Precision Farming Market Size to Hit Around USD 26.8 Bn by 2030

Tokyo, July 08, 2022 (GLOBE NEWSWIRE) -- The global precision farming market size was valued at USD 8.16 billion in 2021. The main elements driving the development of the accuracy cultivating market is the Rapid reception of cutting-edge innovations in accuracy cultivating to decrease work cost, Increased reception of Internet of Things (IoT) gadgets in rural fields, Substantial expense reserve funds related with accuracy cultivating, Climate change and need to fulfill rising need for food and Increasing advancement of accuracy cultivating procedures by states around the world.

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Key Takeaways:

• By offering, the North America precision farming market was estimated at USD 3.4 billion in 2021 with a registered CAGR of 11.5%.
• Asia Pacific region is expected to reach at a CAGR of 15.5% over the forecast period 2022 to 2030.
• In 2021, North America region contributed 46% revenue share.
• Europe region has accounted market share of 24% in 2021.
• The weather tracking and forecasting application segment is expected to drive growth at a CAGR of 17.8% from 2022 to 2030.
• By offerings, hardware segment contributed 69% market share in 2021
• The software segment is anticipated to reach at a CAGR of 15.8%.
• By application, the yield monitoring segment contributed market revenue share of 45% in 2021
• In 2021, remote sensing and variable rate technology segment has garnered market share of around 58%.
  
  

Regional snapshot

The accuracy cultivating market in APAC is supposed to observe the most elevated development from 2022 to 2030. Expanding modernization in the horticulture business in nations like China, India, and Indonesia is a main consideration driving the development of the provincial accuracy cultivating market. Populace extension in the district's emerging nations is mounting strain on the horticulture business to increment efficiency, filling the interest for accuracy cultivating hardware.

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Scope of the Report

Report highlights

• The main elements driving the development of the accuracy horticulture market are the quick reception of trend setting innovations in accuracy agribusiness to diminish work costs and the rising reception of Internet of things gadgets. Things (IoT) in the fields of horticulture, huge expense reserve funds related with accuracy cultivating, a changing environment and the need to fulfill the developing need for food, and the developing push for accuracy cultivating strategies by legislatures all over the planet. To acquire a more profound comprehension of various parts of farming, for example, water system and culturing, different innovations like IoT, GPS, and remote detecting application control are utilized.
• The equipment fragment incorporates robotization and control frameworks, detecting gadgets, receiving wires, and passages. Equipment parts like robotization and control frameworks, detecting gadgets, and robots are terrifically significant in supporting ranchers.
• Off-farm field observing and on-ranch yield checking are the two pieces of yield observing. Soil checking, then again, contains dampness and supplement observing; field planning, then again, incorporates limit and seepage planning. Because of its various purposes and high acknowledgment rate, variable rate application (VRA) drives the accuracy cultivating industry in the applications class.
• The yield observing classification represented remarkable income in 2021 and is probably going to keep up with its predominance during the projection time frame as it helps ranchers in pursuing field choices. Ranchers can use on-ranch yield observing to get continuous information during harvest and foster a verifiable geological data set.

Drivers

The horticulture business was profoundly reliant upon workers for various exercises; notwithstanding, with mechanical headways, robotization is supplanting the errand of workers and empowering the business players to accomplish high result quicker than expected. The reception of cutting-edge innovations is assisting ranchers with covering a huge region of their fields quicker than expected and all the more effectively.

Market Restraints

Precision farming is a smart agricultural strategy that demands a thorough understanding of technology. A chasm exists between understanding and the use of precision farming concepts due to a lack of information regarding cutting-edge technology and its applications. Even though numerous governments and market partners across the world are initiating programs to give farmers training and consulting services on the use of precision farming techniques, many farmers remain out of reach. Farmers in rising countries like China, India, and Brazil, on the other hand, have less technical knowledge, which is hindering the establishment of the precision farming sector.

Challenges

The pandemic has become one of the biggest challenges in the field of agriculture. The COVID-19 epidemic has harmed the worldwide precision agricultural sector, with numerous manufacturing plants in China, India, Europe, Japan, and the United States temporarily shutting down. As a result, the production of precision farming equipment has seen a substantial delay. Government-imposed restrictions in the aftermath of the coronavirus pandemic harmed production and stifled customer demand for such expensive capital equipment.

These companies' precision farming goods are acquired by a variety of stakeholders for a variety of purposes. COVID-19 had an impact on not just the operations of precision farming manufacturers, but also the operations of their suppliers and distributors. In the medium term, the drop in export shipments and delayed domestic demand for precision farming, compared to pre-COVID-19 levels, is projected to hurt and slightly stagnant demand for precision farming. During the first half of 2020, the major players in this sector have seen the impact of the pandemic on their order intakes.

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Latest Developments

• In December 2018, AgJunction Inc. gone into an organization with Mahindra and Mahindra Ltd. With this understanding, both the organizations consented to set up a proclamation of work for the future improvement of items for the ranchers.
• In October 2019, Deere and Company procured Unimil, a supplier of reseller's exchange parts to sugarcane gatherers. With this securing, the organization will assist clients in Brazil with diminishing their sugarcane creation costs.
• In September 2020, Trimble presented the Trimble R12i GNSS recipient. It consolidates inertial estimation unit-based slant remuneration, which conveys 30% elite execution in testing conditions than different beneficiaries.
• In May 2021, Raven Industries reported the send-off of its new independent item brand "OMNI." This brand features the organization's abilities in independent arrangements
• In May 2021, AGCO, a rural hardware maker, worked together with Raven and different brands. The goal is to assess splashing innovation to make the utilization of harvest security items more successful and effective.
  
  

Market Segmentation

By Offering

• Hardware
  • Automation and Control Systems
    • Displays
    • Guidance and Steering Systems
    • GPS/GNSS Devices
    • Drones/UAVs
    • Irrigation controllers                          
    • Handheld Mobile Devices/Handheld Computers      
    • Flow And Application Control Devices
    • Others
  • Sensing and Monitoring Devices
    • Yield Monitors
    • Soil Sensors
      • Moisture Sensors
      • Temperature Sensors
      • Nutrient Sensors
    • Water Sensors
    • Climate Sensors
  • Software
    • Local/Web-Based
    • Cloud-Based
  • Services
    • System Integration and Consulting Services
    • Managed Services
    • Connectivity Services
    • Assisted Professional Services
    • Maintenance and Support Services
      
      

By Application

• Yield Monitoring
• Crop Scouting
• Field Mapping
• Variable Rate Application
  • Precision Irrigation
  • Precision Seeding
  • Precision Fertilization
    • Nitrogen VRA
    • Phosphorous VRA
    • Lime VRA
  • Pesticide VRA
• Weather Tracking and Forecasting
• Inventory Management
• Farm Labor Management
• Financial Management
• Others

By Technology

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

 By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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