Technology (2021-2029) 8.2. Latin America Precision Farming Market, by Application (2021-2029) 8.4 Latin America Precision Farming Market, by Country (2021-2029) • Brazil • Argentina • Rest Of Latin America 9. European Precision Farming Market (2021-2029) 9.1. European Precision Farming Market, by Offering (2021-2029) 9.2. European Precision Farming Market, by Technology (2021-2029) 9.3. European Precision Farming Market, by Application (2021-2029) 9.4. European Precision Farming Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1 Deere & Company 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 AGCO Corporation 10.3 Trimble 10.4 Raven Industries 10.5 Topcon Positioning 10.6 AgJunction 10.7 Observant 10.8 Granular Inc 10.9 Agrivi Ltd. 10.10 Monsanto Company 10.11 Dickey-John Corporation 10.12 Ag Leader Technology 10.13 CNH Industrial NV 10.14 SST Development Group. 10.15 Trimble Navigation Limited 10.16 Tetra Laval Holdings B.V.

About This Report

Report ID 6669
Category Electronics
Published Date Nov 2019
Updated Date Sept 2022
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