Precision Farming Market Size, Share & Analysis Report, 2023-2032
The global precision farming market size was exhibited at USD 9.35 billion in 2022 and is projected to hit around USD 35.12 billion by 2032, growing at a CAGR of 14.15% during the forecast period 2023 to 2032.
Key Pointers:
The most significant factors driving the growth of the precision farming market is the Rapid adoption of advanced technologies in precision farming to reduce labor cost, Increased adoption of Internet of Things (IoT) devices in agricultural fields, Substantial cost savings associated with precision farming, Climate change and need to meet rising demand for food and Increasing promotion of precision farming techniques by governments worldwide.
Precision Farming Market Report Scope
|
Report Coverage |
Details |
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Market Size in 2023 |
USD 10.67 Billion |
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Market Size by 2032 |
USD 35.12 Billion |
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Growth Rate From 2023 to 2032 |
CAGR of 14.15% |
|
Base Year |
2022 |
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Forecast Period |
2023 to 2032 |
|
Segments Covered |
Offering, Application, Technology, |
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Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
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Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
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Key Companies Profiled |
AG DNA, AG Junction, AG Leader Technology, AGCO Corporation, Agribotix, Bayer CropScience AG, Case IH Agriculture, ClearAg Operations, Conservis Corporation, Deere & Company |
COVID-19 Impact on the global precision farming market share
The precision farming market report includes key companies such as Deere & Company (John Deere) (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader Technology (US), Teejet Technologies (US), Topcon Positioning Systems (US), Taranis (Israel), AgEagle Aerial Systems (US), ec2ce (Spain), Descartes Labs (US), Granular (US), Autonomous Tractor Corporation (US), Hexagon Agriculture (Brazil), The Climate Corporation (US), and CropX Technologies (Israel). These companies have their manufacturing facilities and corporate offices spread across various countries across Asia Pacific, Europe, Americas, and RoW. The precision farming products manufactured by these companies are purchased by several stakeholders for various applications. COVID-19 not only impacted the operations of the various precision farming manufacturers companies, but also affected the businesses of their suppliers and distributors. The fall in export shipments and slow domestic demand for precision farming in comparison to pre COVID-19 levels is also expected to negatively impact and slightly stagnate the demand for precision farming in short term. The key companies operating in this market, have also witnessed the impact of the pandemic in their order intakes during the first half of 2020.
Precision Farming Market Dynamics
Driver: Rapid adoption of advanced technologies in precision farming to reduce labor cost
The agriculture industry was highly dependent on laborers for different activities; however, with technological advancements, automation is replacing the task of laborers and enabling the industry players to achieve high output in less time. The adoption of advanced technologies is helping farmers to cover a large area of their fields in less time and more efficiently. Precision farming is an advanced farming technique involving cutting-edge technologies that enable farmers to increase productivity and minimize labor costs. The major technologies used for precision farming are smart sensors, GPS, GNSS, auto-steering and guidance technology, and variable rate technology (VRT), among others. They not only help to reduce the labor cost but also utilize resources in the best possible way and minimize wastage, which is higher in the traditional farming techniques
Restraint: High cost of precision farming equipment
One of the major restraining factors for the market growth is the high costs associated with precision farming equipment. The technologies and equipment used in precision farming, including smart sensors, drones, VRT, GPS, GNSS, guidance tools, and receivers, are highly efficient but expensive. Besides, skilled personnel is required to set up and operate precision farming equipment. Hence, in developing countries such as India, China, and Brazil, with limited resources for agricultural practices, growers opt for traditional farming rather than new technology-based farming due to the requirement of high investments.
Opportunity: Rising use of AI- based solutions in precision farming
The use of AI-based applications and tools helps farmers in controlled and accurate farming by providing required information or guidance regarding the use of fertilizers, water management, crop rotation, pest control, type of crop to be grown as per soil, nutrition management, and optimum planting. AI-based tools are used to control pests in farms. They use satellite imagery and compare it with the historical data using AI algorithms to check whether any insect landed on the farm and the type of insect. AI is also used in weather forecasting to help farmers decide the type of crop to be grown and monitor the soil quality and nutrition level. AI-based precision farming techniques help farmers monitor crops’ health, resulting in a high-quality yield.
