[225+ Pages Report] According to the report published by Facts and Factors, the global precision farming market was valued at approximately USD5.56 Billion in 2019, and is expected to generate revenue of around USD 12.84 Billion by end of 2026, growing at a CAGR of around 12.7% between 2020 and 2026.
Global Precision Farming Market: Overview
Precision farming techniques are expected to see a surge in adoption because they allow farmers to precisely control field variations, improve productivity, and lower production costs. These activities aid in the gathering of relevant data by analyzing real-time data about soil, crop, and local weather forecasts, and provide farmers with actionable insights such as harvesting time, soil conservation, crop rotation, and optimum planting time. Precision farming is gaining popularity in the agriculture industry because it has the potential to increase crop yield through using advanced IT-based agriculture techniques.
Global Precision Farming Market: Growth Factors
The rapid adoption of IoT in agriculture is fueling the growth of the precision farming industry. For soil sampling, temperature control, field mapping, irrigation methods, and a variety of other requirements, farm managers and producers are using the capabilities of IoT sensing devices, GPS & GNSS systems, and integrated steering systems. These instruments provide real-time information on how to increase the productivity of farming practices. The market will expand as more people use drone technology for crop surveillance, detecting planting flaws, and pest and disease control and detection. The rapid development of the Internet of Things (IoT) including the use of advanced analytics by farmers is both contributing to the rise. Advanced analytics is a branch of data science that utilizes a range of methods and techniques to forecast information to ensure that the crop and soil are properly cared for. Farmers can better prepare their activities as a result of this information. Better training and education for farmers, easily accessible knowledge, financial support, and high demand for organic food are all factors that help farmers adopt sustainable precision farming technologies.
Global Precision Farming Market: Segmentation
Due to the widespread use of sensors, phones, cameras, and unmanned aerial vehicles (UAVs), the hardware segment is anticipated to lead the precision farming component market in 2026, with a market share of more than 65%. These devices can be mounted on a variety of farm machinery, including tractors and harvesters. Vendors will be compelled to launch new hardware devices with improved position and data processing capabilities as precision farming technology becomes more widely adopted.
With a market share of over 20% in 2026, sensors will rule the precision agriculture market. Farmers and researchers are installing sensors to help them better track the health of their crops. Advanced sensor-based products that can provide quantitative metrics about crop health are being introduced by market players.
In 2020, the yield monitoring application segment contributed to more than 20% of the industry. Grain moisture detectors, grain flow sensor systems, and header location sensors, as well as GPS antennas and processors, are used in yield mapping systems to collect appropriate grain data for optimum preparation and crop management.
Global Precision Farming Market: Regional Analysis
Because of mechanization and a strong dependency on technology to help agriculture, the North American precision farming market is projected to have a market share of over 32% by 2025. Increasing understanding of crop quality and the implementation of new initiatives to introduce innovation to the sector are thought to be driving market growth in the region. In 2018, the federal government passed the Precision Agriculture Connectivity Act to address the precision farming industry's connectivity needs in the United States. A task force was formed by the regulatory body to examine and make specific proposals about how to enhance broadband internet connection in croplands.
Global Precision Farming Market: Competitive Players
Key participants in the Precision Farming 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, Tetra Laval Holdings B.V., and others.
Precision Farming Market: Regional Segment Analysis
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