Precision Agriculture Market

Precision Agriculture Market is expected to generate a revenue of USD 16,300 Million by 2027, registering a CAGR of 12.7% during forecast period (2020-2027), owing to the growing use of IoT in agriculture industry.

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Major Precision Agriculture Market Drivers

The growing need for optimum production with the limited resources and the growing food requirement at the global level are the two major factors contributing to the growth of the global precision agriculture market. The drastic change in the climatic conditions driven by the rising global warming is promoting the adoption of precision agricultural solutions to minimize the possibilities of crop damage. With the accelerating population and surging demand for organic food, the adoption of advanced precision farming technology has increased, driving the market growth. Increasing adoption of precision farming by farmers to precisely manage field variation, increase yield, and minimize the product information, is projected to boost the market growth. The growing environmental concerns because of the depletion of organic resources and environment deterioration, the inclination towards sustainable agricultural practices has augmented, driving the need for enhancing crop prevention, fueling the market growth.

Various manufacturers are focusing on technological development, such as the introduction of real-time farm monitoring systems, weather forecasting systems, and other solutions are attracting a large number of consumers to opt for these solutions. This technological advancement is helping the farmers to manage their resources and provides access to real-time information through their smartphones, thereby offering better mobility and ease of operation to the farmers, thus, increasing the farm-yield. On the other end of the spectrum, the lack of awareness among the farmers about the benefits associated with precision agricultural solutions is likely to hamper the growth of the market in the coming years. Moreover, the huge set-up cost associated with the precision farming technology is expected to restrain the market growth.

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Technology Segment Analysis

Based on the technology, the market is segmented into Guidance Technology, Remote Sensing Technology and Variable-Rate Technology. Guidance Technology is expected to grow at fastest rate during the forecast period owing to the initial adoption of this technology by growers or framers across the globe. Guidance Technology is further segmented into GPS/GNSS-Based Guidance Technology and GIS-based Guidance Technology. The Global positioning system (GPS) segment is projected to grow at a higher CAGR over the forecast period attributed to the accelerated adoption of new technologies and advanced devices for precision farming. With the usage of GPS technology, the farmers can reduce the overlapping of equipment and tractor passing, which in turn, saves the fuel, labor cost, time, and soil compaction.

Component Segment Analysis

Based on the component, the market is segmented into Hardware, Software and Services. The Hardware segment is anticipated to lead the market over the forecast period. The high adoption of automation and control devices, including drones, irrigation controllers, yield monitoring systems, and sensors is the key factor boosting the growth of the market in the coming years.

Sensors are expected to hold a higher share over the forecast period, owing to the growing deployment of sensors by farmers and researchers to help them with better monitoring of their crop health. Leading players in the market have introduced advanced sensor-based products, to offer quantitative metrics about the crop health, which is projected to offer enormous opportunities to the market. For instance, in March 2017, SLANTRANGE Inc. launched a latest 3p multispectral sensor system for agricultural drones, which will provide the quantitative metrics about the crop’s health and allowing farmers to effectively scale their operations.

Application Segment Analysis

Based on the Application, the market is segmented into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, variable rate application, inventory management, farm labor management, financial management, and others. The yield monitoring segment is projected to grow at a higher CAGR during the forecast period attributed to the accelerated usage of yield monitoring driven by its ability to understand field variability, thereby helping the farmers to maximize the production of crops. The yield monitoring system comprises of moisture sensors, ground speed sensors, GDP sensors, and other type of sensors, which helps in collecting data and identifying the crop variability in the field. This system also enables the farmers to analyze the data and take better decisions.

Growing use of GPS & GIS systems to gather real-time data and analyze the data set is forecast to expand the market growth. These systems allow soil sampling, field mapping, and farm planning and allows farmers to adopt effective soil or plant treatment strategies, increasing farm production.

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Regional Analysis

North America region is expected to grow at a higher CAGR during the forecast period. Countries such as the United States of America and Canada are the early adopters of precision farming technologies is the major reason to drive the growth of the market in the region. The farmers in this region are adopting advanced farming systems and equipment, including sensors, display devices, and other management software, to accelerate the production volume of their yield. Other factors which include strategic government support to encourage the adoption of advanced agriculture technologies and developed infrastructure will strengthen the market growth. For instance, the National Institute of Food and Agriculture (NIFA), which is a part of the U.S. Department of Agriculture carries out geospatial, sensor, and precision technology programs to spread awareness among farmers.

