Precision Farming Market Size, Share, Growth Report 2032

Precision Farming Market: Overview

The global Precision Farming Market accounted for USD 7.01 Billion in 2020 and is expected to reach USD 17.82 Billion by 2028, growing at a CAGR of 12.63% from 2021 to 2028.

Precision agriculture (PA), is a farming management approach based on measuring, observing, and responding to crops' Intra and inter-field variability. The aim is to illustrate a Decision Support System (DSS) for complete farm management while preserving resources with the aim of optimizing returns on inputs in precision agriculture research.

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COVID-19 Impact Analysis

The outbreak of COVID-19 has affected negatively on the precision farming market with various manufacturing units across India, China, Japan, European countries, and the U.S. temporarily shutting down. This has therefore led to a substantial stagnation in production of equipment for precision farming. Lockdowns enforced by the governments affected manufacturing and reduced the consumer demand for equipment that requires high capital.

The application of remote sensing as well as farm management software tools could lead to an elevated adoption post-COVID-19. Market players have started focusing on wireless platforms more to enable decision-making (real-time) for crop irrigation scheduling, yield monitoring, field mapping, health monitoring, and harvesting management.

Growth Factors

Rising government backing for adopting contemporary agricultural techniques & the expanding need for monitoring the health of crops efficiently are anticipated to propel market growth. Furthermore, cloud-based software model is expected to gain substantial market share in coming years as it cut down energy consumption and supply storage for a big amount of data while promoting cost saving. Additionally, innovations in related farming applications and GPS mapping are enabling farmers to function more effectively and expand their profit margins. Moreover, demand for drones is anticipated to increase in the agriculture field as they are progressively used in monitoring irrigation systems. Also, yield monitoring finds broad use in soil monitoring as it assists in detecting the properties for increasing yields of soil. These are some of the factors propelling the demand.

Report Scope:

Offering Analysis Preview

The hardware segment held a share of around 62.44% in 2020. The hardware segment has been further segregated into sensing devices, antennas, control and automation systems, and access points. Hardware components such as sensing devices, control, and automation systems, and drones play a key role in helping farmers. For example, the GIS guidance system is profitable for farmers as it is able to visualize and environment agricultural workflows.

The software segment is bifurcated based on cloud-based and web-based precision farming. Cloud-based computing focuses on servers, shared networks, and storage devices, due to which huge costs incurred in managing software and hardware infrastructure, are removed.

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Application Segment Analysis Preview

The yield monitoring segment will grow at a CAGR of over 6.32% from 2021 to 2028. The yield monitoring segment is further bifurcated into off-farm yield monitoring and on-farm yield monitoring. The latter enables farmers to acquire real-time information amid harvesting and build a historical spatial database. The yield monitoring segment is anticipated to report the biggest market share since it offers documentation of environmental compliance, equitable landlord negotiations, and track records for food safety.

The irrigation management segment is anticipated to witness noticeable growth over the forecast period. Smart irrigation includes the use of different technologies, for instance, sensor-based controllers, weather-based controllers, rain sensors, and water meters, to help project the right amount of water for irrigation. Such advantages are likely to propel the adoption of irrigation drones.

Regional Analysis Preview

North America accounted for a share of over 44.23% in 2020. The region is an early adopter of technologies. Factors like rising government actions for the adoption of developed infrastructure and contemporary agriculture technologies have contributed to the huge revenue of the region-wise market.

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Asia Pacific is anticipated to grow at a CAGR of 14.5% over the forecast period. Several government actions are being initiated in emerging countries such as Sri Lanka, India, and Nigeria to stimulate the implementation of contemporary precision farming technologies, through maximizing productivity. Moreover, an efficient administrative framework is enabling farmers to increase adequate knowledge of the maintenance and proper use of precision farming equipment.

Precision Farming Market: Key Players & Competitive Landscape

Some of the key players in the Precision Farming Market are AgJunction, Inc., Ag Leader Technology, Trimble, Inc., CropMetrics LLC, Raven Industries Inc., AGCO Corporation, Deere and Company, and Topcon Corporation, among others. 

The Global Precision Farming Market is segmented as follows:

By Offering

• Hardware
• Software
• Services

By Application

• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Farm Labor Management

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa