Precision Farming Market: Doubling Growth Projected by 2031, Surging from USD 9.7 Billion in 2023 to an Impressive USD 21.9 Billion at a 10.7% CAGR

Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Precision Farming Market by Offering (Hardware {Drones, GPS, Yield Monitors, Sensors}, Software, Services), Technology (Guidance Technology, Remote Sensing Technology and Variable Rate Technology), Application and Region - Global Forecast to 2031" report has been added to's offering.

Global market intelligence has announced the addition of a new comprehensive analysis focused on the burgeoning Precision Farming Market. This vital research delves into the key drivers, such as the escalating global food production needs and the rise of sustainable agricultural practices, that are propelling the market forward. As the world grapples with increasing populations and limited farming land, the demand for innovations in the agriculture sector has never been greater.

Market to Surge at Impressive CAGR Due to Technological Innovations

The need for advanced farming techniques is clear as the market size is expected to leap from USD 9.7 billion in 2023 to an impressive USD 21.9 billion by 2031, growing at a CAGR of 10.7%. This rapid growth is attributed to the integration of cutting-edge technologies designed to streamline costs and labor expenses while promoting sustainable food production.

Services Category To Experience Highest Growth Rate

Among different market segments, the services sector is anticipated to display the most notable expansion, benefitting from the steadfast adoption of technologically forward practices that help mitigate climate change and meet the burgeoning food demand.

Variable Rate Technology: The Forefront of Market Advancements

Variable Rate Technology (VRT) is expected to generate the highest CAGR within the forecasted period. This innovation is characterized by its precision and efficiency, encompassing both standalone VRT and comprehensive variable rate technologies designed for seamless integration into existing GPS/GNSS systems. The application of VRT not only promotes judicious resource utilization but also underpins substantial economic benefits and environmental sustainability.

Weather Tracking and Forecasting Applications Primed for Expansion

In the applications arena, weather tracking and forecasting are projected to climb at the steepest rate. The capability to predict and prepare for weather conditions significantly enhances proactive decision-making, protecting the investments of farmers and safeguarding livelihoods.

Asia-Pacific Region to Drive Major Market Gains

Focused analysis within the report also highlights the Asia-Pacific region as a pivotal engine for the precision farming market's growth. The region's heavy investments in agriculture, coupled with advantageous government policies and burgeoning technological advancements, are key factors contributing to its high CAGR from 2023-2031.

  • Influential Market Leaders: The market is dominated by established players, featuring a blend of Tier 1, Tier 2, and Tier 3 companies, with a strategic focus on product offerings that encompass hardware, software, and services.
  • Comprehensive Research Coverage: Detailed insights on technologies such as Guidance, Remote Sensing, and Variable Rate Technology, along with varied applications and geographic regions, paint a holistic picture of the market landscape.
  • Strategic Insights for Stakeholders: The report offers crucial information on market dynamics, equipping stakeholders with essential tools to understand market competition and forge effective strategies.

The document serves as an invaluable guide for leaders and new entrants in the industry, providing a rich source of data for strategic market positioning and identifying lucrative investment opportunities. The report further provides a precise evaluation of key market obstacles, enriching the understanding of challenges and opportunities that lie within the rapidly evolving precision farming landscape. For comprehensive market analysis and growth forecasts, the report on Precision Farming Market provides invaluable insights for businesses looking to adapt and thrive amidst the dynamic changes in global agriculture practices.

Key Attributes:

Report AttributeDetails
No. of Pages295
Forecast Period2023 - 2031
Estimated Market Value (USD) in 2023$9.7 Billion
Forecasted Market Value (USD) by 2031$21.9 Billion
Compound Annual Growth Rate10.7%
Regions CoveredGlobal

Companies Mentioned

  • Abaco S.P.A.
  • AG Leader Technology
  • Agco Corporation
  • Ageagle Aerial Systems Inc.
  • Agjunction LLC
  • Climate LLC
  • Cnh Industrial N.V.
  • Cropin Technology Solutions Private Limited
  • Cropx Inc.
  • Deere & Company
  • Descartes Labs, Inc.
  • Dickey-John Corporation
  • Ec2Ce
  • Farmers Edge Inc.
  • Gamaya
  • Grownetics
  • Hexagon Ab
  • Kubota Corporation
  • Other Players
  • Precision Hawk
  • Raven Industries, Inc. (Cnh Industrial N.V.)
  • Telus
  • The Yield Technology Solutions Pty Ltd.
  • Topcon
  • Trimble Inc.

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Global Precision Farming Market

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