Precision Farming Market: Current Analysis and Forecast (2021-2027)

Precision Farming Market: Current Analysis and Forecast (2021-2027)

The global precision farming market is expected to register a CAGR of around 11% over the period of 2021-2027. The market is uplifting on account of the rapid adoption of advanced technologies in precision farming to reduce labor costs along with climate change and the need to meet the rising demand for food. Moreover, the increasing implementation of smart devices in agriculture followed by the need to mitigate greenhouse gases to limit climate change will positively stimulate the industry landscape. Moreover, the growing greenhouse gas emissions are also influencing the adoption of precision farming. For instance, the world generated 47.41 Bn tonnes of greenhouse gases in 2016 which increased to 48.94 Bn tonnes in 2018. Precision agriculture is a state-of-the-art approach to farms and farm management that uses information technology to ensure that plants and soils receive exactly what they need for optimal health and productivity. The purpose of precision agriculture is to ensure profitability, sustainability, and environmental protection.

Deere & Company, Trimble Inc., AGCO Corporation, AgJunction Inc., Raven Industries Inc., Teejet Technologies, AG Leader Technology, AgEagle Aerial Systems Inc., Granular Inc., CropX Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst offering, the hardware segment held a prominent share in the market in 2020”

Based on offering, the market is divided into hardware, software, and services. Among these, the hardware segment captured a significant share of the global precision farming market in 2020 and is anticipated to witness robust growth during the forecast period. This is mainly due to the high adoption of smart devices such as drones, GPS, irrigation controllers, guidance and control systems, yield monitors, and sensors in agriculture. Hardware components such as automation and control systems, sensor devices, and drones play an important role in supporting farmers.
"Amongst technology, variable rate application held a prominent share in the market in 2020”

Based on the technology, the market is classified into guidance, remote sensing, and variable rate application. The variable rate application segment is anticipated to witness a substantial growth rate during the forecast period. The market growth is due to the early adoption of this technology by farmers. Variable rate application includes variable rate pesticides, variable rate fertilizers, and variable rate crops. The application of variable rate application in precision agriculture focuses not only on fertilizer application but also on many other areas.
"North America to witness significant growth during the forecast period”

North America held a prominent share of the global precision farming market in 2020 and is expected to showcase a substantial growth rate during the forecast period. This can be attributed to the progress of modernization of agribusiness in regional countries. In countries such as the US and Canada, there are numerous government initiatives to encourage the adoption of modern precision farming techniques to maximize productivity. The region is focused on expanding its operations and improving overall efficiency to remain competitive in the market and is expected to provide lucrative opportunities in the precision agriculture market during the forecast period. Moreover, the agriculture sector significantly contributes to the GDP of major countries in the region. For instance, Agriculture, food, and related industries contributed $1.055 trillion (5% share of the total US economy) to the US gross domestic product (GDP) in 2020.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.