Dubai, Abu Dhabi, March 23, 2023 (GLOBE NEWSWIRE) -- A recent market analysis by Extrapolate has anticipated that the global Precision Farming Market was valued at USD 8.81 billion in 2021 and is projected to reach USD 17.67 billion by 2028 at a healthy CAGR of 12.3% during the forecast period.
With the global population expected to reach nearly 9.7 billion by 2050, there is a pressing need to increase food production. Precision farming can help achieve this by optimizing crop yields and reducing waste. As resources like arable land and water become scarcer, precision farming helps to manage them more efficiently. For example, precision irrigation can reduce water usage by up to 30-50% as compared to traditional methods. At the same time, it helps to minimize the environmental impact of agriculture by reducing greenhouse gas emissions, soil erosion, and pollution from fertilizer and pesticide runoff. This aligns with the global push towards more sustainable farming practices.
The precision farming market growth is further augmented by rapid advancements in technology, such as drones, IoT, big data analytics, and machine learning, which have made precision farming more accessible and cost-effective. In 2021, the United States Department of Agriculture (USDA) reported that 30-50% of corn and soybean acres in the U.S. were under some form of precision agriculture management, including GPS guidance systems, yield monitors, and variable-rate application technology. Moreover, the European Union's Common Agricultural Policy (CAP) has been promoting the adoption of precision farming practices by providing financial support to farmers who adopt these methods.
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Furthermore, the government of India has launched several initiatives to support precision farming, such as the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) and the National Mission on Agricultural Extension and Technology (NMAET).
“Using our computer vision tools, we are able, for example, to monitor the growth of plants, count flower buds, detect the presence of diseases or insects, or inadequate levels of water or nutrients that may occur with AI-enabled tools for monitoring livestock, insects, and agricultural machinery,” said Alban Pobla, the CEO of Dipelix.
Competitive Landscape of the Precision Farming Market
The competitive landscape of the precision farming industry is relatively fragmented. However, various key players in the market are undertaking innovative strategies, including product developments, partnerships, contracts, and acquisitions, to boost revenue streams. Moreover, several leading players, such as John Deere, Trimble, and AGCO are investing in precision farming technology, leading to new product innovations and improvements in existing tools.
A Greek-based start-up that offers crop input management and farm analytics across North America, South America, and Australia was acquired by CNH Industrial, an Italian-American multinational corporation, for $110 million in 2021.
Key Players Covered in the Report
- Ag Leader Technology
- AGCO Corporation
- AgJunction LLC
- CROPMETRICS
- Deere & Company
- DICKEY-john
- Grownetics, Inc.
- Lindsay Corporation
- Raven Industries, Inc.
- RELX Group plc (Proagrica)
- Topcon
- Trimble, Inc.
- Others
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Market Segmentation by Component:
- Hardware
- Software
- Services
Hardware Segment to Keep Holding Leading Position in Global Precision Farming Market
The hardware segment of the precision farming market is poised to generate substantial revenue due to the increased adoption of advanced technologies in agriculture. The segment derives most of its revenue from GPS systems, drones, IoT devices, and sensors.
GPS and global navigation satellite systems (GNSS) are vital components of precision farming, as they enable accurate positioning and navigation for a wide range of agricultural applications. The escalating demand for location-based services, enhanced signal accuracy, and government support of modern farm practices contribute to the growth of GPS/GNSS systems in precision farming.
In addition, drones or unmanned aerial vehicles (UAVs) are gaining popularity in precision agriculture for crop scouting, monitoring, and analysis. The rapid adoption of drones is attributed to their ability to capture high-resolution imagery, reduce labor costs, and facilitate more efficient crop management. However, agricultural drones typically cost between USD 2,000 and USD 25,000, depending on their features and capabilities.
Furthermore, sensors and IoT devices play a critical role in gathering real-time data on various agricultural parameters, such as soil moisture, temperature, humidity, and nutrient levels. As a result, the global market for smart agriculture sensors reached a valuation of around USD 1.46 billion in 2021, with a projected CAGR of 10.1% from 2023 to 2030. The increasing need for precision farming to optimize resource usage, enhance crop yields, and minimize environmental impacts drives the demand for these devices.
