01-Apr-2021 | Facts and Factors
As per the report published by Facts and Factors, the Global precision farming market was projected to be around USD 5.56 billion in 2019, with sales forecast to hit around USD 12.84 billion by the end of 2026 to rise by around 12.7% at CAGR by 2020 to 2026.
Precision agriculture is a modern agricultural technology that uses a variety of technologies such as GPS, GIS, and remote sensing to gather knowledge that is important in the field. Sensors that measure the temperature, nutritional level, and soil moisture are also located in the region. The technology thus removes manual human efforts, including control and knowledge exchange, by automating critical procedures.
The need for optimum production with these tools is growing rapidly among farmers in precision agriculture. In addition, owing to the evolving patterns of weather caused by increased global warming, new technologies have been used to improve productivity and crop yields. With technology such as real-time agricultural tracking, weather forecasts, optimum field requirements, and the like, precision agriculture allows agriculturists to maximize yields with minimal human effort and gasp. In addition, this technology helps farmers to monitor their tools and to view the information in real-time using their smartphones.
Top Market Players
Major players in the market are AG Leader Technology, AGCO, Agsmart Pty Ltd., CropX Inc., Deere & Company, Farmers Edge Inc., Monsanto Company, Topcon Positioning Systems Inc., Trimble Navigation Limited, and Tetra Laval Holdings B.V. among others.
Rising Adoption of Variable Rate, Remote Sensing, and Guidance Technologies
Increased efficiency and fewer labor overheads were triggered by the introduction of technologies such as VRT, remote sensing, GPS, GIS, and guiding technology in precision farming. The use of modern technology-based farming machinery has also made the optimal use of capital possible. Precision-driven agricultural machinery based on emerging technology not only increases the basic savings by lowering labour costs but also greatly enhances farm operations.
Tasks conducted prior to harvest such as wearing, fertilizer application, and site inspections account for approximately 50%–70% of farm operating cost. Drones fitted with cameras are used in precision farming for applications such as spraying, weaving, pruning, and collection. These drones take hyperspectral images that allow farmers to remotely track agricultural processes. Precision farming technology is anticipated to gain traction in the next 10 years, reducing the need of manual labour in farms, thus cutting labour costs dramatically.
With numerous user-friendly farming applications (apps) available, smartphones have grown into strong and easy-to-carry instruments for farmers, making it one of the most used technical innovations ever. Most smartphone applications are cheap and provide key farming knowledge, such as temperature and weather conditions. These applications help farmers successfully make intelligent choices.
For different tasks such as sample processing, aerial photography, and recording, smartphones can be combined with a variety of hardware instruments, including sensors, high-resolution cameras, and GPS receivers (a task recommended by experts). Some agricultural applications will load field data and then grid it acre-wise using software tools.
COVID-19 Impact on the Global Precision Farming Market
The demand for precision farming is projected to decline marginally by 2020 as a result of the COVID-19 pandemic, as restrictions on travel and lockdowns have led to disturbances in the supply chain and a lack of equipment, but remote control and agricultural management technologies could lead to increased adoption in the aftermath of COVID-19. The supply chain in the precision farming industry has been affected by COVID-19 and businesses are seeking new ways to connect with farmers and growers using technology. Companies have begun to rely more on wireless platforms to make decisions about yield tracking, crop health surveillance, mapping of the field, and irrigation planning and harvest management in real-time. In May 2020, SensoTerra, for example, began new wireless systems to enhance agricultural networking and cloud field data analysis. These sensor systems boost synchronization and can also be employed with minimal manual assistance on large canopy crops. Growers can view data on their smartphones in real-time via web-based interfaces or apps. It is expected that the effect of the COVID-19 pandemic will be shorter, with lucrative increases expected in the medium to long term on the market.
In addition, COVID-19 is anticipated to speed up the implementation of IoT devices in farms worldwide to optimize irrigation preparation with reduced job requirements in the region. A promising growth is expected to occur in the medium to long term in the number of connected agricultural devices.
North America Region Dominates the Global Precision Farming Market
The biggest proportion in the precision farming industry was held by North America. The first adopted precision farming technology by countries such as the United States and Canada in the Americas was the biggest cause of this area's great share in the precise farming industry. Farmers in the area are increasingly using sophisticated agricultural systems and equipment including steering and steering systems, cameras, displays, and applications for farm management. Growing implementation of advanced technology in different agriculture decreased labour costs, consolidation of farmland, population growth and increased demand for high production in developed agricultural areas are some of the other factors leading to the growth of North America's precision farming industry.
In the forecast timeframe, Asia Pacific is expected to be experiencing substantial development. In developing countries, such as India, Sri Lanka, and Nigeria, various government programmes are underway to promote the use of state-of-the-art precision agriculture technology to improve productivity. In September 2017 China and Israel signed a USD 300 million trade agreement to promote exports to China of environmentally sound Israeli technologies. In addition, an appropriate administrative structure often allows farmers to learn about the correct use and repair of precision farming machinery.
Browse the full“Precision Farming Market, By Component (Hardware, Software, and Services), By Technology (Geomapping, Integrated Electronic Communication, Remote Sensing, and Variable Rate Technology (VRT)), and By Application (Weather Monitoring, Field Mapping, Yield Monitoring, Irrigation Management, Waste Management, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/precision-farming-market
The global precision farming market is segmented as follows:
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