New York, USA, May 25, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global precision farming market is estimated to generate $10,762.7 million by 2026, and exhibit a CAGR of 13.5% from 2019 to 2026.
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Pre- and Post-Pandemic Industry Growth by 2026
The global precision farming industry is predicted to witness a drop in the growth rate over the forecast period, owing to the COVID-19 pandemic. As per the report, the precision farming market was projected to exhibit a CAGR of 14.7% from 2019 to 2026 before the outbreak of COVID-19. But due to the pandemic, the global market is now estimated to observe a drop in the growth rate and exhibit a CAGR of 13.5% over the forecast period. This is mainly owing to imposition of lockdown in various countries resulting in stoppage of precision farming techniques.
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Current Market Scenario Due to COVID-19
The outbreak of COVID-19 across the globe has affected the global precision farming market in a negative way in 2020. The expected pre COVID-19 market size for precision farming market was $5,119.9 million in 2020 and is expected to observe decreasing growth and reach up to $3,174.3 million due to COVID-19 pandemic. The revenue fall of the market is majorly attributed to drastic fall in production of various crops due to low supply during the pandemic. Besides, the shutting down of restaurants, hotels, and other major food joints during the lockdown has hampered the market growth.
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Global Market to Get Better by Q1/Q2 of 2023
The global precision farming market is anticipated to observe solid growth post-coronavirus pandemic and recover by first or second quarter of 2023. This can be majorly owing to increasing population coupled with rising demand for crop production across the globe. In addition, the growing focus of agricultural workforce’s health and the rapid growth in supply chain are other factors anticipated to boost the growth of the global precision farming market by 2026.
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Key Market Players & Recent Development
1. Deere & Company
2. AGCO Corporation
3. Trimble
4. Raven Industries
5. AgJunction
6. AG Leader
7. Autocopter Corp
8. Descartes Labs
9. Prospera Technologies
10. F6S Network Limited
These key players are implementing several strategies such as strategic collaborations, partnerships, company acquisitions, and business expansion to hold a significant position in the overall industry. For instance, In January 2020, AGCO, a worldwide manufacturer of agricultural equipment, introduced the new ‘Fendt Momentum’ planter for North American row crop producers. The aim of the company is to offer technologies to help farmers to overcome planting conditions and form a new standard for seed placement accuracy.
Further, the report provides various aspects of these key players such as recent strategic moves, latest developments, financial performance, product portfolio, and SWOT analysis. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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