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Market Segmentation by Application:
- Yield Monitoring
- Field Mapping
- Weather Tracking & Forecasting
- Soil Monitoring
- Irrigation Management
- Crop Scouting
- Others
Soil Monitoring Application to Hold Lion’s Share, Remote Sensing to Contribute Immensely
Soil monitoring is an important application of precision farming, as it allows farmers to monitor soil conditions and adjust their farming practices accordingly. As a result, the segment is projected to contribute the highest revenue to the global precision farming market during the forecast period. Over the past few years, the segment has been witnessing a surge in the revenue due to growing focus on sustainable farming practices that reduce the use of chemicals and fertilizers. Soil monitoring helps farmers optimize their use of these inputs and reduce waste, which can save costs and improve crop yields.
The use of soil sensors that can measure moisture, temperature, and nutrient levels in real time is becoming more widespread. These sensors can help farmers make more informed decisions about irrigation and fertilization. Another technology that is gaining popularity and has been able to generate higher revenue is remote sensing, which involves using satellites or drones to collect data on soil conditions to create detailed maps of soil characteristics, which can help farmers identify areas of the field that require different treatments.
Europe to Witness Highest Growth Rate with Nanotechnology & Robotics in Farming Activities
Europe precision farming market is expected to witness the fastest growth owing to the rising implementation of nanotechnology and robotics in farming. Europe is experiencing rapid growth with the growing application of nanotechnology for control of quality, bio/security, and safety not only in agriculture but also along the entire food supply chain. By utilizing automated embedded systems, several agricultural activities are able to integrate biosensing components through micro/nanofluidics, data management hardware, and remote control by wireless networks.
The European Commission (EC) has enabled nanotechnology as a “key enabling technology” for contributing to sustainable competitiveness and growth in several fields of industrial applications. This is attributable to the region’s transformational shift to a greener and more sustainable economy. For instance, a few examples of nanotechnology being currently integrated into farming activities include nanoformulations of agrochemicals for applying pesticides and fertilizers for crop improvement, the application of nanosensors in crop protection for the identification of diseases and residues of agrochemicals, and several others.
On the other hand, the North America precision farming market is expected to witness significant growth in the near future owing to favorable government initiatives to assist the adoption of modern agriculture technologies in the precision farming market. The National Institute of Food and Agriculture (NIFA), a part of the United States Department of Agriculture, is developing robust sensors, accompanying software, and tools for modeling, monitoring, and assessing a wide range of complex biological materials and processes for the purpose of shaping a more sustainable agricultural landscape.
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Key Insights
- The use of GPS-guided tractors and other precision farming technologies can reduce input costs by up to 20% and increase crop yields by up to 25%.
- The use of drones in precision farming can reduce the time spent scouting crops by up to 90%, leading to increased efficiency and cost savings. For example, mapping of 100 acreages can take up to 15 minutes.
- North America to emerge as the highest revenue shareholder with rising adoption of modern agriculture technologies.
- The rising adoption of variable rate technology (VRT) and Internet of Things (IoT) devices in agricultural fields is sprouting exponential growth opportunities.
- The deployment of harvesting robots for agricultural activities is streamlining processes as compared to conventional technologies.
Table of Content
Chapter 1 Executive Summary
Chapter 2 Research Methodology
Chapter 3 Market Outlook
Chapter 4 COVID-19 Impact On the Global Precision Farming Market
Chapter 5 Global Precision Farming Market Overview, By Technology, 2015 - 2028(USD Million)
Chapter 6 Global Precision Farming Market Overview, By Component, 2015 - 2028(USD Million)
Chapter 7 Global Precision Farming Market Overview, By Application, 2015 - 2028(USD Million)
Chapter 8 Global Precision Farming Market Overview, By Geography, 2015 - 2028(USD Million)
...
Chapter 14 Competitive Landscape
Chapter 15 Key Vendor Analysis
Chapter 16 Sourcing Strategy and Downstream Buyers
Chapter 17 Marketing Strategy Analysis, Distributors/Traders
...TOC Continued
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