The?global precision agriculture?market exhibited strong growth during 2015-2020. Precision Agriculture (PA) refers to a type of integrated information- and production-controlled farming system that utilizes the latest available technologies and research methods for enhancing agricultural output. It helps farmers in increasing long-term, site-specific and whole-farm production efficiency, and profitability while minimizing the unintended impact on wildlife and the environment. Nowadays, precision agriculture has gained immense popularity across the globe with the development of IT that helps in achieving high quality of production and reducing the production costs and labor inputs. Looking forward, IMARC Group expects the global precision agriculture market to grow at a CAGR of around 12%?during the forecast period (2021-2026).
Global Precision Agriculture Market Drivers/Constraints:
With the rapid penetration of smartphones and the internet, farmers are increasingly adopting the latest technologies. The inclusion of connected technologies such as low power wide area (LPWA), Zigbee, Wi-Fi, and new wireless sensor technologies in precision farming have enabled them to plan and execute various agricultural operations efficiently.
Several initiatives have been undertaken by governments across the globe to encourage the uptake of modern agricultural techniques to enhance crop yield and productivity. For instance, under the revised European Common Agricultural Policy, financial incentives and support schemes have been introduced by the European Union to promote farmers to invest in diverse precision farming technologies.
The leading manufacturers are developing different types of systems and devices to simplify agricultural activities including farm management systems, sensing and monitoring tools, automation and control systems, among others. These advancements have positively influenced the overall growth of the global precision agriculture market.
Breakup by Technology:
Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
Geographic Information System (GIS)
Variable Rate Technology (VRT)
GNSS/GPS currently represents the leading technology segment. GNSS and GPS are utilized for mapping and geo-positioning, yield monitoring, soil condition monitoring, virtual fencing, and biomass monitoring.
Breakup by Type:
Automation and Control Systems
Sensory and Monitoring Devices
Farm Management Systems
Automation and control systems currently represent the leading segment as they help in reducing labor costs, offering reliable and consistent performance, and improving the efficiency as well as the accuracy of agricultural operations.
Breakup by Component:
Based on the component, hardware is the leading segment since the continuous evolution in technology has resulted in the introduction of new devices with better location and data processing capabilities.
Breakup by Application:
Yield monitoring is the largest application area and helps in measuring and recording information based on grain flow, grain moisture and covered farm area. With yield monitoring technology, farmers can compare the performance of different seed varieties throughout their fields, which helps in improving seed selection.
Middle East and Africa
North America enjoys the leading position in the market on account of the advancements made in the field of precision agriculture in the region, both in terms of the types of offerings, which range from site-specific to guidance technologies, and the adoption of various systems by the farmers.
The market is highly fragmented and consists of numerous players at each stage of the supply chain. Some of the leading players operating in the market are:
Bayer CropScience AG
Case IH Agriculture
Deere & Company
Farmers Edge Inc.
Fairport Farm Software
Key questions answered in this report:
How has the global precision agriculture market performed so far and how will it perform in the coming years?
What are the key regions in the global precision agriculture market?
What has been the impact of COVID-19 on the global precision agriculture market?
What are the popular product types in the global precision agriculture market?
What are the various application segments in the global precision agriculture market?
What are the major technologies used in the global precision agriculture market?
What are the several components in the global precision agriculture market?
What are the various stages in the value chain of the global precision agriculture market?
What are the key driving factors and challenges in the global precision agriculture market?
What is the structure of the global precision agriculture market and who are the key players?
What is the degree of competition in the global precision agriculture market?