The precision farming market size is anticipated to expand at a significant CAGR during the forecast period 2021–2028. Growth of the market is attributed to increasing demand for high yield crops, rapid changes in climate, and rising demand for food.
In a farming management, the concept based on responding to inter & intra-field variability, observing, and measuring in crops is known as precision agriculture also called as satellite farming.
The covid-19 pandemic affected the demand and supply of the precision farming market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increased demand for precision farming is projected to boost the market.
- Increasing research funding for agriculture sector is the major factor fueling the market.
- Less adaptation rate of precision farming is projected to restrict the market expansion during the forecast period.
- Lack of awareness about precision farming among farmers is anticipated to hamper the market growth in the coming years.
- R&D investment and technological advancement in precision farming market is projected to offer lucrative opportunities for the market players.
Scope of the Report
The report on the precision farming market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Precision Farming Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018-2019
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Forecast Period
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2021-2028
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Segmentation
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Technologies (Drones & UAVs, Guidance Systems [Global Information System and Global Satellite Navigation System & Global Positioning System], Variable-rate Technology [Variable Rate Pesticide, Variable Rate Fertilizer, and Variable Rate Seeding], Remote Sensing, and Others), Components (Services, Software, Hardware, and Others), Applications (Crop Scouting, Yield Monitoring, Soil Monitoring, Field Mapping, Variable Rate Application, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players covered in the Report
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Yara International ASA; Land O’lakes Inc.; Lindsay Corp.; Tee-Jet Technologies; John Deere; AGCO Corp.; DICKEY-john Corp.; BASF SE; Topcon Precision Agriculture; Ag Junction Inc; and Raven Industries Inc.
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Market Segment Insights
The guidance systems segment accounts for a key share of the market
Based on technologies, the precision farming market is fragmented into drones & UAVS, guidance systems, variable-rate technology, remote sensing, and others. The guidance systems are sub-segmented into global information system and global satellite navigation system & global positioning system. The variable-rate technology segment is sub-segmented into variable rate pesticide, variable rate fertilizer, and variable rate seeding. The guidance systems segment accounts for a key share of the market. Growth of the market is attributed to increasing population and rising crop production. However, the variable-rate technology segment is anticipated to expand at a rapid pace during the forecast period due to factors such as increasing adoption of advanced technologies in agriculture sector and increasing government initiatives to improve farmer’s efficiency.
The hardware segment accounts for a key share of the market
On the basis of components, the market is segmented into services, software, hardware, and others. The hardware segment accounts for a key share of the market. Growth of the market is attributed to increasing supply of quality products and growing demand for food by consumers & food processors. The software segment is anticipated to expand at a rapid pace during the forecast period due to factors such as increasing availability of arable land, rapidly changing agriculture sector due to crop protection solutions offered by precision applications, and increased research funding for agriculture sector.
The soil monitoring segment accounts for a key share of the market
Based on applications, the market is divided into crop scouting, yield monitoring, soil monitoring, field mapping, variable rate application, and others. The soil monitoring segment accounts for a key share of the market. Growth of the market is attributed to minimum investment in infrastructure, increasing awareness about the benefits of precision agriculture, and rapid innovation in technologies. The yield monitoring segment is anticipated to expand at a rapid pace during the forecast period due to factors such as minimum use of resources, rapidly decreasing skilled labors, and increasing crop production.
The US is anticipated to hold key market share
On the basis of region, the precision farming market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is estimated to expand at a high CAGR during the forecast period due to rapid economic growth in region and encouragement from government organizations. The market of North America is estimated to hold a key market share due to increasing population, rising demand for premium quality crops, and presence of major market players.
Segments
Segments Covered in the Report
The precision farming market has been segmented on the basis of
Technologies
- Drones & UAVS
- Guidance Systems
- Global Information System
- Global Satellite Navigation System & Global Positioning System
- Variable-rate Technology
- Variable Rate Pesticide
- Variable Rate Fertilizer
- Variable Rate Seeding
- Remote Sensing
- Others
Components
- Services
- Software
- Hardware
- Others
Applications
- Crop Scouting
- Yield Monitoring
- Soil Monitoring
- Field Mapping
- Variable Rate Application
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Yara International ASA
- Land O’lakes Inc.
- Lindsay Corp.
- Tee-Jet Technologies
- John Deere
- AGCO Corp.
- DICKEY-john Corp.
- BASF SE
- Topcon Precision Agriculture
- Ag Junction Inc
- Raven Industries Inc.
Competitive Landscape
Key players competing in the precision farming market include Yara International ASA; Land O’lakes Inc.; Lindsay Corp.; Tee-Jet Technologies; John Deere; AGCO Corp.; DICKEY-john Corp.; BASF SE; Topcon Precision Agriculture; Ag Junction Inc; and Raven Industries Inc.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and rise their production line of the business in the coming years.
