Precision Agriculture Market
Precision Agriculture Market Forecasts to 2030 - Global Analysis By Component (Hardware, Software, Services and Other Components), Technology (GPS/GNSS Systems, Variable Rate Technology (VRT), Guidance Software, Geomapping, Remote Sensing and Other Technologies), Application and by Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $7.51 BN |
|
Projected Year Value (2030) |
US $22.47 BN |
|
CAGR (2023 - 2030) |
17.0% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Precision Agriculture Market is accounted for $7.51 billion in 2023 and is expected to reach $22.47 billion by 2030 growing at a CAGR of 17.0% during the forecast period. Precision agriculture (PA) is a farming strategy that uses IT to discover, analyze, and manage variability on a farm in order to increase crop production while requiring less labor from humans. Through the retrieval of actual data on the conditions of the soil, crops, and weather, precision agriculture enables farmers to analyze the precise quantity of nutrition crops need for optimum production. Precision farming techniques help farmers make better judgments about when to harvest their crops, how to manage their soil and inventories, and how to manage their water resources.
Market Dynamics:
Driver:
Rising demand in precision farming
Precision farming is a farming technique that makes use of big data, artificial intelligence, the internet of things (IoT), software, and other technologies to maximize the use of farm inputs and boost output while lowering costs. Although there would be a lot of fixed expenses during the adoption phase, there would be a big drop in variable costs. Moreover, the farm's long-term productivity rises as labor costs drop by about 20%. Hence, by increasing crop productivity and profitability without having a harmful impact on the environment, precision agriculture helps the globe handle the issues caused by climate change and a growing population.
Restraint:
High cost
One of the most important challenges restricting market growth is the high cost of precision farming equipment. Precision agriculture uses a variety of high-tech yet expensive instruments and technology, including smart sensors, drones, VRT, GPS, GNSS, guidance tools, and receivers. In addition, trained employees are needed for the setup and use of precision farming machinery.
Opportunity:
Rise in smart phones demand
The growing desire for smart phone integration in precision agriculture is a result of rising smart phone demand. Additionally, businesses have released cutting-edge apps that are compatible with all smart phones. With the aid of smartphone integration, farmers can keep an eye on their fields from any location, and the data is backup-stored on the cloud. Moreover, due to Bluetooth, USB, and Wi-Fi connectivity features, smart phones meet the needs of farmers. Thus, as a result, the global market for precision agriculture has greatly benefited from the rapid usage of smart phones.
Threat:
Challenges faced in handling data
The precision agriculture generates a ton of data through variable-rate planting; yield monitoring, mapping, soil testing, and crop rotation histories. Moreover, the precision agriculture depends on the analysis of this data, which is used for decision-making. It must be controlled and stored as a result. Therefore, the biggest challenge is handling this enormous volume of data, which calls for a high degree of skill, and many users don't have that expertise to use this data to make decisions for their farms.
Covid-19 Impact
The COVID-19 pandemic outbreak has caused a modest reduction in hardware sales in the market. This is linked to the majority of nations putting their citizens on lockdown and closing down cities to stop the spread of the virus which disrupted the production and distribution of precision agriculture technologies by upsetting global supply lines. As a result, there is a shortage of some parts and equipment, which drives up prices and restricts supply. Furthermore, it caused a decline in investments across many industries and caused lower wages and unpredictable market conditions, which hinders the market’s expansion.
The hardware segment is expected to be the largest during the forecast period
The hardware segment is estimated to hold the largest share, due to automation and control systems, as well as monitoring and sensing equipment, are additional divisions of the hardware market. Automation and control systems, such as GPS receivers, guidance, and steering devices, are expected to make up a sizeable portion of the precision farming hardware market during the course of the forecast period due to their widespread use in precision farming.