Asia Pacific is expected to lead the overall market growth over the upcoming years, because of the growing awareness about food quality and strategic government initiatives to encourage the adoption of advanced farming techniques. Moreover, a strong administrative framework has helped farmers to gain knowledge of the proper use and maintenance of precision farming equipment, which will propel the regional growth.

Top Market Players

Various notable players operating in the market, include Deere & Company, Bayer CropScience AG, Farmers Edge Inc., AgSense LLC, Case IH Agriculture, Topcon Corporation, Monsanto Company, Raven Industries, Fairport Farm Software, and Trimble Navigation Limited, among others.

Key Developments:

• • In 2019, Raven Industries launched its new suite of fleet management tools, Fleet Analytics Manager, to their Slingshot Portfolio. This tool will help the retailers to increase visibility, reduce machine downtime, and provides an insight of the entire fleet and system.
  • In 2019, Deere & Company successfully acquired Unimil, a privately-held Brazilian company. With this acquisition, Deere & Company focuses to expand its sugarcane business in Brazil and help the farmers to reduce their production costs.

Segments covered in the Report:

The global Precision Agriculture market has been segmented on the basis Technology, Application, Offering and Region. Based on Technology, the market is segmented into Guidance Technology, Remote Sensing Technology and Variable-Rate Technology. Based on Application, the market is segmented into Yield Monitoring, Crop Scouting, Field Mapping, Variable Rate Application and Weather Tracking & Forecasting, Inventory Management, Farm Labor Management, Financial Management and Others. Based on Offering, the market is segmented into Hardware, Software and Services.

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Market Segmentation:

Global Precision Agriculture Market by Technology

• • Guidance Technology
    • GPS/GNSS-Based Guidance Technology
    • GIS-based Guidance Technology
  • Remote Sensing Technology
    • Handheld or Ground-based Sensing
    • Satellite or Aerial Sensing
  • Variable-Rate Technology
    • Map-based VRT
    • Sensor-based VRT

Global Precision Agriculture Market by Application

• • Yield Monitoring
  • Crop Scouting
  • Field Mapping
  • Variable Rate Application
    • Precision Irrigation
    • Precision Seeding
    • Precision Fertilization
      • Nitrogen VRA
      • Phosphorous VRA
      • Lime VRA
    • Pesticide VRA
  • Weather Tracking & Forecasting
  • Inventory Management
  • Farm Labor Management
  • Financial Management
  • Others

Global Precision Agriculture Market by Offering

• • Hardware
  • Automation and Control Systems
    • Displays
    • Guidance and Steering Systems
    • GPS/GNSS Devices
    • Drones/UAVs
    • Irrigation controllers
    • Handheld Mobile Devices/Handheld Computers
    • Flow & Application Control Devices
    • Others
  • Sensing and Monitoring Devices
    • Yield Monitors
    • Soil Sensors
      • Moisture Sensors
      • Temperature Sensors
      • Nutrient Sensors
    • Water Sensors
    • Climate Sensors
  • Software
    • Local/Web Based
    • Cloud Based
  • Services
    • System Integration and Consulting Services
    • Managed Services
    • Connectivity Services
    • Assisted Professional Services
    • Maintenance and Support Services

Global Precision Agriculture Market by Region

• • North America Precision Agriculture Market (Option 1: As a part of the free 25% customization)

    • North America Market by Technology
    • North America Market by Application
    • North America Market by Offering
    • United States of America (US) Market All-Up
    • Canada Market All-Up

  • Europe Precision Agriculture Market (Option 2: As a part of the free 25% customization)

    • Europe Market by Technology
    • Europe Market by Application
    • Europe Market by Offering
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Precision Agriculture Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Market by Technology
    • Asia-Pacific Market by Application
    • Asia-Pacific Market by Offering
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Precision Agriculture Market (Option 4: As a part of the free 25% customization)

    • RoW Market by Technology
    • RoW Market by Application
    • RoW Market by Offering
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Precision Agriculture Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Deere & Company
  • Bayer CropScience AG
  • Farmers Edge Inc.
  • AgSense LLC
  • Case IH Agriculture
  • Topcon Corporation
  • Monsanto Company
  • Raven Industries
  • Fairport Farm Software
  • Trimble Navigation Limited