Precision Farming Equipment Market Size, Share | Forecast 2031

Segments - Precision Farming Equipment Market by Types (Soil Tillage Machinery, Planting and Fertilizing Machinery, Crop Harvesting Machinery, and Others), Applications (Grain Planting, Fruit Planting, Vegetable Planting, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Rucha Phatak

Report Description

Precision Farming Equipment Market Outlook 2031

The global precision farming equipment market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of XX% during the forecast period 2023 - 2031. The growth of the market is attributed to changing climate, growing demand for food, increasing adoption of smart technologies in the global agriculture sector, and rising government initiatives to enhance farm efficiency through new technologies.

Precision farming or agriculture is known as satellite farming and site specific crop management. This type of farming is based on the management concept of observing, measuring, and responding to variability in crops. Precision farming uses high-tech tools to improve yield using less resources, while minimizing potential harm to the environment. For instance, GPS tractor guidance helps farmers to improve crop production by reducing overlaps and gaps, while planting, fertilizing, and protecting crops.

Precision Farming Equipment Market Outlook

Over the last two decades, technological developments such as telematics, robotics, automated hardware, agriculture drones, and variable rate technology improved precision farming. This includes equipment guidance and automatic steering, yield monitoring, variable rate input application, remote sensing, in-field electronic sensors, section and row control on planters, sprayers and fertilizer applicators, and spatial data management systems.

Precision Farming Equipment Market Trends, Drivers, Restraints, and Opportunities

Improved profitability obtained by the adoption of precision farming technology is fueling the precision farming equipment market.
Rising demand for digital technologies, which combines the independent sectors of imagery, precision farming and sensors, and farm equipment, propels the precision farming equipment market.
Restrictions on travel and lockdowns led to disturbances in the supply chain and lack of equipment impedes the market.
The COVID-19 pandemic disrupted the supply-chain activities, owing to the imposition of lockdown on the manufacturing facilities. This, in turn, hampers the market.
High adoption of artificial intelligence, big data, and the Internet of Things in the coming years, is projected to create opportunities in the precision farming equipment market.

Scope of Precision Farming Equipment Market Report

The report on the global precision farming equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Precision Farming Equipment Market -Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (Soil Tillage Machinery, Planting And Fertilizing Machinery, Crop Harvesting Machinery, and Others), Applications (Grain Planting, Fruit Planting, Vegetable Planting, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Deere, Precision Planting, Raven Industries, Trimble Navigation, AgJunction, AGLeader Technology, IntegriNautics, Schmidt and Sons, and Spraying Systems

Precision Farming Equipment Market Segment Insights

Soil tillage machinery segment to account for a large market share

Based on types, the precision farming equipment market is segmented into soil tillage machinery, planting and fertilizing machinery, crop harvesting machinery, and others. The soil tillage machinery segment is anticipated to account for a large share of the market, owing to the requirement of tillage planter for hard agricultural land that cannot be shifted using a plough.

This piece of equipment sows seeds in the ground without any prior tillage. Through this type, farming has become more of a science than an art. It has led to improved productivity, efficiency, and sustainable farming, which in turn, is spurring the growth of the market.

Precision Farming Equipment Market Types

Fruit planting segment to account for a key market share

Based on applications, the precision farming equipment market is segmented into grain planting, fruit planting, vegetable planting, and others. High demand for precision farming equipment is backed up by the rising population, globalization of food production, and consumer preference for high-quality foods. The fruit planting segment is expected to account for a key market share, due to rising demand for organic fruits and vegetables.

Precision Farming Equipment Market Applications

Market in Asia Pacific to exhibit a high CAGR

On the basis of regions, the precision farming equipment market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for a significant market share, owing to use of sophisticated agricultural systems and equipment including steering and steering systems, cameras, displays, and applications for farm management.

Growing implementation of advanced technology in agriculture decreased labour costs, consolidation of farmland, and increased demand for high production in developed agricultural areas, which in turn, led to the growth of the precision farming industry in North America. The market in Asia Pacific is expected to experience substantial development, due to promotion in use of the state-of-the-art precision farming technology to improve productivity.

Precision Farming Equipment Market Regions

Segments

The global precision farming equipment market has been segmented on the basis of

Types

Soil Tillage Machinery
Planting and Fertilizing Machinery
Crop Harvesting Machinery
Other

Applications

Grain Planting
Fruit Planting
Vegetable Planting
Other

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Deere
Precision Planting
Raven Industries
Trimble Navigation
AgJunction
AGLeader Technology
IntegriNautics
Schmidt and Sons
Spraying Systems

Competitive Landscape

Major players of the market are Deere, Precision Planting, Raven Industries, Trimble Navigation, AgJunction, AGLeader Technology, IntegriNautics, Schmidt and Sons, and Spraying Systems.