The variable-rate technology segment is expected to have the highest CAGR during the forecast period
During the projected period, the segment with the highest CAGR is anticipated to be the variable-rate technology (VRT). Farmers get to improve production and resource allocation by using VRT, which collects data using technologies like GPS, GIS, and sensors to develop prescription maps. Additionally, depending on the needs, it includes applying inputs across a field at various rates. Additionally, technology developments, growing public awareness of sustainable farming practices, and the demand for effective resource management have all contributed to the VRT segment's tremendous rise.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period owing to strong economic growth and continued agricultural development are pushing businesses to spend extensively in the precision agriculture market in order to maintain growth and boost output. Additionally, significant move toward digital transformation, the increase in cloud deployment, the adoption of technology in farming operations, and the ongoing modernization of the agriculture sector fuel significant market investment in emerging nations. Furthermore, businesses in the area are focusing on enhancing their operations and increasing their overall efficiency to stay competitive in the market.
Region with highest CAGR:
North America is expected to witness profitable growth over the projection period, owing to 66% market penetration; the GNSS-based Wide Area Augmentation System (WAAS) is the most widely used technology in North America. Moreover, there is a large market opportunity for satellite-based technology in North America, with the rising demand for real-time kinetic technology, fertilizer and sprayer controls, robots, variable rate irrigation, networks, and remote sensing technologies.
Key players in the market
Some of the key players in the Precision Agriculture Market include TeeJet Technologies, CropMetrics LLC, Trimble Inc., Monsanto Company, Ag Leader Technology, Deere & Company, Raven Industries, Lindsay Corporation, Valmont Industries, Topcon, Farmers Edge Inc. and Dickey-John Corporation.
Key Developments:
In July 2021, AGCO Corporation debuted the pilot version of its Precision Ag Line (PAL) program, a tool designed to streamline support services for farmers utilizing AGCO's solutions for mixed-fleet operations. AGCO's brands, including Challenger, Fendt, Gleaner, Massey Ferguson, and Precision Planting, have access to PAL's precision farming expertise.
In May 2021, AGCO, a manufacturer of agricultural machinery, collaborated with Raven and other brands. The objective is to evaluate spraying technology in an effort to increase the effectiveness and efficiency of crop protection product application.
Components Covered:
• Hardware
• Software
• Services
• Other Components
Technologies Covered:
• Global Positioning System/Global Navigation Satellite Systems
• Variable Rate Technology (VRT)
• Guidance Software
• Geomapping
• Remote Sensing
• Other Technologies
Applications Covered:
• Weather Forecasting
• Person and Inventory Management
• Crop Management
• Financial management
• Irrigation Management
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Precision Agriculture Market, By Component
