Precision Farming Market Size Worth $20.84 Billion By 2030: Grand View Research, Inc.
SAN FRANCISCO, April 6, 2022 /PRNewswire/ -- The global precision farming market size is anticipated to reach USD 20.84 billion by 2030, registering a CAGR of 12.8% over the forecast period, according to a new report by Grand View Research, Inc. Precision farming, also known as site-specific crop management or satellite farming, is a farm management concept that uses information technology to ensure optimum health and productivity of crops.
Key Insights & Findings from the report:
- Increasing government support for adopting modern agricultural techniques and the growing need for efficiently monitoring the health of crops are expected to drive market growth.
- The cloud-based software model is anticipated to gain a significant share of the market over the projected period as it reduces energy consumption and provides storage for a large amount of data while facilitating cost saving.
- Innovations in GPS mapping and related farming applications are enabling farmers to operate more efficiently and increase their profit margins.
- Demand for drones is expected to grow in the agriculture field as they are increasingly used to monitor irrigation systems.
- Yield monitoring is expected to continue leading the application segment in terms of revenue share. It is widely used in soil monitoring since it detects soil qualities that may be used to increase yields.
- The digital revolution in the agricultural sector, along with government financial incentives to farms, is likely to drive demand for precision farming in Europe in the forthcoming years.
- Asia Pacific is expected to showcase the fastest growth owing to the availability of the largest agricultural land, which provides growth opportunities in countries such as China, India, Australia, and Japan.
- Key players in the precision agriculture market include AgEagle Aerial Systems Inc. (Agribotix LLC); Deere and Company; Proagrica (SST Development Group, Inc.); Farmers Edge, Inc.; and Granular, Inc.
Read 150 page market research report, "Precision Farming Market Size, Share & Trends Analysis Report By Offering (Hardware, Software, Services), By Application (Yield Monitoring, Weather Tracking, Field Mapping, Crop Scouting), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Precision Farming Market Growth & Trends
The precision farming technique largely depends on specialized equipment such as sensing devices, antennas and access points, and automation and control systems. It also includes maintenance and managed services. The process also incorporates a broad range of technologies such as bio-engineering, robotics and automation, imagery and sensors, and big data.
The growing number of applications for telematics in agriculture is anticipated to supplement the growth of the market. Telematics services include tracking devices that deploy the Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. Major agriculture equipment manufacturers are adopting telematics services for their equipment to improve farm efficiency, thereby reducing the cost of agricultural operations and maximizing profitability. Improved management can also help reduce environmental impact.
Telematics technology is used to capture and transfer data from the farm equipment through sensors installed on tractors and other field monitoring equipment. The increasing adoption of telematics systems by agricultural equipment companies is expected to drive the growth of the market during the forecast period.
Furthermore, with GPS guidance and automation advancements, drones are poised to transform the agriculture industry in the forthcoming years. The ability of drones to precisely analyze the soil at the beginning of the crop cycle and detect a plant infected with bacteria or fungus is anticipated to propel the growth of the drone segment.
However, the low rate of technology adoption among farmers is likely to hamper market growth during the study period. This may be due to factors such as the absence of stringent standards and limitations on the exchange of data. Furthermore, farmers lack independent consulting and advisory services owing to the absence of validated agronomic models for Variable Rate Technology (VRT) to make decisions on investments. In addition, independent services are not linked to co-operatives, government bodies, and farmer associations where farmers can get additional information to make better decisions.
Precision Farming Market Segmentation
Grand View Research has segmented the global precision farming market based on offering, application, and region:
Precision Farming Offering Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware
- Automation & Control Systems
- Drones
- Application Control Devices
- Guidance System
- GPS
- GIS
- Remote Sensing
- Handheld
- Satellite Sensing
- Driverless Tractors
- Mobile Devices
- VRT
- Map-based
- Sensor-based
- Wireless Modules
- Bluetooth Technology
- Wi-Fi Technology
- Zigbee Technology
- RF Technology
- Sensing Devices
- Soil sensor
- Nutrient Sensor
- Moisture Sensor
- Temperature Sensor
- Water Sensor
- Climate Sensor
- Others
- Antennas & Access Points
- Software
- Web-based
- Cloud-based
- Services
- System Integration & Consulting
- Maintenance & Support
- Managed Services
- Data Services
- Analytics Services
- Farm Operation Services
- Assisted Professional Services
- Supply Chain Management Services
- Climate Information Services
Precision Farming Application Outlook (Revenue, USD Million, 2017 - 2030)
- Yield Monitoring
- On-farm
- Off-farm
- Field Mapping
- Crop Scouting
- Weather Tracking & Forecasting
- Irrigation Management
- Inventory Management
- Farm labor Management
Precision Farming Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Russia
- Italy
- Asia Pacific
- China
- India
- Japan
- Australia
- Singapore
- South America
- Brazil
- Middle East & Africa
List of Key Players of the Precision Farming Market
- Ag Leader Technology
- AgJunction, Inc.
- CropMetrics LLC
- Trimble, Inc.
- AGCO Corporation
- Raven Industries Inc.
- Deere and Company
- Topcon Corporation
Check out more related studies published by Grand View Research:
- Precision Harvesting Market - The global precision harvesting market size is estimated to reach USD 22.9 billion by 2027, registering a CAGR of 8.6% over the forecast period, according to a new report by Grand View Research, Inc. Precision harvesting, also known as modern agricultural cultivation technique, includes using cameras and sensors to detect appropriate period for cultivation for maximum crop production. This technique helps increase crop efficiency and reduces waste by monitoring the temperature, soil, humidity, and other environmental factors. It includes a wide range of technologies such as robotics, automation, sensors, imagery, and big data.
- Precision Viticulture Market - The global precision viticulture market size is expected to reach USD 2.55 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027, according to a new report by Grand View Research, Inc. The increasing focus of farmers on ensuring farm productivity coupled with the rising need to monitor grape quality is the key factor driving the adoption of advanced technology solutions at vineyards. Moreover, the demand for high-quality grapes from vine manufacturing companies is further encouraging vineyard owners to adopt precision viticulture technologies at vineyards.
- Supply Chain Analytics Market - The global supply chain analytics market size is expected to reach USD 22.46 billion by 2030, registering a CAGR of 17.6% from 2022 to 2030, according to a new study by Grand View Research, Inc. Supply chain analytics is becoming popular as the demand for managing vast volumes of company data and its insights for strategic applications grows. As the demand for automation technologies and investment from technology developers grows, so does the demand for cognitive computing and Artificial Intelligence (AI). The growing awareness among businesses about the advantages of Supply Chain Analytics (SCA) in terms of improved visibility across the whole supply chain is fueling the demand for analytics solutions.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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