Precision Agriculture Market

Precision Agriculture Market Size & Growth (2022 - 2027):

Precision Agriculture Market was worth USD 4.83 billion in 2021 and is estimated to be growing at a rate of 14.7%, to reach USD 9.59 billion by 2026.

Precision Agriculture is one of the advanced farming techniques that involve the use of technologies such as Global Positioning System, remote sensing, and Geographic Information system to gather information from the fields and make better decisions in the use of resources. Precision agriculture reduces the majority of human efforts on-field by automation. With the use of installed sensors in the field, measurement of temperature, soil humidity, and nutritional level of soil can be measured and shared with the farmers. This enables the farmer to get better yields with optimized use of resources and wastage. All this technology can be accessed by farmers through their smartphones or PCs.

Precision Agriculture Market Drivers:

Increasing the use of cloud-based technology, the growing trend of application of technology in farming to minimize losses and human efforts, increasing the use of smartphones are the major factors driving the precision agriculture market. The ease of operation of the technology and the need to maximize the production of food are also driving the growth of the market. However, the high initial investment for the installation of sensors and GPS systems, lack of proper awareness amongst farmers about the benefits of precision agriculture, and inexperience in using technology are the major factors restraining the market.

PRECISION AGRICULTURE MARKET REPORT COVERAGE:

Market Segmentation:

Precision Agriculture Market – By Offering:

• Hardware

• Software
• Services

 The hardware segment is further segmented into Automation & control systems and Sensing & Monitoring devices. The automation & control system is further segmented into Display, Guidance & steering, GPS system, Drones, Mobile devices, and flow and application control devices. Sensing devices are further segmented into Yield Monitors, Soil Sensors, Water Sensors, and climate sensors. Automation and control systems dominate the market in this segment. The Software segment is further segmented into Web-based and cloud-based software. Cloud-based software is rapidly gaining popularity and is the fastest-growing segment.

Precision Agriculture Market – By Technology:

• Guidance system
• Variable-rate technology
• remote sensing

The guidance system is the largest market segment as it includes GPS and GIS which are majorly applicable in precision farming.

Precision Agriculture Market – By Application:

• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Farm Labor Management
• and Financial Management.

Weather tracking and forecasting hold the largest market share in the precision agriculture market. However, irrigation management is expected to be the fastest-growing segment owing to increasing water scarcity.

Precision Agriculture Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East, and Africa

North America dominated the market due to the increasing adoption of technology in farming in this region followed by Europe. Asia-Pacific is the fastest-growing market segment as this region has the largest agricultural land and a huge population base.

Key Players:

Some of the major companies in the precision agriculture market are Deere & Company (U.S.), Trimble, Inc. (U.S.), and Leica Geosystems (Switzerland), AJ Junction, Inc. (U.S.), Monsanto Company, AgSmarts Inc., CropMetrics LLC, and Dickey-john Corporation.