Precision Farming Industry Overview
The global precision farming market size is anticipated to reach USD 20.84 billion by 2030, registering a CAGR of 12.8% over the forecast period, according to a new report by Grand View Research, Inc. Precision farming, also known as site-specific crop management or satellite farming, is a farm management concept that uses information technology to ensure optimum health and productivity of crops.
The precision farming technique largely depends on specialized equipment such as sensing devices, antennas and access points, and automation and control systems. It also includes maintenance and managed services. The process also incorporates a broad range of technologies such as bio-engineering, robotics and automation, imagery and sensors, and big data.
The growing number of applications for telematics in agriculture is anticipated to supplement the growth of the market. Telematics services include tracking devices that deploy the Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. Major agriculture equipment manufacturers are adopting telematics services for their equipment to improve farm efficiency, thereby reducing the cost of agricultural operations and maximizing profitability. Improved management can also help reduce environmental impact.
Precision Farming Market Segmentation
Grand View Research has segmented the global precision farming market based on offering, application, and region:
Based on the Offering Insights, the market is segmented into Hardware, Software, and Services.
- The hardware components such as automation and control systems, sensing devices, and drones play a major role in helping farmers. For instance, the GIS guidance system is very beneficial for growers as it is capable to visualize agricultural workflows and the environment.
- The hardware segment accounted for the largest revenue share of 68.37% in 2021 and is expected to dominate the market during the forecast period. The hardware segment has been further segmented into automation and control systems, sensing devices, antennas, and access points.
- The software segment is fragmented based on web-based and cloud-based precision farming. Cloud computing focuses on shared networks, servers, and storage devices, owing to which the high costs incurred in maintaining hardware and software infrastructure are eliminated.
Based on the Application Insights, the market is segmented into Yield Monitoring Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, and Farm labor Management.
- The yield monitoring segment accounted for the largest revenue share of 44.11% in 2021 and is expected to continue its dominance over the forecast period as it helps the farmers to make decisions about their fields. The segment is further segregated into on-farm yield monitoring and off-farm yield monitoring.
- The irrigation management segment is expected to witness considerable growth over the projected period. Smart irrigation involves the use of various technologies, such as rain sensors, weather-based controllers, sensor-based controllers, and water meters, to help estimate the right amount of irrigation water.
- The weather tracking and forecasting segment is anticipated to expand at a CAGR of 17.6% during the forecast period. The use of sensors helps weather forecasters to provide accurate weather reading and forecasting.
Precision Farming Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
Conventional farming methods such as the use of pesticides, herbicides, and other genetically modified organisms are becoming unsuitable to meet the growing requirements of precision farming. Hence, major players are continuously involved in technological innovations and strategic acquisitions.
Some prominent players in the global precision farming market include:
- Ag Leader Technology
- AgJunction, Inc.
- CropMetrics LLC
- Trimble, Inc.
- AGCO Corporation
- Raven Industries Inc.
- Deere and Company
- Topcon Corporation
Order a free sample PDF of the Precision Farming Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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