Market Overview:
The global market for Precision Agriculture valued at USD 8306.6 Million in 2022 is projected to reach a revised size of USD 19701.75 Million by 2030, growing at a CAGR of 11.4% over the period 2023-2030.
Precision agriculture, often known as precision farming, is a farming management approach centered on understanding and responding to variations within and between fields. By leveraging information technology and data analytics, precision agriculture ensures crops and soil receive precise inputs for optimal growth and productivity, while also promoting profitability, sustainability, and environmental protection. It accounts for factors like soil characteristics, topography, weather conditions, and crop performance when making farming decisions.
This strategy employs specialized equipment, software, and IT services to gather real-time data from crop fields, including soil moisture, temperature, and aerial imagery from satellites and drones. Predictive analytics then utilize this data to guide farmers on crop rotation, planting and harvesting times, and soil management. By integrating sensor data with various inputs, precision agriculture helps identify treatment needs, optimizing resource utilization and reducing waste. It is largely used in agricultural mapping, soil analysis, weather monitoring, labor and equipment management. While challenges like data management, integration, and technology investment exist, precision agriculture's rising popularity reflects farmers' pursuit of enhanced efficiency and crop yield optimization.
Top Key Players for Precision Agriculture Market:
AgJunction Inc. (Canada), Raven Industries Inc. (U.S), CNH Industrial N.V. (U.K), Deere & Company (U.S), Trimble, Inc. (U.S), Iteris Inc. (U.S), Topcon Corporation (Japan), PrecisionHawk (U.S), SenseFly (Cheseaux-sur-Lausanne), DICKEY-john (Auburn), SST Development Group, Inc. (U.S), Agribotix LLC (U.S), and Other Major Players.
Market Dynamics and Factors for Precision Agriculture Market:
Drivers:
Widespread Adoption of Smartphones in Farming Practices, Enabling Remote Monitoring and Data Storage
The surge in smartphone adoption has spurred the development of farm-compatible software, allowing remote field monitoring and cloud-based data storage. Advanced applications integrated with smartphones enable farmers to enhance connectivity through USB, Bluetooth, and Wi-Fi. This trend has created profitable avenues in the global precision agriculture market. The integration of smartphones in farming practices, as evidenced in India, has led to remarkable increases in output and income, fostering market expansion.
Opportunities:
Increasing Adoption Of AI-Based Solutions in Agriculture
adoption of AI-based solutions in agriculture holds tremendous potential as it equips farmers with precise insights for informed and controlled farming practices. These AI tools provide essential guidance on crucial aspects such as optimal fertilizer use, effective water management, strategic crop rotation, pest control methods, and suitable crop choices based on soil characteristics, nutrition management, and ideal planting conditions. Leveraging AI, farmers can combat diseases and pests by analyzing satellite imagery in conjunction with historical data, utilizing specific AI algorithms to detect pest presence and assess their impact on crops.
Segmentation Analysis of the Precision Agriculture Market:
By Component, hardware segment is poised to drive precision agriculture expansion, Essential for crop management, hardware like automation systems, sensing devices, and drones facilitate effective cultivation practices, with GIS guidance offering critical insights into environmental conditions and workflows, while VRT technology ensures equitable pesticide and seed distribution.
By Technology, GPS-based technology category is projected to hold a substantial share of the precision agriculture market. GPS-powered Auto-guidance minimizes equipment overlap, reducing fuel, labor, time, and soil compaction.
By Application, Yield monitoring remains the dominant application, sustaining its dominance in the forecast period. Providing data-backed decisions for farmers, it's divided into on-farm and off-farm segments. On-farm yield monitoring offers real-time insights during harvest, forming a significant part of the precision farming market
Regional Analysis of the Precision Agriculture Market:
Asia Pacific is expected to dominate the precision agriculture market due to robust government initiatives in countries like India, Nigeria, and Sri Lanka, fostering modern farming technologies and increasing profitability. The North American region follows closely, driven by early technology adoption, urbanization, cloud tech utilization, and government support. For example, the US's National Institute of Food and Agriculture partners with universities to enhance precision technology awareness among farmers, bolstering the regional market's growth.
Key Industry Development:
In March, 2022, Raven Industries, Inc., the leader in Driverless Ag Technology, declared the launch of OMNiPOWER™ 3200, the latest model of its autonomous power platform that further continues to boost innovation in the industry. OMNiPOWER™ gives ag professionals the ability to undergo multiple farming operations autonomously. The new 3200 model will later boost the adoption of advanced autonomous solutions with the addition of mechanical, functional, and aesthetic enhancements that will improve efficiency and make autonomy more practical for growers.
For this report, Introspective Market Research has segmented the Precision Agriculture Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
