Dublin, March 18, 2024 (GLOBE NEWSWIRE) -- The "Global Precision Agriculture Market by Offering (Hardware, Software, Services), Technology (Variable Rate, Guidance, Remote Sensing, Others), Application (Field Mapping, Seeding & Spraying, Crop Monitoring, Others), & Geography - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
Emerging technological advancements and increasing need for efficiency in the agricultural sector are catalyzing substantial growth in the global precision agriculture market.
This comprehensive market insight predicts profound growth with an estimable $27.81 billion value by the year 2031, showcasing a Compound Annual Growth Rate (CAGR) of 12.9% in the years spanning from 2024 to 2031.
The market analysis delves deep into the multifaceted components of precision farming, breaking down the niche into offerings, which include hardware, software, and services—each contributing significantly to the sumptuous market expansion. The surge in market domination by the hardware segment can be attributed to the increasing need for real-time monitoring tools and tracking devices which aid in informed decision-making processes.
Technological segments such as variable rate technology (VRT) and guidance technology are meticulously evaluated, revealing trends indicating accelerated adoption and integration in modern farming practices. With real-time adjustments to crop management, VRT stands out as a sustainable solution optimizing resource application. Guidance technology, known for enhancing precision and automation in farming equipment, holds the lion's share in market dominance but VRT is not far behind, showing promising growth trajectories.
Trading traditional methods for tech-driven strategies, the precision farming market spans diverse applications such as yield monitoring and precision irrigation. These segments are revolutionized by integrating innovations, each pivotal for strategic resource management and output optimization. In particular, precision irrigation is spotlighted as a rapidly expanding segment, primarily fuelled by escalating concerns over global water conservation efforts.
In geographical market segmentation, the analysis draws attention to the Asia-Pacific region's stellar growth indicators, positioned as an epicenter for precision farming advancements due to increasing labor shortages and burgeoning food supply demands.
Key Market Dynamics and Regional Insights
The expansion of the precision agriculture market is multifaceted, with variables ranging from governmental incentives to technological transformation. However, obstacles such as the digital divide in connectivity and infrastructure, especially in rural farmlands, persist as significant impediments to market growth.
- Extensive market dynamics analysis identifies significant growth drivers, prevalent challenges, and potential opportunities molding the industry landscape.
- Advancement in AI, big data analytics, and drone application cement the list of trends bolstering the market, reflecting a future-leaning agrotechnology ecosystem.
- Strategic partnerships between agriculture and technology corporations facilitate the introduction of innovative robotic platforms and monitoring systems, enriching farming practices globally.
This report attempts to answer crucial questions about the growth segments, strategic market positioning, and geographic trends synonymous with the precision agriculture sector's evolution. It is a resource designed to illuminate the competitive landscape, recent developments, overarching strategies, and breakthroughs that drive the global precision agriculture market.
Key Players Spearheading the Market
Sector-leading entities orchestrate the market's ascendancy with strategies and developments that redefine agricultural productivity. These include esteemed manufacturers, service providers, and tech companies committed to the agricultural revolution through innovation and collaboration.
By tracking consequential market shifts, rising trends, and future outlooks, the precision agriculture market through this report offers stakeholders, investors, and participants a formidable knowledge base to navigate an increasingly competitive agritech landscape, setting the stage for sustainable growth and technological prowess across the globe's farmlands.
Market Insights
- Overview
- Provides a general understanding of the market landscape.
- Factors Affecting Market Growth
- Government Initiatives Promoting the Use of Modern Technologies in Farming Boosting Market Growth
- Climatic Changes Driving the Demand for Precision Agriculture Technologies
- Lack of Connectivity and Infrastructure in Rural Areas Restraining Market Growth
- Technological Advancements in the Farming Sector Generating Growth Opportunities for Market Players
- Shortage of Agricultural Laborers Expected to Increase the Adoption of Precision Agriculture Solutions
- Farmers' Lack of Awareness Regarding Precision Agriculture Technologies to Remain a Major Challenge for Market Stakeholders
- Key Technology Trends
- Increasing Use of Drones for Variable Rate Applications
- Integration of AI and Big Data Analytics Technologies into Precision Agriculture Solutions
- Case Studies
- Case Study A: Agremo Provided its Plant Counting Product to Black Gold Farms.
- Case Study B: Agremo and Farm Flight, Inc Helped Farmers and Agricultural Professionals Increase RoI with Drone Imagery and Analytics.
- Case Study C: The Bryce Family Adopted Trimble Systems to Transform Farming Operations.
- Case Study D: Fane Valley Co-operative Society Used SoilEssentials Ltd.'s Platform to Develop a Precision Farming Offering.
- Case Study E: Vodafone Limited (U.K.) Helped New Zealand Farmers with Real-time Monitoring of Fertilizer Application and Provided Data on Coverage and Rate of Use.
- Case Study F: Libelium Comunicaciones Distribuidas S.L. Enabled Farmers in Colombia to Monitor Vital Humidity, Soil Moisture, and Temperature; Fruit Quality, and Solar Radiation.
Companies Mentioned
- Deere & Company (U.S.)
- AGCO Corporation (U.S.)
- Topcon Corporation (Japan)
- Trimble Inc. (U.S.)
- Raven Industries Inc. (U.S.) CropX Inc. (Israel)
- AgEagle Aerial Systems Inc. (U.S.)
- Netafim Ltd. (Israel)
- Farmers Edge Inc. (Canada)
- AgJunction LLC (U.S.)
- AMVAC Chemical Corporation (U.S.)
- YANMAR HOLDINGS CO. Ltd. (Japan)
- Ag Leader Technology (U.S.)
- Ecorobotix SA (Switzerland)
- BASF SE (Germany)
- Climate LLC (U.S.)
- TeeJet Technologies (U.S.)
- DICKEY-john (U.S.)
- XMachines (India)
- Naïo Technologies (France)
- Robotics Plus Limited (New Zealand)
- FieldBee (Netherlands)
- Agremo (Serbia)
- Verdant Robotics (U.S.)
- Agrobot (Spain)
- SZ DJI Technology Co. Ltd. (China)
- XAG Co. Ltd. (China)
- Terra Drone Corporation (Japan)
For more information about this report visit https://www.researchandmarkets.com/r/xaxl6g
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