Selbyville, Delaware, Aug. 04, 2020 (GLOBE NEWSWIRE) -- According to MarketStudyReport LLC, Global precision agriculture market generated revenues worth USD 9.56 billion in 2019 and is anticipated to showcase momentous growth during 2020-2025. The growth is attributed to focus towards improving farming productivity.
For those uninitiated, precision agriculture is a practice that uses various methods to improve operational efficiency while farming. It helps in reducing the environmental impact, lowers input costs and helps in acquiring higher yields. The technology involves collection and incorporation of data with digital platforms for obtaining information-based recommendations. It primarily uses precision planting, precision irrigation, sensors, satellites, and drones for enhancing farming output.
Increasing popularity of precision agriculture since it helps in reducing the use of pesticides, preserving finite resources and improving yield, is also aiding the overall market expansion.
Impact of COVID-19
The unexpected outbreak COVID-19 may negatively influence the growth of global precision agriculture market. Companies based in Germany, U.S. and China are witnessing short-term operational inefficiencies owing to supply chain disruptions due to the pandemic.
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Based on offering type
Citing the offering type, worldwide precision agriculture market is split into software, hardware and services. The hardware segment is reckoned to witness considerable growth during the estimated timeframe. Consumer preferences towards using UAVS, cameras, smartphones and sensors is boosting the segmental share. Rising penetration of precision agriculture solutions has compelled market majors to develop innovative hardware devices integrated with location & data processing technologies. Thus, rising adoption of advanced devices & technologies for precision farming are facilitating the business scenario.
In terms of technology type
The technology landscape of global precision agriculture market comprises of variable rate technology, remote sensing, and guidance system. Estimates cite that guidance system segment is estimated to accumulate substantial returns in the ensuing years, primarily due to widespread adoption of GNSS and GPS systems. Inclination towards using GIS technology by researchers and federal agencies for large-scale analysis in agriculture sector is positively influencing the segmental growth. Rising deployment of GPS systems in farming infrastructure in order to provide comprehensive solutions in agriculture sector is also contributing towards the popularity of guidance system technologies across the globe.
Elaborating on the application landscape
Worldwide precision agriculture market is segmented into irrigation management, weather tracking & forecasting, crop scouting, field mapping, yield monitoring and others. According to industry analysts, yield monitoring segment is predicted to expand substantially during the forecast period. Yield monitoring plays a vital role while analyzing field variability, which further aids farmers in maximizing yield.
Highlighting the regional spectrum
Global precision agriculture market is fragmented into Asia-Pacific, Americas and Europe. The country-level segmentation comprises of Japan, China, Australia, Mexico, Canada, U.S., Germany, Italy, U.K., and France among others.
Estimates cite that Americas accounted for a significant market share in 2019 and is expected to register consistent growth during the study duration. Rising adoption of advanced farming equipment and solutions such as guidance & steering systems, farm management software, display devices and sensors for agricultural purposes are favoring the market scenario in Americas.
Increasing popularity of telematics in precision farming and scarcity of agricultural land are also augmenting the regional demand for precision agriculture solutions. Focus towards improving crop productivity coupled with declining natural resources are fueling the growth of precision agriculture industry in Americas.
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Global Precision Agriculture Market by Offering Type (Revenue, USD Million, 2015-2025)
- Hardware
- Software
- Services
Global Precision Agriculture Market by Technology Type (Revenue, USD Million, 2015-2025)
- Guidance System
- Remote Sensing
- Variable Rate Technology
Global Precision Agriculture Market by Application Scope (Revenue, USD Million, 2015-2025)
- Field Mapping
- Yield Monitoring
- Weather Tracking & Forecasting
- Crop Scouting
- Irrigation Management
- Others
Global Precision Agriculture Market by Regional Analysis (Revenue, USD Million, 2015-2025)
Americas
- Canada
- U.S.
- Mexico
Europe
- U.K.
- France
- Germany
- Italy
Asia-Pacific
- Japan
- China
- Australia
Global Precision Agriculture Market by Competitive Arena (Revenue, USD Million, 2015-2025)
- Prospera Technologies Ltd.
- Descartes Labs Inc.
- Topcon Positioning Systems Inc.
- AgEagle Aerial Systems Inc.
- Ag Leader Technology Inc.
- AgJunction Inc.
- Raven Industries Inc.
- Trimble Inc.
- AGCO Corporation
- John Deere
Table of Contents:
1. Report Scope and Methodology
1.1 Scope of the Report
1.2 Research Methodology
1.3 Executive Summary
2. Strategic Recommendations
2.1 Focus on Innovation as a key strategy to grow.
2.2 Focus on Mergers and Acquisitions to expand the business.
3. Global Precision Agriculture Market Product Outlook
4. Global Precision Agriculture Market: An Analysis
4.1 Market Size, By Value, Year 2015-2025
4.2 Market Growth Rate, Year 2015-2025
5. Global Precision Agriculture Market Segmentation By Offering (By Value)
5.1 Competitive Scenario of Global Precision Agriculture Market: By Offering
5.2 Hardware? Market Size and Forecast (2020-2025)
5.3 Software? Market Size and Forecast (2020-2025)
5.4 Services? Market Size and Forecast (2020-2025)
6. Global Precision Agriculture Market Segmentation By Technology (By Value)
6.1 Competitive Scenario of Global Precision Agriculture: By Technology
6.2 Guidance System Market Size and Forecast (2020-2025)
6.3 Remote Sensing Market Size and Forecast (2020-2025)
6.4 Variable Rate Technology Market Size and Forecast (2020-2025)
7. Global Precision Agriculture Market Segmentation By Application (By Value)
7.1 Competitive Scenario of Global Precision Agriculture: By Application
7.2 Yield Monitoring? Market Size and Forecast (2020-2025)
7.3 Field Mapping? Market Size and Forecast (2020-2025)
8. Global Precision Agriculture Market: Regional Analysis
8.1 Competitive Scenario of Global Precision Agriculture Market: By Region
9. Americas Precision Agriculture Market: An Analysis (2020-2025)
10. Europe Precision Agriculture Market: An Analysis (2020-2025)
11. Asia Pacific Precision Agriculture Market: An Analysis (2020-2025)
12. Global Precision Agriculture Market Dynamics
Related Report:
Precision Farming Market Size, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025
Precision farming market is estimated to exceed USD 12 billion by 2025, as per new research report. The market growth is attributed to the rising adoption of smart agricultural practices to increase productivity. The use of Big Data along with information & communication technologies will provide farmers with more accurate insights into the existing crop conditions. Another factor contributing to the precision farming market growth is the popularity of drones and IoT for greater production capabilities and analytics. The IoT plays a substantial role in increasing productivity and providing insights about the recent trends of crops. The technology provides an interconnected & multidimensional view of farming activities and offers actionable insights about the environment.
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