Dublin, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The "Europe Precision Agriculture Market - Analysis and Forecast, 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The Europe precision agriculture market (excluding U.K.) was valued at $2.47 billion in 2022 and is expected to reach $4.36 billion by 2027, following a CAGR of 12.02% during 2022-2027. More demand for greater crop yields and more investment in climate-smart agricultural methods are anticipated to propel the growth of the worldwide precision agriculture market.
Numerous startups in Europe emerging with cutting-edge products to satisfy market demand for precision agriculture is a sign that farmers in Europe are progressively adopting precision agriculture technologies. OneSoil, GeoPard Agriculture, QZ Solutions, xFarm Technologies, and Solorrow GmbH are a few of the key startups active in the precision agriculture market in Europe. Due to growing market demand, these startups are raising funds to expand into Europe.
Report Scope
- Segmentation by function, application, technology, software and by hardware systems provided in the report
- Analysis of business drivers and challenges of the Europe Precision Agriculture Market
- Detailed analysis of Precision Agriculture Market for Italy, Germany, Denmark, Netherlands, France and Spain
- A detailed company profile comprising established players
Market Segmentation:
Segmentation by Application
The European precision agriculture market in the application segment is expected to be dominated by precision irrigation applications. This is owing to the rise in awareness towards use of water efficiently and reduce the wastage of nutrients, water, and chemicals. In addition, rise in demand for advanced irrigation systems paired with soil and water sensors are expected to generate higher returns than traditional irrigation systems.
Segmentation by Product
The hardware systems segment is estimated to capture highest market share during the period 2022 to 2027. The hardware equipment is increasingly used in the various farming operations. In addition, Hardware solutions in precision agriculture include automation and control solutions, sensing and navigation solutions, and other hardware solutions such as probes and analysers. The rising demand for hardware solutions is because of the widespread use of yield monitors, handheld computers and mobiles, and agriculture cameras.
Segmentation by Function
The field management captures major market share due to the usage of hardware such as sensors, drones, nozzles, cameras, smartphones, and tasks such as planting, spraying, fertilizing, and irrigation, among other activities. In addition, the field management software integrates sensor data and imaging input with other data, allowing farmers to identify fields that require treatment and verify the optimum amount of water, fertilizers, and pesticides to apply.
Segmentation by Farm Produce
Field crops capture a significant market share in the Europe precision agriculture market because these crops are grown for large-scale consumption. This is followed by permanent crops, which include fruits, vegetables, and nuts, among others.
Key Market Players and Competition Synopsis
Some of the prominent names established in this market are:
- CLAAS Group
- CNH Industrial N.V.
- Accenture
- AGRIVI
- Amazon Web Services, Inc.
- BASF
Market Dynamics
Drivers
- Increasing Demand for Food Production
- Need for Automation of Workforce in Agriculture
- Surging Investment and Support in Climate-Smart Agriculture Practices
- Need for Input Optimization in Agriculture
Challenges
- High Initial Investment
- Threat to Data Security and Privacy
- Lack of Awareness and IT Infrastructure in Developing Regions
Opportunities
- Integration of Emerging Technologies with Existing Practices
- Integral Offerings with Horizontal Integration in Farming
- Growth in 5G Network for Remote Monitoring
- Increasing Adoption of Modern Technologies in Agriculture
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 166 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $2.47 Billion |
| Forecasted Market Value (USD) by 2027 | $4.36 Billion |
| Compound Annual Growth Rate | 12.0% |
| Regions Covered | Europe |
Key Topics Covered:
1. Markets
1.1 Industry Outlook
1.1.1 Market Definition
1.1.2 Trends: Current and Future
1.1.2.1 Increasing Requirement for Crop Yield
1.1.2.2 Increasing Demand to Combat Climate Change
1.1.3 Impact of Key Enabling Technologies on Farming Ecosystem
1.1.3.1 Sensing Technology and IoT
1.1.3.2 Artificial Intelligence and Analytics
1.1.3.3 GNSS
1.1.3.4 Smart Machinery
1.1.4 Ecosystem/Ongoing Programs
1.1.5 Agriculture Drone Market
1.1.6 Agriculture Robot Market
1.2 Business Dynamics
1.3 Startup Landscape
1.4 Impact of COVID-19 on the Precision Agriculture Market
1.5 Impact of Russia-Ukraine Crisis on the Precision Agriculture Market
2. Region
3. Markets - Competitive Benchmarking & Company Profiles
3.1 Competitive Benchmarking
3.2 Market Share Analysis
3.3 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ut7d63
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