Challenge: Difficulty in collecting and analyzing multiple farm data
Precision farming generates a large volume of data from variable-rate seeding, yield monitoring, mapping, soil testing to historical crop rotation. This data is analyzed for decision-making, and the success of precision farming relies on it. Thus, it is needed to be stored and managed. The major challenge is to manage this large amount of data, which requires high expertise, and many users do not have the expertise to use this data for decision-making for their farms.
Some of the prominent players in the Precision Farming Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Precision Farming market.
By Offering
By Application
By Technology
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Precision Farming Market
5.1. COVID-19 Landscape: Precision Farming Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Precision Farming Market, By Offering
8.1. Precision Farming Market, by Offering, 2023-2032
8.1.1 Hardware
8.1.1.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Precision Farming Market, By Application
9.1. Precision Farming Market, by Application, 2023-2032
9.1.1. Yield Monitoring
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Crop Scouting
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Field Mapping
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Variable Rate Application
9.1.4.1. Market Revenue and Forecast (2020-2032)
9.1.5. Weather Tracking and Forecasting
9.1.5.1. Market Revenue and Forecast (2020-2032)
9.1.6. Inventory Management
9.1.6.1. Market Revenue and Forecast (2020-2032)
9.1.7. Farm Labor Management
9.1.7.1. Market Revenue and Forecast (2020-2032)
9.1.8. Financial Management
9.1.8.1. Market Revenue and Forecast (2020-2032)
9.1.9. Others
9.1.9.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Precision Farming Market, By Technology
10.1. Precision Farming Market, by Technology, 2023-2032
10.1.1. Precision Farming Guidance System
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Remote Sensing Precision Farming
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Variable-Rate Technology Precision Farming
10.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Precision Farming Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Offering (2020-2032)
11.1.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.3. Market Revenue and Forecast, by Technology (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Offering (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.4.3. Market Revenue and Forecast, by Technology (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Offering (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.5.3. Market Revenue and Forecast, by Technology (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Offering (2020-2032)
11.2.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.3. Market Revenue and Forecast, by Technology (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Offering (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.4.3. Market Revenue and Forecast, by Technology (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Offering (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.5.3. Market Revenue and Forecast, by Technology (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Offering (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.6.3. Market Revenue and Forecast, by Technology (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Offering (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.7.3. Market Revenue and Forecast, by Technology (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Offering (2020-2032)
11.3.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.3. Market Revenue and Forecast, by Technology (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Offering (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.4.3. Market Revenue and Forecast, by Technology (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Offering (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.5.3. Market Revenue and Forecast, by Technology (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Offering (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.6.3. Market Revenue and Forecast, by Technology (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Offering (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.7.3. Market Revenue and Forecast, by Technology (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Offering (2020-2032)
11.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.3. Market Revenue and Forecast, by Technology (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Offering (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.4.3. Market Revenue and Forecast, by Technology (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Offering (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.5.3. Market Revenue and Forecast, by Technology (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Offering (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.6.3. Market Revenue and Forecast, by Technology (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Offering (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.7.3. Market Revenue and Forecast, by Technology (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Offering (2020-2032)
11.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.3. Market Revenue and Forecast, by Technology (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Offering (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.4.3. Market Revenue and Forecast, by Technology (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Offering (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.5.3. Market Revenue and Forecast, by Technology (2020-2032)
Chapter 12. Company Profiles
12.1. AG DNA
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. AG Junction
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. AG Leader Technology
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. AGCO Corporation
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Agribotix
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Bayer CropScience AG
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Case IH Agriculture
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. ClearAg Operations
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Conservis Corporation
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Deere & Company
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers