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Precision Farming Market

Precision Farming Market

Precision Farming Market Analysis by Technology (Precision Farming Guidance System, Remote Sensing, Variable-Rate Technology), by Offering (Precision Farming Hardware, Software, Services), by Application (Yield Monitoring, Field Mapping, Crop Scouting), by Regional Forecast 2022-2032

Precision Farming Market
FACT4593MR
  • Jan-2022
  • List of Tables : 137
  • List of Figures : 237
  • 170 Pages
  • Technology

Global Precision Farming Industry Outlook (2022-2032)

The precision farming market is anticipated to attain a valuation of US$ 6 Bn in 2022 and is expected to rise at a 13% CAGR over the assessment period ranging from 2022-2032. In 2032, the worldwide precision farming market is expected to be worth US$ 20.36 Bn.

Market Size (2022)

US$ 6 Bn

Value CAGR (2022-2032)

13% CAGR

Market Size (2032)

US$ 20.36 Bn

Key Companies Profiled

  • John Deere & Company
  • Trimble
  • AGCO
  • Agjunction
  • Raven Industries
  • AG Leader Technology
  • SST Development Group
  • Teejet Technologies
  • Topcon Positioning Systems
  • Dickey-John Corporation
  • Cropmetrics 

2017-2021 Precision Farming Market Outlooks Compared to 2022-2032 Forecast

As per Fact.MR- a market research and competitive intelligence provider- demand for precision farming solutions registered an uptick at a CAGR of around 12% from 20217 to 2021. Heightening labor costs, dearth of experienced personnel, and increased demand for agricultural goods have prompted agriculturists to invest in precision farming solutions in recent years.

Decades of chemical-intensive farming, deforestation, and eventual global warming are driving traditional farmers to adopt new technology. Consumer trends such as plant-based and vegan diets are driving the demand for farmers to produce more. Because of the prevalence of nitrogen-intensive fertilizers and the diminishing supply of arable land, value chain players are moving their attention to precision farming. Precision farming improves control over farming conditions by ensuring a seamless flow of critical information.

As a result of these reasons, the worldwide precision farming industry is predicted to triple between 2022 and 2032. Yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, and farm labor management will all help to boost growth throughout the forecast. As per Fact.MR’s projection, the market is slated to expand at a 13% CAGR.

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Rapid Use of Variable Rate, Remote Sensing, and Guided Technologies

Adoption of technologies such as VRT, remote sensing, GPS, GIS, and guiding technology in precision farming has resulted in increased production and decreased labor overheads. Similarly, the adoption of cutting-edge technology-based agricultural equipment has permitted the most efficient use of resources. Precision farming equipment based on new technology not only adds to the bottom line by lowering labor costs, but it also vastly improves agricultural operations.

Weeding, fertilizer application, and site inspections are tasks conducted before to harvesting that account for around 50–70% of farm operating expenditures. Drones with cameras are utilized in precision farming for spraying, weeding, trimming, and harvesting. These drones capture hyper spectral photos, allowing farmers to remotely monitor farm activities. Precision farming technology is predicted to gain traction over the next decade, eliminating the need for human work on fields and resulting in a significant decrease in labor costs

Farmers' and Producers' Lack of Technical Knowledge and Abilities

Precision farming is an intelligent agricultural practice that necessitates technological understanding. The lack of information about cutting-edge technology and their applications creates a chasm between understanding and execution of precision farming principles.

Despite the fact that various governments and market participants across the world are launching projects to provide farmers with training and consultancy services on the use of precision farming techniques, many farmers remain beyond the scope of such efforts.

Similarly, farmers in emerging nations such as China, India, and Brazil have little technical understanding, which is impeding the expansion of the precision farming sector

An Adaptive Approach to Modern-day Research Needs

Smartphone Integration with Physical Devices and Software Applications

The smartphone is one of the most extensively utilized technical breakthroughs in history, and with the availability of a plethora of user-friendly agricultural programmes (apps); cell phones are evolving into powerful and portable tools for farmers.

The majority of smartphone applications is affordable and gives important farming information such as weather and climatic conditions. These apps efficiently assist farmers in making sound selections.

