Precision farming market anticipated to grow at a CAGR of 13.38% from 2018 to 2023
The precision farming market is estimated to be worth USD 5.09 billion in 2018 and is projected to reach USD 9.53 billion by 2023, at a CAGR of 13.38% between 2018 and 2023. Major factors driving the growth of the precision farming market include pressure on global food supply owing to growing world population, substantial cost cutting made possible by precision farming, and government initiatives to adopt modern agricultural techniques. Major restraints for the precision farming market include high initial investment and the lack of technical knowledge among farmers. Precision farming requires large initial investment, efficient farming tools, and skilled labor.
Market for variable-rate technology (VRT) estimated to grow at highest CAGR during forecast period
The wide adoption of VRT in precision farming is because of the various benefits associated with it. VRT allows input application rates to be varied across fields for site-specific management of the field variability. This technology helps in reducing the input usage, thereby decreasing environmental impacts such as greenhouse gas emission, soil erosion and degradation, and genetic erosion. The market for VRT is expected to grow at a higher CAGR than that for other technologies as this technology helps in applying the right amount of input at the right place on the field, which minimizes the input waste and increases land and crop productivity.
Market for weather tracking and forecasting application to grow at highest CAGR during forecast period
Increasing demand for climate information services owing to their benefits that enable farmers to deal with climate change and variability to improve decision-making in agriculture is the major reason behind the high growth of the market for weather tracking and forecasting between 2018 and 2023. Moreover, the increasing demand of cloud platform for climate services is a major factor propelling the growth of the precision farming market for this application.
Precision farming market in APAC to grow at highest CAGR during forecast period
The increasing adoption of precision farming technologies such as guidance system, remote sensing, and variable-rate technology by farmers in APAC is expected to propel the growth of the precision farming market during the forecast period. The adoption rate of precision farming techniques is expected to grow at a high rate in APAC as this region comprises emerging countries such as India and China, and other Southeast Asian countries. Rapidly increasing population, the availability of arable farms, and government support through subsidies are the factors driving the adoption of smart agriculture techniques in APAC.
The breakup of primaries conducted during the study is depicted below:
• By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%
• By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
• By Region: Americas– 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Key players operating in the precision farming market are Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), The Climate Corporation (US), Descartes Labs (US), ec2ce (Spain), Gamaya (Switzerland), and Decisive Farming (Canada).
This report covers the precision farming market based on offering, technology, application, and region. The precision farming market based on offering has been segmented into hardware, software, and services. On the basis of application, the precision farming market has been segmented into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, financial management, and others. On the basis of technology, the precision farming market has been classified into guidance system, remote sensing, and variable-rate technology (VRT). On the basis of region, the precision farming market has been segmented into the Americas, Europe, APAC, and RoW.
Key Benefits of Buying This Report
• This report includes the market statistics pertaining to offering, application, technology, and region, along with their respective market size.
• In-depth analysis of the value chain has been done to provide in-depth insight into the precision farming market.
• Major drivers, restraints, challenges, and opportunities pertaining to the precision farming market have been detailed in this report.
• Illustrative segmentation, analysis, and forecast for the market on the basis of offering, application, technology, and region have been conducted to provide an overall view of the precision farming market.
• The report includes an in-depth analysis and ranking of key players.