The size of the global precision farming market reached USD 6.96 billion in 2021, expanding at a compound annual growth rate (CAGR) of 12.8% from 2022 to 2030. The exploding adoption of the Internet of Things (IoT) by farmers and the application of advanced analytics are both credited with the expansion of precision agriculture.
Data science comprises advanced analytics, which uses a variety of techniques and tools to forecast data and guarantee that the crop and soil are given the proper care. This enables farmers to appropriately plan their course of action. Numerous technologies, including IoT, GPS, and remote sensing application control, are employed to gather a thorough understanding of different farming aspects, such as irrigation and plowing.
IoT assists farmers in overcoming a number of difficulties related to the accurate monitoring of crops. It helps farmers make better decisions regarding crop harvesting times, crop market prices, and soil management by providing real-time data on the temperature of the environment and the amount of water in the soil through sensors installed on the farm. This is one of the main drivers of the expansion of the precision farming sector.
The COVID-19 pandemic has adversely influenced the market, resulting in the temporary closure of multiple industrial facilities in China, India, Europe, Japan, and the United States. As a result, the manufacturing of precision farming equipment has significantly decreased. Government-enforced shutdowns following the coronavirus pandemic had an impact on the industry and slowed consumer demand for such expensive capital goods.
Precision Farming Market Report Highlights
- During the post-COVID-19 period, there may be greater acceptance of precision farming due to the usage of remote sensing and farm management software technologies. In order to support real-time decision-making for field mapping, yield monitoring, crop health monitoring, irrigation scheduling, and harvesting management, businesses have already started concentrating more on wireless solutions
- The yield monitoring application segment held the largest market share of 44.11% in 2021 and is anticipated to emerge as the fastest-growing during the forecast period
- The irrigation management application segment is set to showcase a staggering growth rate by 2030. Smart irrigation consists of technologies, such as weather-based controllers, rain sensors, sensor-based controllers, water meters, etc.
Precision Farming Market Segments
- Precision Farming Offering Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware
- Automation & Control Systems
- Drones
- Application Control Devices
- Guidance System
- Remote Sensing
- Handheld
- Satellite Sensing
- Driverless Tractors
- Mobile Devices
- VRT
- 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
- 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
- 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
- Europe
- Germany
- U.K.
- France
- Russia
- Italy
- Asia Pacific
- China
- India
- Japan
- Australia
- Singapore
- South America
- Middle East & Africa
- List of Key Players in the Precision Farming Market
- Ag Leader Technology
- AgJunction, Inc.
- CropMetrics LLC
- Trimble, Inc.
- AGCO Corporation
- Raven Industries Inc.
- Deere and Company
- Topcon Corporation
