According to the new market research report “Precision Farming Market by Technology (Guidance, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Variable Rate Application), Offering (Hardware—Sensors, GPS, Yield Monitors; Software; Services) and Geography – Global Forecast to 2025″, published by MarketsandMarkets™, the Precision Farming Market is expected to grow from USD 7.0 billion in 2020 to USD 12.8 billion by 2025, at a CAGR of 12.7%.
The high demand for agricultural products due to population growth; increased adoption of VRT, remote sensing technology, and guidance technologies by worldwide farmers; strong government support for promoting the use of precision farming techniques are the major factors fueling the growth of the precision farming market. Also, government initiatives in many countries such as UK, US, and Indiaenable farmers to make use of optimized agricultural and technological tools to improve their production levels. Further, the changing weather patterns due to increasing global warming have impelled the adoption of advanced farming technologies to enhance farm productivity and crop yield.
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Guidance technology held the largest market share in 2019
Guidance technology helps reduce operator fatigue and pinpoint precise field locations. Field operators can use GPS-based guidance technology to auto-steer combines and tractors—and access timely.Guidance technology also saves money by reducing over- and under-application of sprays and improving the seeding of field crop rows. Guidance technologies were adopted on more than 80% of planted acres for several major crops in 2019 in North America. The ease-of-use and advanced functionality of these systems are major factors for the higher adoption of this technology on farms across the world.
Hardware segment expected to continue to hold largest market share throughout forecast period
The hardware segment is expected to continue to hold the largest share of the precision farming market from 2020 to 2025. The growth of the market for hardware is attributed to the increasing adoption of automation and control devices such as drones/unmanned aerial vehicles (UAV), GPS, irrigation controllers, guidance and steering systems, yield monitors, and sensors. In the yield monitoring process, hardware components, such as sensors and GPS devices, play a vital role in measuring various yield parameters.
GPS-based auto-guidance technology is used in agricultural vehicles to reduce the overlapping during the field mapping process, thereby saving fuel, labor, and time and leading to soil compaction with an environmental benefit. The increasing adoption of new technologies and advanced devices in precision farming is expected to drive the growth of the precision farming market for hardware. The precision farming market for software is expected to grow at the highest CAGR from 2020 to 2025. Increasing demand for AI-based data analytics is the major factor contributing to the highest CAGR of the market for software.
Yield monitoring application to account for largest share of precision farming market in 2020
The precision farming market has been segmented on the basis of application into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, financial management, and others.
Yield monitors mounted on combines can collect GPS coordinates that the operator can color code and map to show changes in crop yield across the field. Yield monitors may also store data so that operators can compare yields over the years. Yield maps have grown in popularity in recent years as mapping programs on computer tablets have become easier to use. Yield monitoring is the most widely used application in precision farming as it plays a vital role in understanding field variability and helps farmers in maximizing their yields.
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Americas expected to hold largest size of precision farming market during forecast period
The presence of large-sized farms in the US, Canada, and Brazil provides ideal environment for the adoption of agriculture technology. Countries such as the US and Canada in the Americas are the early adopters of precision farming technologies, which is the major reason for the high share of this region in the precision farming market. Farmers or growers in this region are increasingly adopting advanced farming systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software.
The report profiles key players such as Deere & Company (John Deere) (US), Trimble, Inc. (Trimble) (US), AGCO Corporation (AGCO) (US), AgJunction Inc. (AgJunction) (US), Raven Industries Inc. (Raven) (US), AG Leader Technology (AG Leader) (US), Teejet Technologies (Teejet) (US), Topcon Positioning Systems, Inc. (Topcon Positioning Systems) (US), Taranis (Taranis) (Israel), AgEagle Aerial Syetems (US), ec2ce (ec2ce) (Spain), Descartes Labs, Inc. (Descartes Labs) (US), Granular, Inc. (Granular) (US), Prospera Technologies (Prospera) (Israel), Autonomous Tractor Corporation (ATC) (US), Hexagon Agriculture (Hexagon Agriculture) (Brazil), The Climate Corporation (US), CropX Technologies (Israel), and Autocopter Corp (Autocopter) (US) operating in the precision farming market.
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