Fairfield Market Research
Precision Agriculture Market

Precision Agriculture Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Information & Communications Technology | Author Name: Mohit

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This study intends to unfurl the multiple facets of global precision agriculture market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.

Technology Proliferation in Agriculture to Bolster Precision Agriculture Market Growth

Rapid proliferation of technology in the agricultural sector has significantly altered the perception of farmers in carrying out their day-to-day activities. Technologies such as Internet of Things (IoT), artificial intelligence, mobile phones and data analytics are supporting farmers in enhancing their output with reduced costs. This has created a surge in demand for precision agriculture as it facilitates optimized yield with reduced physical pressure on farmers. Various tools in this space such as remote sensing, agricultural drones, climate monitoring systems, guidance software and geomapping are made available to farmers opting for precision agriculture. Using these tools, several tasks including information layer mapping, farm accounting, pre and post processing analysis, display controller interfacing and planning can be performed with higher efficiency and with reduced errors. In this backdrop, with technological improvements, the smart agriculture is expected to witness a surge in the coming years, thus providing an impetus to the growth of the precision agriculture market.

Precision Agriculture Market Remains Influenced by the Quest for Greater Yield, and Higher Economic Returns with Less Environmental Impact

Widespread adoption of several precision agriculture tools is allowing farmers to grow more with less environmental impact. According to the Association of Equipment Manufacturers (AEM) precision agriculture tools can offer good economic returns while improving sustainability by efficient usage of water, land, soil, pesticides, and fertilizers. The agricultural productivity can be significantly improved by leveraging the precision agriculture technologies. For instance, according to the Environmental Benefits of Precision Agriculture study, the productivity in Canada and United States has improved by 4% owing to adoption of variable rate, auto guidance and section control technologies. With broader use of these technologies, the crop yield could further increase by 6-7% on the back of superior on-farm technologies and better management practices. In addition, precision agriculture also facilitates improved fertilizer placement thus avoiding unnecessary overuse. Other factors such as optimal use of water, enhanced connectivity, farming with IoT, and reduced environmental footprint are expected to fuel the growth of the precision agriculture market on the global front.

Growing Smartphone Integration with Agriculture Technology to Unlock New Opportunities in Precision Agriculture Market

Among several technological breakthroughs, smartphones have emerged as one of the widely used tools. With the development of applications that support different business functions, the use of smartphones has further swelled in the recent years. Same is the scenario with agriculture, as with the availability of a plethora of applications, smartphones have evolved as a powerful and most crucial tool for farmers. Applications being compatible with advanced smartphone technology, farmers are now able to remotely monitor their fields from any location.

In addition, data is stored in the cloud that can be assessed anytime, thus supporting informed decisions. Farmers are also able to gain knowledge regarding climatic changes and other environmental and area specific factors on a timely basis using smartphones. This can help them to make necessary changes in their production and distribution plans. That said, integration of smartphone technology with precision agriculture tools is likely to facilitate farmer satisfaction from production, output, and efficiency standpoints. This aspect is likely to evolve as a potential opportunity that can transform the precision agriculture market in the future.

North America Dominant in Precision Agriculture Market; Asia Pacific to Spearhead in the Direction of Smart Agriculture

Being an early technology adopter backed by favourable government support, the proliferation of precision agriculture in developed economies in North America has been on an upswing since past few years. The government has been promoting the use of advanced technologies in the agriculture sector in the region to meet the growing food demand. It has been encouraging and educating farmers regarding the benefits of precision agriculture thus promoting its adoption, in turn driving the growth of precision agriculture market. For instance, NIFA (National Institute of Food and Agriculture), a part of US Department of Agriculture, carries out sensor, geospatial and precision technology projects in a bid to increase the awareness among farmers.

In addition, to support this cause, a task force to review technology and connectivity needs of precision agriculture in the US was formed. This task force, which arose out of Agriculture Improvement Act of 2018, was dedicated towards providing recommendations and advice to the USDA (US Department of Agriculture) and the FCC (Federal Communications Commission) regarding assessment and deployment of connectivity on agricultural land and promote precision agriculture. Also, the task force encourages government to provide incentives to farmers to use precision agriculture technique. This factor remains instrumental in driving the growth of the precision agriculture market in North America.

On the other side of the spectrum, emerging economies in Asia Pacific are expected to showcase high momentum with regards to use of precision agriculture. In this region also, government support has prevailed as the key influencing factor that has driven the growth of the precision agriculture market. For instance, the Indian Government has launched several initiatives in the country to promote precision agriculture. The “mKisan” platform developed by the ministry of Agriculture and Farmers Welfare aims to enhance the education provided to farmers on several aspects of farming.

Although few challenges apropos to timely availability of information exists, the government will continue to focus its efforts on educating farmers to opt for technology based farming methods to obtain sustainable agricultural output. Furthermore, macro factors such as increasing population and rising food shortage issues in rural parts in the country have called for advanced agricultural techniques that can improve the food output significantly. This has fuelled the adoption of smart agriculture, in turn paving new avenues for the growth of the precision agriculture market in Asia Pacific.

Precision Agriculture Market Players

A few of the major players in precision agriculture market include AGCO Corporation, Teejet Technologies, Raven Industries, Fairport Farm Software, Deere & Company, Granular AG, and Trimble Inc.

The Global Precision Agriculture Market Is Segmented As Below: 

By Technology

  • Remote Sensing
  • Global Positioning System (GPS)
  • Variable Rate Technology (VRT)
  • Guidance Software
  • Geographic Information System (GIS)

By Component

  • Hardware
  • Sensors
  • Monitoring Devices
  • Cameras
  • Mobile Devices
  • UAVs
  • Drones
  • Software
  • Services

By Application

  • Yield Monitoring
  • Soil Monitoring
  • Crop Health Measurements
  • Seed and Fertilizer Management
  • Farm Labor Management
  • Field Mapping

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
    • Latin America
    • Middle East

Key Elements Included In The Study: Global Precision Agriculture Market

  • Precision Agriculture Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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