Dublin, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The "Precision Pest Management Market - A Global and Regional Analysis: Focus on Application, Product, and Country-Wise Analysis - Analysis and Forecast, 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global precision pest management market was valued at $1,748.4 million in 2021 and is expected to reach $4,396.3 million by 2027, following a CAGR of 16.43% during 2022-27.
| Report Attribute | Details |
| No. of Pages | 290 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $2054.4 Million |
| Forecasted Market Value (USD) by 2027 | $4396.3 Million |
| Compound Annual Growth Rate | 16.4% |
| Regions Covered | Global |
Stringent food safety regulations coupled with increasing production with reduced production costs are expected to drive the precision pest management (PPM) market over the forecast period.
Market Lifecycle Stage
Precision pest management can be defined as using technologies and strategies to monitor, prevent, avoid, and suppress pests, diseases, weeds, and other living things that directly or indirectly disrupt agricultural production processes.
The purpose of precision pest management is to enhance the quality of crops and minimize the negative impacts of pest control on resources such as soil, water, air, plant, and humans or animals.
Pests associated with agriculture include weeds, insects, and diseases. Precision pest management solutions rely on different tools and methods to reduce the impacts of pests on crops. Precision pest management includes monitoring pests and spraying or pest management.
Impact of COVID-19
Almost all major industries in the world have been affected by the COVID-19 pandemic, including the agricultural industry. Worldwide economic instability has accompanied the pandemic, and the gross domestic product (GDP) of all countries declined in 2020.
This disruption of normal life because of the pandemic has led to new technologies and innovations in every sector, including agriculture. The pandemic's potential impact on the adoption of artificial intelligence (AI) and the Internet of Things (IoT) has increased the traction of precision pest management.
Recent Developments in the Global Precision Pest Management Market
- In September 2022, Trimble inked a contract to buy Bilberry, a firm that manufactures equipment for targeted weed spraying and is based in France.
- In March 2022, Deere & Company introduced See & Spray Ultimate. Farmers can spot-spray non-residual herbicide on weeds among corn, soybeans, and cotton using the factory-installed system. The technology underlying the green-on-green solution was developed by Blue River Technology, an artificial intelligence provider that Deere acquired in 2017.
- In December 2021, Kubota Corporation partnered with Bloomfield Robotics, which is a company that delivers plant growth monitoring services to tree crops. The company uses image analysis technology and artificial intelligence (AI) to assess plant growth and detect pests on the grape, blueberry, and other tree crops.
- In October 2021, Yanmar launched the YV01 autonomous spraying robot, which was developed in cooperation with European vineyards.
Demand - Drivers and Limitations
Following are the demand drivers for the precision pest management market:
- Increasing Pesticide-Free Food Demand
- Substantial Cost Saving
- Rapid Adoption of Advanced Technologies in Agriculture
The market is expected to face some limitations as well due to the following challenges:
- High Initial Capital Investment
- Lack of Awareness in Underdeveloped and Emerging Economies
- Less Feasible for Small Landowners
Key Market Players and Competition Synopsis
Profiled companies have been selected based on inputs gathered from primary experts and analyses of the company's domestic and international presence, product portfolio, and market penetration.
The top segment players leading the precision pest management market include original equipment manufacturers (OEMs) and software solution providers, which capture a significant chunk of the share in the market.
Some of the prominent names established in this market are:
- PrecisionHawk
- EOS Data Analytics
- Deere & Company
- BASF SE
- AGRIVI
- Kubota Corporation
- TeeJet Technologies
- Yanmar Co. Ltd.
- Semios
- Suterra
- Topcon
- FlyPard Analytics GmbH (GeoPard Agriculture)
- Trimble Inc.
- FMC Corporation
- Climate LLC
Key Topics Covered:
1 Markets
1.1 Industry Outlook
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Increasing Pesticide-Free Food Demand
1.2.1.2 Substantial Cost Saving
1.2.1.3 Rapid Adoption of Advanced Technologies in Agriculture
1.2.1.3.1 Large Agrochemical Companies Integrating with Technology to Introduce the Products
1.2.2 Business Challenges
1.2.2.1 High Initial Capital Investment
1.2.2.2 Lack of Awareness in Underdeveloped and Emerging Economies
1.2.2.3 Less Feasible for Small Landowners
1.2.3 Market Strategies and Developments
1.2.3.1 Business Strategies
1.2.3.1.1 Product Developments and Innovations
1.2.3.1.2 Market Developments
1.2.3.2 Corporate Strategies
1.2.3.2.1 Mergers and Acquisitions
1.2.3.2.2 Partnerships, Collaborations, and Joint Ventures
1.2.4 Business Opportunities
1.2.4.1 Integration of Visual Technologies
1.2.4.2 Internet Infrastructure Upgradation and 5G Services Launch
1.3 Startup Landscape
1.3.1 Key Startups in the Ecosystem
1.4 Impact of COVID-19 on the Global Precision Pest Management Market
2 Application
2.1 Global Precision Pest Management Market (by Application)
2.1.1 Area-Wide Pest Control
2.1.2 Site-Specific Pest Control
2.2 Demand Analysis of the Global Precision Pest Management Market (by Application)
3 Products
3.1 Precision Pest Management Market (by Technology)
3.1.1 Monitoring
3.1.1.1 Remote Sensing and Imaging
3.1.1.2 GPS/GNSS
3.1.1.3 Others
3.1.2 Spraying
3.1.2.1 Remote Sensing and Imaging
3.1.2.2 GIS
3.1.2.3 VRA
3.1.2.4 Others
3.2 Demand Analysis of the Global Precision Pest Management Market (by Technology)
3.3 Precision Pest Management Market (by Solution)
3.3.1 Hardware
3.3.1.1 Sensors
3.3.1.2 Controllers and Spraying Systems
3.3.1.3 Imaging Devices
3.3.1.4 Others
3.3.2 Software
3.3.2.1 Scouting and Actuation
3.3.2.2 Data Analysis
3.3.3 Services
3.4 Demand Analysis of the Global Precision Pest Management Market (by Solution)
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.2 Market Share Analysis
5.2.1 Market Share Analysis of Global Precision Pest Management Companies
5.3 Company Profiles
6 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/ubozcp
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