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Precision Farming Market Size is valued at USD 9.22 Bn in 2023 and is predicted to reach USD 19.69 Bn by the year 2031 at a 10.0% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the report:
- Rising investments in technologies like autonomous tractors, guidance systems, and GPS sensing systems are expected to drive the expansion of the precision farming market.
- The weather monitoring and prediction application sector is experiencing steady growth.
- The hardware segment currently holds a significant market share, while the software segment is anticipated to grow at a CAGR
- The yield monitoring segment has secured a noteworthy market share.
- North America dominates the market and accounted for a significant revenue share in 2023.
Precision farming is a system of agricultural management that considers crop variability at field and plot levels. Precision agriculture is also referred to as site-specific crop management (SSCM), as-needed agriculture, satellite agriculture, and precision farming. Because it helps farmers optimize their harvest timing, crop market rate, and soil management by providing real-time data from sensors on the field about environmental temperature and water content in the soil, this is a major driver of the expansion of the precision farming industry. As a result, demand for precision farming is expected to rise.
Smart designs for vertical farming that aim to optimize yields while minimizing waste are just one example of the many expansion prospects made possible by technological advances. The development of driverless tractors, guidance systems, and GPS sensing systems, among other technologies, is anticipated to fuel the expansion of the precision agricultural industry. In addition, key players' increased focus on new product development and strategic collaborations led to the growth of the global precision farming market. Companies in the precision farming market can anticipate substantial development prospects and increased spending on cutting-edge technology. It drives expansion globally and is expected to boost market expansion in the coming years.
However, low levels of knowledge among farmers and substantial finances prevent widespread use of the method. Lack of technologically advanced equipment and trained people are also impeding the growth of the precision farming market in emerging economies. Furthermore, increasing R&D activities and investments by prominent players are expected to create lucrative growth opportunities in revenue for players operating in the global precision farming market over the forecast phase.
Competitive Landscape
Some Major Key Players In The Precision Farming Market:
- Trimble Inc. (US)
- Deere & Company (US)
- AGCO Corporation (US)
- AgJunction LLC (US)
- Raven Industries, Inc. (US)
- AG Leader Technology (U.S.)
- Teejet Technologies (US)
- Topcon (US)
- Taranis (Israel)
- AgEagle Aerial Systems Inc (US)
- Ec2ce (Spain)
- Descartes Labs
- Granular Inc. (US)
- Hexagon AB (Brazil)
- Climate LLC (US)
- CropX Inc. (Israel)
- Agribotix
- Bayer CropScience AG
- Case IH Agriculture
- ClearAg Operations
- Conservis Corporation
- DICKEY-john Corporation
- Farmers Edge Inc.
- Grownetics, Inc.
Market Segmentation:
The precision farming market is segmented based on type and application. Based on offering, hardware {drones, GPS, yield monitors, sensors}, software, and services. By technology, the market is segmented into guidance technology, remote sensing technology and variable rate technology. As per the Application, the market is divided into Yield Monitoring, Crop Scouting, Field Mapping, Variable Rate Application, Weather Tracking and Forecasting, Inventory Management, Farm Labor Management, Financial Management, and Others (Demand Forecasting, Customer Management, Payables and Receivables).
Based On The Offering, The Hardware Precision Farming Segment Is Accounted As A Major Contributor To The Precision Farming Market.
The hardware precision farming category is expected to hold a maximum global market share because of their commonplace application in the field of precision agriculture, drones, global positioning systems (GPS), irrigation control devices, guidance and steering systems, yield tracks, and agricultural sensors all play a role in the rising popularity of this market segment.
Variable Rate Technology Segment Witnessed Growth At A Rapid Rate.
The variable rate technology segment is projected to grow rapidly in the global precision farming market because Progress is being driven by the use of GPS-based auto-guidance technology, which enables agricultural experts to maximize the use of equipment and tractors, resulting in lower fuel and labor costs, improved operational efficiency, and less soil compaction, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Precision Farming Market Holds A Significant Revenue Share.
The North American precision farming market is expected to record the maximum market share in revenue in the near future. It can be attributed to more people using guiding systems and VRT to cultivate their food. Enhanced infrastructure and a growing number of government programs encouraging cutting-edge farming methods have helped the region's economy thrive. In addition, the presence of key market competitors and improvements in precision farming technology fuel expansion in the region's industries.
In addition, Asia Pacific is projected to grow rapidly in the global precision farming market, boosting because farmers are able to learn enough about precision agricultural equipment and how to keep it running smoothly thanks to a solid administrative framework and growing financial support from the business.
Recent Developments:
- In May 2023, The AGCO Corporation and Bosch BASF Smart Farming announced their collaboration to bring Smart Spraying technology to Fendt Rogator sprayers. In addition, the two businesses agreed to work together to create new, ground-breaking capabilities.
Precision Farming Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 9.22 Bn |
|
Revenue Forecast In 2031 |
USD 19.69 Bn |
|
Growth Rate CAGR |
CAGR of 10.0% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Offering, By Technology, By Application |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Deere & Company (US), Trimble Inc. (US), AGCO Corporation (US), AgJunction LLC (US), Raven Industries, Inc. (US), AG Leader Technology (US), Teejet Technologies (US), Topcon (US), Taranis (Israel), AgEagle Aerial Systems Inc (US), ec2ce (Spain), Descartes Labs, Inc. (US), Granular Inc. (US), Hexagon AB (Brazil), Climate LLC (US), and CropX Inc. (Israel), Agribotix, Bayer CropScience AG, Case IH Agriculture, ClearAg Operations, Conservis Corporation, DICKEY-john Corporation, Farmers Edge Inc., Grownetics, Inc., Others |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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