Precision Farming Market was worth USD 5.66 billion in 2021 and is projected to grow at a CAGR of 13.7%, to reach USD 10.85 billion by 2026.
Precision farming is one of the advanced farming techniques. It involves measuring, observing, and responding to the variability in crops, farming fields, and weather. The objective of precision farming is to aid the farmers to make precise decisions and to increase output to input ratio through optimal use of resources.
It reduces human efforts on the field through the use of automated and semi-automated agricultural devices which can be controlled from a distance with the help of remote sensing and satellite guiding technology. With the use of installed sensors in the field, temperature, soil humidity, and soil nutrition levels can be analyzed and take appropriate actions.
Precision Farming Market Drivers:
Increasing use of cloud-based technology, the growing adoption rate of modern farming techniques to enhance productivity, growing food demand are the major factors driving the precision agriculture market. The increasing need to increase the food production in the available agricultural land and government initiatives to increase the usage of modern technologies in agriculture are propelling the market growth. However, the requirement of high initial investment and lack of proper awareness among the farmers are hindering market growth.
REPORT METRIC |
DETAILS |
Market Size Available |
2020 – 2026 |
Base Year |
2020 |
Forecast Period |
2022 - 2027 |
CAGR |
13.7% |
Segments Covered |
By Offering, Software, Technology, Application and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Raven Industries, Deere & Company, AGCO Corporation, Trimble Navigation Ltd, Monsanto Company, Dupont, Agjunction, Inc, Precision Planting, Inc, SST Development Group, and Dickey-john Corporation and Others. |
Precision Farming Market Segmentation:
Regional Analysis:
On the basis of region, the Precision Farming market is segmented into
North America dominated the market due to the increasing adoption of the latest technology, high market penetration, and high awareness among the farmers in this region. Asia-Pacific is the fastest-growing market segment as this region has the largest agricultural land and huge growth potential for manufacturers.
Key Players:
Some of the major players in the Precision Farming market are Raven Industries, Deere & Company, AGCO Corporation, Trimble Navigation Ltd, Monsanto Company, Dupont, Agjunction, Inc, Precision Planting, Inc, SST Development Group, and Dickey-john Corporation.
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