The Global Precision Agriculture Market valued at USD 9.56 billion in the year 2019 has been witnessing unprecedented growth. Precision agriculture is a management concept that leverages a range of technologies to drive greater operational efficiency on the farm, including higher yields, lower input costs, and less environmental impact. The collection and integration of data, along with platforms for the implementation of data-enabled recommendations, are key ingredients, while drones, satellites, sensors, precision irrigation, precision planting, and other technologies are also utilized. The emergence of precision farming has been widely accepted as this has been found to increase yields, preserve finite resource and minimize the use of pesticides. The sudden eruption of Covid-19 pandemic has a negative impact on the precision farming market. Most of the projects in China, the US, Germany are delayed and the companies are facing short-term operational issues due to supply chain constraints and lack of site access due to the Covid-19 outbreak.
Among the Offering segment in the Precision Agriculture market (Hardware, Software and Services), Hardware segment has been gaining popularity among other segments and is expected to keep major market share in the forecast period on account of huge installation of devices including sensors, smartphones, cameras, and UAVs. The penetration of precision farming technology will compel vendors to introduce new hardware devices with better location & data processing capabilities. Increasing adoption of new technologies and advanced devices for precision farming is expected to drive precision farming market for hardware.
Among the Technology segment in the Precision Agriculture market (Guidance System, Remote Sensing and Variable Rate Technology), Guidance System segment gains a considerable share on account of extensive use of GPS and GNSS systems. The exponential use of GIS technologies by federal agencies and research projects for large-scale analysis in agriculture industries will propel the growth of this segment in the global precision farming market. The deployment of GPS in farming architecture to offer comprehensive solutions to farming communities will revolutionize global precision agriculture market.
Based on Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management and Others), Yield Monitoring segment gains a considerable share. Yield monitoring is the most widely used application in precision farming as segment plays a vital role in understanding field variability and helps farmers in maximizing farmers yields.
The Americas region dominated the global market share and will continue its dominance in forecast period as well. The reason for the growth is that farmers or growers in this region are increasingly adopting advanced farming systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software. Rising popularity for telematics technology in precision farming, declining in agricultural land and the need to increase the productivity of crops, decline in natural resources are the major factors driving the precision farming market.
Scope of the Report
- The report analyses the Precision Agriculture market By Value.
- The report analyses the Precision Agriculture market by Offering (Hardware, Software, Services).
- The report analyses the Precision Agriculture market by Technology (Guidance System, Remote Sensing, Variable Rate Technology).
- The report assesses the Precision Agriculture market by Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Others).
- The Global Precision Agriculture Market has been analysed by Region (Americas, Europe, and Asia Pacific) and by Country (USA, Canada, Mexico, Germany, Italy, France, United Kingdom, China, Australia, Japan).
- Also, the attractiveness of the market has been presented by region, offering, technology and application. Also, trends, drivers, challenges of the industry has been analysed in the report.
- The report tracks competitive developments, strategies, recent industry developments and mergers & acquisitions. The companies analysed in the report include John Deere, AGCO Corporation, Trimble Inc., AgJunction Inc., Raven Industries, Ag Leader Technology, AgEagle Aerial Systems, Topcon Positioning Systems, Descartes Labs and Prospera Technologies.
- The report presents the analysis of Copper Foil market for the historical period of 2015-2019 and the forecast period of 2020-2025.
Key Target Audience
- Food Technology Companies
- Seed and Irrigation Companies
- Consulting and Advisory Firms
- Government and Policy Makers
- Investment Banks and Equity Firms
- Regulatory Authorities