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Precision Farming Market Share, Opportunities, Industry 2031

Precision Farming Market

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Segments - by 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), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa)–Global Industry Analysis, Growth, Shares, Size, Trends, and Forecast 2023 – 2031

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Anuradha B. More

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Report Description

Precision Farming Market Outlook 2031

The precision farming market size was USD 8.76 Billion in 2022 and is anticipated to reach USD 21.87 Billion by 2031 expand at a significant CAGR 10.7% during the forecast period 2023–2031. 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.

Precision Farming 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 Precision Farming Market 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	Details
Report Title	Precision Farming Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016-2021
Forecast Period	2023-2031
Segmentation	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)
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	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.

Precision Farming 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

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.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Precision Farming 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 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 Market - Supply Chain
  4.5. Global Precision Farming Market Forecast
     4.5.1. Precision Farming Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Precision Farming Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Precision Farming Market Absolute $ Opportunity
5. Global Precision Farming Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Precision Farming Market Size and Volume Forecast by Applications
     5.3.1. Crop Scouting Yield Monitoring Soil Monitoring Field Mapping Variable Rate Application Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Precision Farming Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Precision Farming Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Precision Farming Demand Share Forecast, 2019-2026
7. North America Precision Farming Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Precision Farming Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Precision Farming Market Size and Volume Forecast by Applications
     7.4.1. Crop Scouting Yield Monitoring Soil Monitoring Field Mapping Variable Rate Application Others
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Precision Farming Demand Share Forecast, 2019-2026
8. Latin America Precision Farming 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
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Precision Farming Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Precision Farming Market Size and Volume Forecast by Applications
     8.4.1. Crop Scouting Yield Monitoring Soil Monitoring Field Mapping Variable Rate Application Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Precision Farming Demand Share Forecast, 2019-2026
9. Europe Precision Farming 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. Europe Average Pricing Analysis
  9.2. Europe Precision Farming Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Precision Farming Market Size and Volume Forecast by Applications
     9.4.1. Crop Scouting Yield Monitoring Soil Monitoring Field Mapping Variable Rate Application Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Precision Farming Demand Share Forecast, 2019-2026
10. Asia Pacific Precision Farming 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. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Precision Farming Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Precision Farming Market Size and Volume Forecast by Applications
     10.4.1. Crop Scouting Yield Monitoring Soil Monitoring Field Mapping Variable Rate Application Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Precision Farming Demand Share Forecast, 2019-2026
11. Middle East & Africa Precision Farming 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. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Precision Farming Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Precision Farming Market Size and Volume Forecast by Applications
     11.4.1. Crop Scouting Yield Monitoring Soil Monitoring Field Mapping Variable Rate Application Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Precision Farming Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Precision Farming Market: Market Share Analysis
  12.2. Precision Farming Distributors and Customers
  12.3. Precision Farming Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Yara International ASA Land O’lakes Inc. Lindsay Corp. Tee-Jet Technologies John Deere AGCO Corp.

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