The global precision farming market size is anticipated to reach USD 20.84 billion by 2030, registering a CAGR of 12.8% over the forecast period, according to a new report by Grand View Research, Inc. Precision farming, also known as site-specific crop management or satellite farming, is a farm management concept that uses information technology to ensure optimum health and productivity of crops.
Precision Farming Market Report Highlights
- Increasing government support for adopting modern agricultural techniques and the growing need for efficiently monitoring the health of crops are expected to drive market growth
- The cloud-based software model is anticipated to gain a significant share of the market over the projected period as it reduces energy consumption and provides storage for a large amount of data while facilitating cost saving
- Innovations in GPS mapping and related farming applications are enabling farmers to operate more efficiently and increase their profit margins
- Demand for drones is expected to grow in the agriculture field as they are increasingly used to monitor irrigation systems
- Yield monitoring is expected to continue leading the application segment in terms of revenue share. It is widely used in soil monitoring since it detects soil qualities that may be used to increase yields
- The digital revolution in the agricultural sector, along with government financial incentives to farms, is likely to drive demand for precision farming in Europe in the forthcoming years
- Asia Pacific is expected to showcase the fastest growth owing to the availability of the largest agricultural land, which provides growth opportunities in countries such as China, India, Australia, and Japan
- Key players in the precision agriculture market include AgEagle Aerial Systems Inc. (Agribotix LLC); Deere and Company; Proagrica (SST Development Group, Inc.); Farmers Edge, Inc.; and Granular, Inc.
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The precision farming technique largely depends on specialized equipment such as sensing devices, antennas and access points, and automation and control systems. It also includes maintenance and managed services. The process also incorporates a broad range of technologies such as bio-engineering, robotics and automation, imagery and sensors, and big data.
The growing number of applications for telematics in agriculture is anticipated to supplement the growth of the market. Telematics services include tracking devices that deploy the Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. Major agriculture equipment manufacturers are adopting telematics services for their equipment to improve farm efficiency, thereby reducing the cost of agricultural operations and maximizing profitability. Improved management can also help reduce environmental impact.
Telematics technology is used to capture and transfer data from the farm equipment through sensors installed on tractors and other field monitoring equipment. The increasing adoption of telematics systems by agricultural equipment companies is expected to drive the growth of the market during the forecast period.
Furthermore, with GPS guidance and automation advancements, drones are poised to transform the agriculture industry in the forthcoming years. The ability of drones to precisely analyze the soil at the beginning of the crop cycle and detect a plant infected with bacteria or fungus is anticipated to propel the growth of the drone segment.
However, the low rate of technology adoption among farmers is likely to hamper market growth during the study period. This may be due to factors such as the absence of stringent standards and limitations on the exchange of data. Furthermore, farmers lack independent consulting and advisory services owing to the absence of validated agronomic models for Variable Rate Technology (VRT) to make decisions on investments. In addition, independent services are not linked to co-operatives, government bodies, and farmer associations where farmers can get additional information to make better decisions.
Precision Farming Market Insights By Demographics
North America accounted for the largest revenue share of 45%. The region is an early adopter of technologies. Factors such as increasing government initiatives that support the adoption of modern agriculture technologies and developed infrastructure have contributed to the high revenue of the regional market. Asia Pacific is expected to witness significant growth over the forecasted period. Numerous government initiatives are being undertaken in developing countries such as India, Sri Lanka, and Nigeria to encourage the implementation of modern precision farming technologies, thereby maximizing productivity. An effective administrative framework is also enabling farmers to gain adequate knowledge of the proper use and maintenance of precision farming equipment.
Industry Share Analysis By Major Companies
Conventional farming methods such as the use of pesticides, herbicides, and other genetically modified organisms are becoming unsuitable to meet the growing requirements of precision farming. Hence, major players are continuously involved in technological innovations and strategic acquisitions. Some prominent players in the global precision farming market include:
- Ag Leader Technology
- AgJunction, Inc.
- CropMetrics LLC
- Trimble, Inc.
- AGCO Corporation
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Grand View Research has segmented the global precision farming market based on offering, application, and region:
- Precision Farming Offering Outlook (Revenue, USD Million, 2017 – 2030)
- Precision Farming Application Outlook (Revenue, USD Million, 2017 – 2030)
- Precision Farming Regional Outlook (Revenue, USD Million, 2017 – 2030)
- Listof Key Players of the Precision Farming Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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