Smartphones may be combined with a variety of hardware devices, including sensors, high-resolution cameras, and GPS receivers, to perform tasks such as sample collecting, aerial photography, and record-keeping (a task recommended by experts). Some agricultural applications can input field data and then grid it acre by acre using software tools.

What are the Current Trends Influencing the Precision Farming Market’s Growth?

The increasing demand for climate information services due to its benefits that help farmers to deal with climate change and unpredictability to better agricultural decision-making is the primary reason for the market for weather tracking and forecasting to develop rapidly during the forecast period.

Furthermore, the growing need for cloud platforms for climate services is a significant driver of the precision farming market for this application. Weather-based controllers, rain sensors, temperature sensors, network components, water meters, and sensor-based controllers are some of the technologies used in irrigation management.

The growing demand for water conservation and food production, as well as the reduction of resource waste, are the primary motivators for the increased usage of precision instruments for irrigation management applications.

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Country Wise Analysis

What are the Growth Prospects for Precision Farming Market in the U.S.?

North America controls the majority of the market, accounting for more than 42% of overall market value. Highly industrialized row crop farms in wealthy nations such as the United States are driving demand for precision farming technology that enhance crop productivity on less area.

What makes Europe an Important Market for Precision Farming?

Europe is the second greatest demand generator, accounting for more than 25% of worldwide sales. Medium-sized cereal farmers in U.K. are utilizing guidance systems and variable rate technologies to meet growing demand from plant-based and vegan diet customers.

precision farming market by Fact.MR

Category Wise Insights

Guidance Systems Open the Door to Future Growth

As industrialized row crop farms expand, there is an urgent need to map production plans, automate sowing methods, assess soil variability, and assure appropriate input use (fertilizers, pesticides). Guidance systems that assist map and track numerous farm parameters account for more than 41% of total market value.

Other technologies, such as remote sensing and variable rate technology, account for 58% of the total. Remote sensing is gaining momentum with customers due to its capacity to identify soil variations and maintain agricultural security. Variable rate technology, on the other hand, has the highest growth rate during the forecast period. The growing awareness of the negative effects of chemically loaded agricultural systems drives the usage of variable rate technologies to solve soil fertility imbalances

Competitive Landscape

Leading players are active in awareness campaigns that address the pressing issue of soil degradation and educate farmers on the benefits of precision farming. Industrialized farms use automated machinery to assure a consistent level of output yield. Farmers are investing in farm digitization to improve security.

  • In January 2022, John Deere & Co. introduced its line of autonomous tractors at the Consumer Electronics Show organized in the first week of the month, as a part and parcel of its endeavor to expand its footprint in the precision agriculture domain
  • In April 2021, Trimble Inc. forged a collaborative agreement with HORSCH- one of the leading manufacturers of agricultural technology globally- to establish a future for autonomous machines and workflows in the agricultural industry. The companies are currently implementing a high level of automation and driver support with steering systems, which allows a driver to perform additional in-cab tasks during active field work.

Key Segments Covered in Precision Farming Industry Survey

  • Application

    • Precision Farming for Yield Monitoring
    • Precision Farming for Field Mapping
    • Precision Farming for Crop Scouting
    • Precision Farming for Weather Tracking & Forecasting
    • Precision Farming for Irrigation Management
    • Precision Farming for Inventory Management
    • Precision Farming for Farm Labor Management
    • Precision Farming for Other Applications
  • Technology

    • Precision Farming Guidance System
    • Remote Sensing Precision Farming
    • Variable-Rate Technology Precision Farming
  • Offering

    • Precision Farming Hardware
    • Precision Farming Software
    • Precision Farming Services

- FAQs -

The global precision farming market is estimated to reach US$ 6 Bn by the end of 2022.
The worldwide precision farming market is expected to grow at a CAGR of 13% over the assessment period.
According to Fact.MR, the precision farming market registered a CAGR of 12% from 2017-2021
The increasing demand for climate information services is a key trend in the precision farming market.
Rapid use of variable rate, remote sensing, and guided technologies are driving the precision farming market.
North America market is expected to accumulate a revenue share of 42% during the forecast period 2022-2032.
Europe is likely to account for 25% of the global precision farming industry revenue through 2032

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