A recently revamped Fact.MR report states that the global precision farming market is poised to register an impressive 13% CAGR from 2022 to 2032, reaching US$ 20.36 Bn by the end of the aforementioned assessment period. Farmers are transitioning from traditional farming practices to precision farming due to the significant cost advantages afforded by mechanical agricultural technologies.
From 2017 to 2021, the industry experienced an uptick at a CAGR of 12%. Precision farming services, with significant backing from the scientific community, will replace traditional agricultural practices in a variety of nations and capabilities.
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Key Takeaways from the Market Study
- Global precision farming market value to reach US$ 6 Bn by 2022-end
- Precision farming guidance systems to account for over 2/5th revenue share
- Precision farming solutions for yield monitoring to experience 3x growth
- During the projected period, North America to accumulate a revenue share of 42%
- Precision farming across Europe to contribute a quarter of the global market revenue
- Over 70% of overall market revenue is accounted for by hardware items such as variability detectors.
- Guidance systems that aid in agricultural vigilance, such as security, maintenance, and preventive care, account for more than 41% of total market revenue.
Global Precision Farming Market: In-Depth Assessment on Key Segments
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Application
- Precision Farming for Yield Monitoring
- Precision Farming for Field Mapping
- Precision Farming for Crop Scouting
- Precision Farming for Weather Tracking & Forecasting
- Precision Farming for Irrigation Management
- Precision Farming for Inventory Management
- Precision Farming for Farm Labor Management
- Precision Farming for Other Applications
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Technology
- Precision Farming Guidance System
- Remote Sensing Precision Farming
- Variable-Rate Technology Precision Farming
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Offering
- Precision Farming Hardware
- Precision Farming Software
- Precision Farming Services
Competitive Landscape
Leading players are active in awareness campaigns that address the pressing issue of soil degradation and educate farmers on the benefits of precision farming. Industrialized farms use automated machinery to assure a consistent level of output yield. Farmers are investing in farm digitization to improve security.
- In January 2022, John Deere & Co. introduced its line of autonomous tractors at the Consumer Electronics Show organized in the first week of the month, as a part and parcel of its endeavor to expand its footprint in the precision agriculture domain
- In April 2021, Trimble Inc. forged a collaborative agreement with HORSCH- one of the leading manufacturers of agricultural technology globally- to establish a future for autonomous machines and workflows in the agricultural industry. The companies are currently implementing a high level of automation and driver support with steering systems, which allows a driver to perform additional in-cab tasks during active field work.