Chicago, May 01, 2023 (GLOBE NEWSWIRE) -- According to a research report China Precision Farming Market with COVID-19 Impact Analysis by Technology (Guidance, Remote Sensing and Variable Rate Technology), Offering, Application, and Region (Americas, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2030" published by MarketsandMarkets, the global precision farming market is projected to grow from USD 8.5 billion in 2022 to USD 15.6 billion by 2030; it is expected to grow at a CAGR of 12.6% from 2022 to 2030.
Precision farming market in China likely to witness fastest growth at 12.6% during the forecast period.
According to the Food and Agriculture Organization (FAO), most of the farmers in China own small and medium-sized farms. Government incentives and investments in agriculture are boosting the development of the precision farming industry in the country, as the country plans to reduce its dependence on food imports. Developing farm automation equipment is one of the key targets of the Made in China 2025 initiative.
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China has pledged to increase investment in its domestic agricultural industry, as the country prioritizes vital large-scale industries for national longevity in the near future. Several areas of technology, varying from AI farming technology to pesticide control, are receiving unprecedented funding. In June 2020, Tianjin Food Group, one of China’s largest food companies, collaborated to develop a smart farming project utilizing UK technology in China to boost early disease detection and productivity monitoring in pigs.
The project, SmartFarm 1.5, will involve Agri-EPI and UK companies RoboScientific, Greengage Lighting, and Innovent Technology, working with pork producers for the Tianjin Food Group in northeastern China. In January 2020, Country Garden Holdings Co. Ltd. planned to invest more than USD 2 billion in robotics each year for the next five years to boost automation in the agriculture along with other vertical businesses.
China's large population and rapidly growing economy are driving demand for food security and sustainable agriculture practices. Precision farming technologies can help farmers optimize resource usage, reduce waste, and increase yields, making it an attractive option for many Chinese farmers. As a producer, China is home to several companies that are leading the way in precision farming technology. For example, DJI, the world's largest drone manufacturer, is based in China and produces drones that are widely used in precision agriculture applications.
Additionally, companies like XAG develop cutting-edge precision farming solutions like autonomous tractors, AI-powered crop analysis, and blockchain-based traceability. China's government is also investing heavily in precision farming technology, with initiatives like the "Digital Agriculture" program aimed at promoting the use of digital technologies in agriculture. The program includes measures like subsidies for precision farming equipment and training programs for farmers on how to use these technologies.
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Chinese companies are developing precision irrigation systems that use sensors and data analytics to optimize water usage. For example, Liantronics has developed a smart irrigation system that can automatically adjust water delivery based on soil moisture and weather conditions. Chinese companies like XAG are developing autonomous farming machinery that can perform tasks like spraying crops and planting seeds. These machines use GPS and other sensors to navigate fields and optimize resource usage. China is also investing in big data analytics to improve agricultural practices. For instance, the Chinese Academy of Agricultural Sciences has developed a big data platform that can analyze weather, soil, and crop data to provide insights into crop yields and optimize resource usage.
PrecisionAg (US), Syngenta (US), Deere & Company (US), and Topcon Positioning System (US) are a few of the precision device manufacturers in China.
Research Insight :
Deere & Company (John Deere) (US) and Trimble (US) are leading players in Precision Farming Market
https://www.marketsandmarkets.com/ResearchInsight/precision-farming-market.asp
Content Source: : China Precision Farming Market
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