Chicago, June 10, 2024 (GLOBE NEWSWIRE) -- The global precision farming market size is expected to grow from USD 9.7 billion in 2023 to USD 21.9 billion by 2031, at a CAGR of 10.7%. The primary drivers behind the expansion of the market include the swift uptake of cutting-edge technologies in precision agriculture aimed at lowering labor expenses, the growing embrace of Internet of Things (IoT) devices in farming domains, considerable monetary savings linked with precision farming, the impact of climate change and the imperative to meet escalating food requirements, as well as the mounting endorsement of precision farming methods by governments on a global scale.
To know about the assumptions considered for the study
Major Precision Farming Companies include:
- Deere & Company (John Deere) (US),
- Trimble Inc. (US),
- AGCO Corporation (US),
- AgJunction LLC (US),
- Raven Industries, Inc. (US),
- AG Leader Technology (US),
- Teejet Technologies (US),
- Topcon (US).
Precision Farming Market Segmentation:
Hardware segment to hold the largest share of precision farming market during the forecast period
The categorization of the precision farming industry based on its offerings has resulted in the segmentation of hardware, software, and services. A further division has occurred within the hardware category, leading to automation and control systems, as well as monitoring and sensing devices. In particular, automation and control systems encompass GPS receivers, guidance and steering mechanisms, and variable-rate technology (VRT) devices. These elements are projected to hold a substantial portion of the hardware segment’s share in the market throughout the anticipated timeframe. This is primarily due to their widespread utilization within the precision farming sphere. The growth trajectory of this market sector can be ascribed to the significant adoption of automation and control devices, including drones/UAVs, GPS/GNSS systems, irrigation controllers, guidance and steering systems, yield monitors, and agricultural sensors, within the agricultural domain.
Variable rate technology segment is expected to witness higher CAGR during the forecast period
Variable rate technology is expected to demonstrate the highest CAGR compared to other technologies within the projected period. The accelerated adoption of variable rate technology can be attributed to its early uptake by farmers. This advancement is propelled by the integration of GPS-based auto-guidance technology, which empowers agricultural professionals to optimize equipment and tractor utilization, leading to reduced fuel and labor expenses, heightened operational efficiency, and minimized soil compaction.
Yield monitoring applications segment held the largest share of the precision farming market in 2022
Within the precision farming market, the application segment of yield monitoring emerged as the largest application in terms of market share. This dominance is underscored by the substantial advantages offered by climate service initiatives, empowering farmers to adeptly navigate climate-induced adversities and concurrently enhance food security while bolstering the quality of decision-making processes within the agricultural realm. Moreover, looking at the geographical landscape, the Asia-Pacific (APAC) region is poised to display the most noteworthy CAGR in the global market. This projection underscores the region's escalating interest and investment in precision farming technologies and practices, which are evidently contributing to the market's overall expansion and potential.
Precision Farming Market Growth Regional Analysis:
The precision farming market in Asia Pacific is expected to witness the highest growth from 2023 to 2031.
The burgeoning wave of modernization sweeping through the agricultural sector, particularly evident in nations like China, India, and Indonesia, stands as a pivotal catalyst propelling the expansion of the precision farming industry within the region. With the populace in these developing countries experiencing substantial growth, an escalating demand for enhanced agricultural productivity exists. Consequently, this demographic pressure is serving as a compelling impetus for the agriculture industry to embrace precision farming equipment and practices, ultimately fostering the heightened adoption and implementation of precision farming technologies across the region.
