Precision Agriculture Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Technology (Remote Sensing, GPS/GNSS Systems, Variable Rate Technology (VRT), Guidance Software, Geomapping), By Application (Crop Management, Financial management, Weather Forecasting, Person and Inventory Management, Irrigation Management)and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Precision agriculture (PA) is a farming approach that encompasses the implementation of Information technology (IT) to identify, analyze, and manage variability within a farm to enhance crop production with reduced human efforts. Precision agriculture enables farmers to analyze the exact amount of nutrition crops need to optimize production through retrieving real data about the conditions of soil, crops, and weather conditions.
Precision farming solutions are helping farmers to utilize advanced automation techniques to reduce labor work and material costs. Through sensors and monitoring devices, precision farming techniques are assisting farmers in making improved decisions about harvesting times, control inventory and soil management, and smart water management.
Key Market Driver -
Increasing adoption of innovative precision farming technology stoked by rising population and increased demand of organic food
Key Market Restraint -
High initial investment and lack of knowledge among farmers
The primary factor fueling precision agriculture growth is the increasing need for optimum crop production within limited resources. The increasing need for proper crop monitoring, rising adoption of Internet of things (IoT) technology, and the use of advanced analytics by farmers are some of the major factors contributing to the growth of the precision agriculture market. Furthermore, changing weather conditions due to global warming has created numerous opportunities for farmers to adopt advanced farming technology. Government initiatives in developing countries are helping farmers and agro-businesses to adopt advanced farming technology for increased yield production.
However, the high initial cost associated with precision farming technology, along with a lack of awareness are factors limiting the precision farming market growth.
Market Segmentation:
By component, the market is segmented into hardware, software, and services. The hardware segment is further divided into sensors and monitoring devices, cameras and display, mobile devices, UAVs. Based on technology, the market is fragmented into remote sensing, GPS/GNSS systems, Variable Rate Technology (VRT), guidance software, and geomapping. On the basis of applications, the market has been segmented into crop management, financial management, weather forecasting, person and inventory management, and irrigation management.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
The major companies in the global precision agriculture market report include Precision Planting LLC, TeeJet Technologies, CropMetrics LLC, Trimble Inc., Ag Leader Technology, Deere & Company, Raven Industries, Inc., Lindsay Corporation, Monsanto Company, Valmont Industries, Inc., Topcon, and Farmers Edge Inc.
Regional Analysis:
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The global precision agriculture market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific, followed by North America, dominated the global precision agriculture market owing to the increasing adoption of modern farming technology and rapidly increasing population. Moreover, increasing awareness about the quality of the food in the region backed by constantly evolving infrastructure has contributed to the high revenue of the regional market. In addition to this, numerous government initiatives in the region have created wide opportunities for key players in the region to adopt advanced farming technologies, which will further contribute to regional growth. Latin America and Middle East & Africa are projected to register a comparatively higher CAGR by the end of the forecast period.
Segmentation
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Precision Agriculture Industry Developments
- In December 2019, CropMetrics, a leader in precision irrigation software and analytics, entered into partnership with The Climate Corporation to enable enhanced data connectivity for farm water management.
- In January 2019, Precision Planting LLC launched a mobile-device application 20|20 Connect app. This application will help farmers to be more efficient while planting by providing diagnostic screens from their mobile devices.
- Ongoing
- 2023
- 2019-2022
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