Precision Farming Market to Record Dexterous 12% Growth
Decades of chemical heavy farming, deforestation, and subsequent global warming is forcing conventional farmers to adopt new technologies.
Consumer trends such as plant-based and vegan diets are further propelling the demand for increased production from farmers.
Prevalence of nitrogen intensive fertilizers and decreasing availability of arable land is shifting focus of value chain stakeholders on precision farming.
Precision farming aids enhanced control over farming conditions by establishing smooth flow of crucial information.
On the back of these contributing factors, the global precision farming market is expected to grow three-fold between 2019 and 2029.
Applications such as yield monitoring, field mapping, crop scouting, weather tracking & forecasting, irrigation management, inventory management, and farm labor management will bolster growth during the forecast.
Guidance Systems Pave Way for Future Growth
Incremental growth of family farms as industrialized row crop farms creates an urgent need to map production plans, automate sowing mechanisms, measure the variability of soil, and ensure optimal application of inputs (fertilizers, pesticides).
Out of the total market value, guidance systems that help map and track various farm factors account for more than 41% share.
Other technologies such as remote sensing and variable rate technology, collectively account for 58% share.
Remote sensing garners customer traction on the back of efficient detection of variability of soil and maintenance of farm security.
On the other hand, variable rate technology exhibits the highest growth rate of 16% CAGR through 2029.
Awareness of the detrimental effect of chemically laden farming methods propel the use of variable rate technology to address the imbalance in soil fertility.
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North America to Remain in Vanguard for Next-Gen Farming
North America accounts for a majority market share of more than 42% of the total market value.
Highly industrialized row crop farms in developed countries such as the US are propelling demand for precision farming technologies that promote land efficient production of crops.
Europe is the second largest demand generator with over 1/4th share of global sales. Medium sized cereal producers in Europe are leveraging guidance systems, and variable rate technology to cater to an increasing demand from plant-based and vegan diet consumers.
South Asia & Oceania are attributed with the highest growth at an astounding 16% CAGR during the forecast period.
Rise of small sized subsistence farmers in countries such as Indonesia, Vietnam, and Thailand are drivers of growth within this region.
Awareness Programs- Key Growth Strategy
Competitive landscape is influenced by market players that adopt flexible business models.
Leading players are involved in awareness programs that address the urgent issue of soil degradation, and inform farmers about the benefits of precision farming.
Automated machines are being deployed by industrialized farms to ensure a definite amount of production yield.
Farmers are investing in digitization of farms to enhance security. Market players that shape the competitive landscape are
- Deere & Company
- Trimble, Agco
- Raven Industries
- AG Leader Technology
- SST Development Group
- Teejet Technologies
- Topcon Positioning Systems
- Dickey-John Corporation
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Global Precision Farming Market: In-Depth Assessment on Key Segments
The global precision farming market is segmented on the basis of application, technology, end use and region.
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared.
Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Country-specific assessment on demand for precision farming has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous precision farming manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report.
Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries.
The market has been forecasted based on constant currency rates.
The report provides detailed competitive and company profiles of key participants operating in the global precision farming market.
Global Precision Farming Market – Scope Of The Report
The following report provides forecast and analysis of the global precision farming market along with the historical data of 2014, estimated data 2019 and forecast data up to 2029 in terms of value (US$ Mn) and, according to a Fact.MR study.
The research propounds critical trends that are currently influencing growth within the global precision farming market along with several macro-economic indicators.
This newly published and insightful report on precision farming sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global precision farming market.
The report also comprises the study of current issues with end users and opportunities for precision farming. It also contains value chain analysis, including the key market participants.
To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of precision farming manufacturers on parameters such as total revenue, product offerings, and key strategies.
A list of key companies operating in the precision farming market provided in the report adds to the credibility of this exhaustive research study.
Global Precision Farming Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications.
Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the precision farming market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the precision farming market, which includes global GDP growth rate, agriculture sector growth IoT growth, and others.
This report serves as an authentic resource of intelligence on the precision farming market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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