Global Precision Farming Market - Segmented By Technology, Offering, Application, And Region - Global Growth, Trends, And Forecast - 2027.

Published: January, 2024
ID: 6231
Pages: 175

Precision Farming Market Size, Growth, Trends and Forecast(2022 - 2027):

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.

PRECISION FARMING MARKET REPORT COVERAGE:

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:

Precision Farming Market - By Offering:

  • Hardware

  • Automation
  • Control

Precision Farming Market - By Software:

  • Web-Based

  • Cloud-based software
  • Services

Precision Farming Market - By Technology:

  • Guidance system

  • Variable-rate technology
  • Remote Sensing

Precision Farming Market - By Application:

  • Yield Monitoring

  • Field Mapping
  • Crop Scouting,
  • Weather Tracking & Forecasting
  • Irrigation Management
  • Inventory Management
  • Farm Labor Management
  • Financial Management

Regional Analysis:

On the basis of region, the Precision Farming market is segmented into

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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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