New York, USA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global precision farming market is forecasted to reach $10,762.7 million by the end of 2026 at a CAGR of 13.5%, increasing from $3,860.0 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the global precision farming market is anticipated to record a CAGR of 13.5% during the forecast period, while it was estimated to be 14.7% in the pre-pandemic scenario. The main factor behind the declining state is the low demand and supply of food products during the pandemic. The demand of food declined mainly because of the shutdowns of restaurants, hotels, and food joints which severely affected the revenue of the precision farming market.
Check out How COVID-19 impacts the Global Precision Farming Market: https://www.researchdive.com/connect-to-analyst/185
Factors Impacting the Revenue before and after the Pandemic
According to the report, the real-time market size has been declined compared to the pre-COVID-19 estimations. The real-time market has generated revenue of $3,174.3 million in 2020, while it was estimated to be $5,119.9 million in a pre-COVID analysis. The main factor behind the growth of the market is the low supply of food products because of the restrictions on supply chain and operations of hotels and restaurants.
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Leading Market Players & Strategies
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 players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
For instance, in September 2020, Deere & Company, an agriculture manufacturing company completed its acquisition of Unimil, a Brazil-based company in the aftermarket service parts business for sugarcane harvesters. This acquisition is expected to strengthen the service providing solutions of both of the companies.
Post Pandemic Insights
However, with the expected 3rd and 4th waves of the pandemic, the restrictions on industries are not being lifted totally in many countries. It may extend the recovery period of the market even further. However, with the decreasing cases of Covid-19, the market has already geared up for growth in the post pandemic period.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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