Companies are focusing on integrating additional features that benefit the organization and their relationship with farmers. Moreover, the companies operating in the market are acquiring start-ups working on precision farming equipment technologies to strengthen their product capabilities.

Precision Farming Equipment Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Precision Farming Equipment Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Precision Farming Equipment Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Precision Farming Equipment Market - Supply Chain
  4.5. Global Precision Farming Equipment Market Forecast
     4.5.1. Precision Farming Equipment Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Precision Farming Equipment Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Precision Farming Equipment Market Absolute $ Opportunity
5. Global Precision Farming Equipment Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Precision Farming Equipment Market Size and Volume Forecast by Types
     5.3.1. Soil Tillage Machinery
     5.3.2. Planting and Fertilizing Machinery
     5.3.3. Crop Harvesting Machinery
     5.3.4. Other
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Precision Farming Equipment Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Precision Farming Equipment Market Size and Volume Forecast by Applications
     6.3.1. Grain Planting
     6.3.2. Fruit Planting
     6.3.3. Vegetable Planting
     6.3.4. Other
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Precision Farming Equipment Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Precision Farming Equipment Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Precision Farming Equipment Demand Share Forecast, 2019-2026
8. North America Precision Farming Equipment Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Precision Farming Equipment Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Precision Farming Equipment Market Size and Volume Forecast by Types
     8.4.1. Soil Tillage Machinery
     8.4.2. Planting and Fertilizing Machinery
     8.4.3. Crop Harvesting Machinery
     8.4.4. Other
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Precision Farming Equipment Market Size and Volume Forecast by Applications
     8.7.1. Grain Planting
     8.7.2. Fruit Planting
     8.7.3. Vegetable Planting
     8.7.4. Other
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Precision Farming Equipment Demand Share Forecast, 2019-2026
9. Latin America Precision Farming Equipment Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Precision Farming Equipment Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Precision Farming Equipment Market Size and Volume Forecast by Types
     9.4.1. Soil Tillage Machinery
     9.4.2. Planting and Fertilizing Machinery
     9.4.3. Crop Harvesting Machinery
     9.4.4. Other
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Precision Farming Equipment Market Size and Volume Forecast by Applications
     9.7.1. Grain Planting
     9.7.2. Fruit Planting
     9.7.3. Vegetable Planting
     9.7.4. Other
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Precision Farming Equipment Demand Share Forecast, 2019-2026
10. Europe Precision Farming Equipment Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Precision Farming Equipment Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Precision Farming Equipment Market Size and Volume Forecast by Types
     10.4.1. Soil Tillage Machinery
     10.4.2. Planting and Fertilizing Machinery
     10.4.3. Crop Harvesting Machinery
     10.4.4. Other
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Precision Farming Equipment Market Size and Volume Forecast by Applications
     10.7.1. Grain Planting
     10.7.2. Fruit Planting
     10.7.3. Vegetable Planting
     10.7.4. Other
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Precision Farming Equipment Demand Share Forecast, 2019-2026
11. Asia Pacific Precision Farming Equipment Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Precision Farming Equipment Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Precision Farming Equipment Market Size and Volume Forecast by Types
     11.4.1. Soil Tillage Machinery
     11.4.2. Planting and Fertilizing Machinery
     11.4.3. Crop Harvesting Machinery
     11.4.4. Other
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Precision Farming Equipment Market Size and Volume Forecast by Applications
     11.7.1. Grain Planting
     11.7.2. Fruit Planting
     11.7.3. Vegetable Planting
     11.7.4. Other
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Precision Farming Equipment Demand Share Forecast, 2019-2026
12. Middle East & Africa Precision Farming Equipment Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Precision Farming Equipment Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Precision Farming Equipment Market Size and Volume Forecast by Types
     12.4.1. Soil Tillage Machinery
     12.4.2. Planting and Fertilizing Machinery
     12.4.3. Crop Harvesting Machinery
     12.4.4. Other
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Precision Farming Equipment Market Size and Volume Forecast by Applications
     12.7.1. Grain Planting
     12.7.2. Fruit Planting
     12.7.3. Vegetable Planting
     12.7.4. Other
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Precision Farming Equipment Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Precision Farming Equipment Market: Market Share Analysis
  13.2. Precision Farming Equipment Distributors and Customers
  13.3. Precision Farming Equipment Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Deere
     13.4.2. Precision Planting
     13.4.3. Raven Industries
     13.4.4. Trimble Navigation
     13.4.5. AgJunction
     13.4.6. AGLeader Technology
     13.4.7. IntegriNautics
     13.4.8. Schmidt and Sons
     13.4.9. Spraying Systems