According to the recent report by IMARC Group, entitled “Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market is currently witnessing strong growth. The global precision agriculture market to grow at a CAGR of around 12% during the forecast period 2021-2026. Precision Agriculture (PA) is a type of integrated production- and information-controlled farming system that uses the latest available technologies and research methods to enhance the agricultural output. It assists the farmers in increasing long-term, site-specific, and whole-farm production efficiency and profitability while reducing the unintended impact on the environment. Precision agriculture also helps in achieving a high quality of production and reducing the production costs and labor inputs.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Due to the increasing adoption of internet services and smartphones, several farmers are increasingly utilizing the latest technologies. Furthermore, the rising integration of numerous innovative technologies, such as low power wide area (LPWA) and Zigbee, with precision farming has enabled the farmers to plan and execute various agricultural operations efficiently. Additionally, the governments across several nations are offering various financial incentives and support schemes to encourage farmers to invest in diverse precision farming technologies. Besides this, the expanding food and beverage industry and escalating demand for sustainable farming practices are projected to bolster the growth of the precision agriculture market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Precision Agriculture Market Segmentation:
Our report has categorized the market based on region, technology, type, component and application.
Breakup by Technology:
Breakup by Type:
Breakup by Component:
Breakup by Application:
Key highlights of the report:
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