Precision Farming Market Poised to Reach USD 16 Billion at a CAGR of 8.00% by 2030- Report by Market Research Future (MRFR)

The growing use of innovations like remote detecting, VRT, GIS, and GPS to boost market growth

New York, USA, May 23, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), "Precision Farming Market Information by Components, Applications, and Region - Forecast till 2030”, Precision Farming Market could thrive at a rate of 8% between 2023 and 2030. The market size will reach around USD 16 Billion by the end of the year 2030.

Precision Farming Market Synopsis:

Precision farming, also known as precision agriculture, is a modern farming technique that utilizes technology to optimize crop yield, reduce waste, and improve efficiency. This approach involves the use of data analytics, sensors, and other advanced technologies to collect and analyze information about soil conditions, weather patterns, and crop growth, enabling farmers to make data-driven decisions about crop management.

Precision farming has numerous applications, including crop monitoring, variable rate technology, irrigation management, and yield monitoring. By using precision farming techniques, farmers can reduce their environmental impact, minimize the use of fertilizers and pesticides, and improve the overall quality of their crops.

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Precision Farming Market Competitive Landscape:

The affluent companies in the Precision Farming industry include

  • AG Junction
  • AG Leader Technology
  • AGCO Corporation
  • John Deere
  • Bayer CropScience
  • Case IH Agriculture
  • ClearAg Operations
  • Conservis Corporation
  • Deere & Company

Report Scope:

Report MetricDetails
Revenue forecast in 2030USD 16 Billion
Growth RateCAGR of 8.00% from 2023 to 2030
Base Year2022
Study Period2023-2030
Key Market OpportunitiesThe cell phone is among the most broadly utilized mechanical creations ever With the accessibility of various easy-to-use farming apps (applications), cell phones are getting incredible Simple to-convey instruments for ranchers
Key Market DriversThe use of innovations like remote detecting, VRT, GIS, GPS Direction innovation in precision farming has prompted an expansion in profitability Reduced labor overheads The utilization of forefront innovation-based horticultural gear

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Latest Industry Updates (April 2021):

John Deere announced the acquisition of Bear Flag Robotics, a California-based startup that develops autonomous driving technology for tractors. This acquisition is expected to enhance John Deere's existing autonomous driving technology and help farmers improve their productivity and efficiency.

Precision Farming Market USP Covered:

Precision Farming Market Drivers:

One of the key driving factors for the precision farming market is the increasing demand for food due to the growing global population. Precision farming helps farmers maximize their yield and reduce waste, ensuring food security. Additionally, the increasing adoption of advanced technologies such as drones, artificial intelligence, and the Internet of Things (IoT) in farming is driving the growth of the precision farming market.

Precision farming is a vital tool for achieving sustainable agriculture. Precision farming allows farmers to optimize resource usage, including water, fertilizers, and pesticides. By using precision farming technology, farmers can reduce the amount of waste produced by their operations, resulting in more sustainable practices. Sustainable agriculture is essential for meeting the increasing global demand for food while minimizing the environmental impact of farming.

Furthermore, precision farming helps to improve soil health by reducing soil compaction and erosion, resulting in healthier crops and more fertile land. By reducing soil degradation, precision farming can also help farmers to maintain the productivity of their land for future generations.

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Precision Farming Market Restraints:

The high cost of equipment and technology is a significant restraint in the precision farming market. Farmers must make significant investments in specialized equipment and technology to implement precision farming practices. The cost of precision farming equipment such as GPS receivers, guidance systems, sensors, and drones can be prohibitive for small and medium-sized farmers. Additionally, the cost of maintenance and upgrading the technology can be a challenge for farmers with limited resources.

Another major challenge is the need for skilled labor to operate the technology. Precision farming technologies require specialized knowledge and skills to operate, which may not be available in some regions. Farmers may need to invest in training their employees or hire specialized personnel to operate the technology. This can be a significant cost for farmers, particularly those with limited resources.

COVID 19 Analysis:

The COVID-19 pandemic had a moderate impact on the precision farming market. On the one hand, the pandemic has led to an increased focus on food security, leading to a growing demand for precision farming technology to ensure a stable food supply chain. Precision farming technology has helped farmers optimize their crop yields and manage their resources effectively during the pandemic, ensuring a steady supply of food. Furthermore, the pandemic has highlighted the need for automation and remote monitoring in agriculture, accelerating the adoption of precision farming technology.

The post-COVID-19 scenario is expected to see sustained demand for precision farming technology as the global population continues to grow, and farmers seek to maximize their yield and efficiency. The pandemic has accelerated the adoption of precision farming technology, and this trend is expected to continue in the post-pandemic world. The increasing need for food security, coupled with the benefits of precision farming technology, is expected to drive market growth in the coming years.

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Precision Farming Market Segmentation

  • By Components- The Components in the market include Hardware, Software, and Services.
  • By Applications- The Applications in the Precision Farming Market include Yield Mapping, Quality Mapping, Soil Properties Analysis, Inventory Management, Labour Management, and Crop Scouting.

Precision Farming Market Regional Insights

North America, Europe, and Asia-Pacific are the three primary regions for the precision farming market. North America is the largest market, driven by the increasing adoption of advanced technologies in agriculture and the presence of major players in the region. Europe is also a significant market, driven by government initiatives to promote sustainable agriculture. Asia-Pacific is the fastest-growing market, driven by the increasing adoption of precision farming in developing countries such as China and India, and the rising demand for food due to population growth.

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