5.1 Introduction
5.2 Hardware
5.2.1 Sensing Devices
5.2.2 Automation & Control Systems
5.2.3 Antennas & Access Points
5.2.4 Other Hardwares
5.3 Software
5.3.1 Cloud Based software
5.3.2 Web Based software
5.3.3 Other Softwares
5.4 Services
5.4.1 Managed Services
5.4.2 System Integration & Consulting
5.4.3 Assisted Professional Services
5.4.4 Maintenance & Support
5.5 Other Components
6 Global Precision Agriculture Market, By Technology
6.1 Introduction
6.2 GPS/GNSS Systems
6.3 Variable Rate Technology (VRT)
6.4 Guidance Software
6.5 Geomapping
6.6 Remote Sensing
6.7 Other Technologies
7 Global Precision Agriculture Market, By Application
7.1 Introduction
7.2 Weather Forecasting
7.3 Person and Inventory Management
7.4 Crop Management
7.5 Financial management
7.6 Irrigation Management
7.7 Other Applications
8 Global Precision Agriculture Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.6 South America
8.6.1 Argentina
8.6.2 Brazil
8.6.3 Chile
8.6.4 Rest of South America
8.7 Middle East & Africa
8.7.1 Saudi Arabia
8.7.2 UAE
8.7.3 Qatar
8.7.4 South Africa
8.7.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 TeeJet Technologies
10.2 CropMetrics LLC
10.3 Trimble Inc.
10.4 Monsanto Company
10.5 Ag Leader Technology
10.6 Deere & Company
10.7 Raven Industries
10.8 Lindsay Corporation
10.9 Valmont Industries
10.10 Topcon
10.11 Farmers Edge Inc.
10.12 Dickey-John Corporation
List of Tables
1 Global Precision Agriculture Market Outlook, By Region (2021-2030) ($MN)
2 Global Precision Agriculture Market Outlook, By Component (2021-2030) ($MN)
3 Global Precision Agriculture Market Outlook, By Hardware (2021-2030) ($MN)
4 Global Precision Agriculture Market Outlook, By Sensing Devices (2021-2030) ($MN)
5 Global Precision Agriculture Market Outlook, By Automation & Control Systems (2021-2030) ($MN)
6 Global Precision Agriculture Market Outlook, By Antennas & Access Points (2021-2030) ($MN)
7 Global Precision Agriculture Market Outlook, By Other Hardwares (2021-2030) ($MN)
8 Global Precision Agriculture Market Outlook, By Software (2021-2030) ($MN)
9 Global Precision Agriculture Market Outlook, By Cloud Based software (2021-2030) ($MN)
10 Global Precision Agriculture Market Outlook, By Web Based software (2021-2030) ($MN)
11 Global Precision Agriculture Market Outlook, By Other Softwares (2021-2030) ($MN)
12 Global Precision Agriculture Market Outlook, By Services (2021-2030) ($MN)
13 Global Precision Agriculture Market Outlook, By Managed Services (2021-2030) ($MN)
14 Global Precision Agriculture Market Outlook, By System Integration & Consulting (2021-2030) ($MN)
15 Global Precision Agriculture Market Outlook, By Assisted Professional Services (2021-2030) ($MN)
16 Global Precision Agriculture Market Outlook, By Maintenance & Support (2021-2030) ($MN)
17 Global Precision Agriculture Market Outlook, By Other Components (2021-2030) ($MN)
18 Global Precision Agriculture Market Outlook, By Technology (2021-2030) ($MN)
19 Global Precision Agriculture Market Outlook, By GPS/GNSS Systems (2021-2030) ($MN)
20 Global Precision Agriculture Market Outlook, By Variable Rate Technology (VRT) (2021-2030) ($MN)
21 Global Precision Agriculture Market Outlook, By Guidance Software (2021-2030) ($MN)
22 Global Precision Agriculture Market Outlook, By Geomapping (2021-2030) ($MN)
23 Global Precision Agriculture Market Outlook, By Remote Sensing (2021-2030) ($MN)
24 Global Precision Agriculture Market Outlook, By Other Technologies (2021-2030) ($MN)
25 Global Precision Agriculture Market Outlook, By Application (2021-2030) ($MN)
26 Global Precision Agriculture Market Outlook, By Weather Forecasting (2021-2030) ($MN)
27 Global Precision Agriculture Market Outlook, By Person and Inventory Management (2021-2030) ($MN)
28 Global Precision Agriculture Market Outlook, By Crop Management (2021-2030) ($MN)
29 Global Precision Agriculture Market Outlook, By Financial management (2021-2030) ($MN)
30 Global Precision Agriculture Market Outlook, By Irrigation Management (2021-2030) ($MN)
31 Global Precision Agriculture Market Outlook, By Other Applications (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
List of Figures
Figure 1 Global Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 2 North America Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 3 US Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 4 Canada Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 5 Mexico Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 6 Europe Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 7 Germany Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 8 UK Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 9 Italy Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 10 France Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 11 Spain Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 14 Japan Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 15 China Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 16 India Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 17 Australia Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 19 South Korea Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 21 South America Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 22 Argentina Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 23 Brazil Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 24 Chile Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 28 UAE Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 29 Qatar Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 30 South Africa Precision Agriculture Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa Precision Agriculture Market Outlook (2021-2030) ($MN)
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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