Precision Farming Market Size was valued at USD 4.1 Billion in 2022. The Precision Farming market industry is projected to grow from USD 7.5 Billion in 2023 to USD 16 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2023 - 2030).
The market value is expected to escalate further with the proliferation of artificial intelligence, cloud computing, and machine learning in farming techniques. In this regard, Market Research Future (MRFR) asserts that the global precision farming market is projected to garner significant gains by 2027, registering a phenomenal CAGR during the review period (2023–2032).
Depleting arable land pushes market growth, driving the demand in the satellite farming market. Also, the increasing demand to increase crops and grain production substantiate market growth. The COVID 19 pandemic has spiked in interest and investment in farm technologies and automation due to the shortages of agricultural workers.
Conversely, the high cost of precision farming and lack of regulatory uniformity are the key factors expected to impede the market growth. Nevertheless, the increasing adoption of precision agri would support market growth, meeting the significantly growing demand due to the ever-increasing population.
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Precision farming Market – Segments
The report is segmented into types, components, applications, and regions. The type segment is sub-segmented into sensory monitoring devices and farm management systems. The component segment is sub-segmented into hardware, software, and services.
The application segment is sub-segmented into crop scouting, yield mapping, quality mapping, soil properties analysis, inventory management, labor management, yield monitoring, soil monitoring, precision irrigation, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Precision farming Market – Competitive Analysis
Highly competitive, the precision farming market appears fragmented due to the presence of several well-established players. Industry players adopt strategic approaches, such as mergers acquisitions, collaboration, expansion, and product/technology launch to gain a larger competitive share. They make substantial RD investments in the development of new technologies and cost-effective portfolios. Also, considerable investments are fostered in expanding global footprints and gaining diverse expertise.
Global Precision farming Market – Regional Analysis
North America leads the global precision farming market. The region is an early adopter of advanced technologies, and innovations have created frameworks adding to the local market's income. Besides, expanding government initiatives to increase the adoption of precision farming to boost farm production and the appropriation of current agribusinesses drive the market growth.
Factors such as the rising technological advances and the presence of many industry players increase the size of the market. Furthermore, the spurring growth in horticulture and aquaculture sectors influences market shares.
Players leading the global precision farming market are Ag Junction Inc., AGCO Corporation, DICKEY-john Corporation, John Deere, and TeeJet Technologies, among others.
Industry/ Innovation/ Related News:
Aug.04, 2021 --- Processed Food Products Export Development Authority (APEDA) announced signing an MoU with the University of Agricultural Sciences (UAS) to boost export of agricultural and processed food products, establishing a center of capacity building at the university for farmers and a post-graduate certification course, working in close coordination.
The key areas of cooperation include developing technologies for advanced alertness and efficient precision farming to enhance quality exports, diversify the export basket, and boost high-value agri exports by establishing Brand India globally.
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