Precision Agriculture Market to Grow with a CAGR of 9.55% through 2028
Growing popularity of unmanned aerial vehicles and
emergence of precision livestock farming is expected to drive the Global Precision
Agriculture Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Precision
Agriculture Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Precision Agriculture
Market stood at USD 8.56 Billion in 2022 and is anticipated to grow with a CAGR of 9.55% in the forecast
period, 2024-2028. The Global Precision Agriculture Market is driven by several
factors. Technological advancements such as GPS, GIS, remote sensing and VRT
have significantly influenced the market growth. The need for optimization of
agricultural operations, coupled with the rising demand for food security due
to the growing global population, also acts as a key driver. Enhanced farm efficiency and productivity,
cost-effectiveness, and reduced impact on the environment are additional
factors propelling the market. Furthermore, government initiatives towards the
adoption of modern agricultural techniques contribute to the market's
expansion. Increased investment in R&D activities by key players for the
development of new and innovative products also stimulates the growth of the
Global Precision Agriculture Market.
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The global precision agriculture market has an
extensive and promising scope, driven by the increasing need to optimize crop
yields and farm efficiency. This market comprises a wide range of cutting-edge
technologies such as Global Positioning System (GPS), Geographic Information
System (GIS), telematics, mapping, data management software, and advanced
automated hardware, including steering and guidance systems, sensors, and
drones. These state-of-the-art technologies play a vital role in gathering crucial
data, continuously monitoring crop health, optimizing inputs, and consequently
improving agricultural productivity. Moreover, the scope of the global
precision agriculture market extends to both developed and developing
countries, as advancements in technology and the need for sustainable farming
practices are universal challenges. It encompasses various aspects such as soil
health analysis, irrigation management, yield monitoring, and precision
planting. By leveraging precision agriculture techniques, farmers can make
data-driven decisions, implement targeted interventions, and reduce the
environmental impact of their practices.
The potential of the global precision agriculture
market is further heightened by the ever-growing global population and the
pressing need to meet the increasing demand for food production. With limited
arable land and depleting natural resources, precision agriculture offers a
solution to optimize resource utilization, minimize waste, and ensure
sustainable food production. By utilizing precision agriculture, farmers can
not only enhance productivity but also contribute to the larger goal of global
food security and environmental sustainability. Furthermore, precision
agriculture is revolutionizing the agricultural industry by enabling farmers to
manage their resources more efficiently and effectively. By integrating
real-time data and analytics, farmers can gain valuable insights into their operations,
allowing for proactive decision-making and precise resource allocation. This
level of precision and optimization leads to reduced costs, increased
profitability, and improved overall farm management. In addition to its impact
on productivity and sustainability, precision agriculture also has significant
implications for rural communities and economies. As farmers adopt these
advanced technologies and practices, there is a growing need for skilled professionals
to support and maintain the systems. This creates employment opportunities and
stimulates economic growth in rural areas, contributing to the overall
development and well-being of agricultural communities. The scope of the global
precision agriculture market is vast and multifaceted, addressing crucial
issues of food security, sustainability, and economic growth. By embracing
precision agriculture, farmers can not only enhance their productivity and
profitability but also contribute to the larger goal of global food security
and environmental sustainability. This transformative approach to farming is
reshaping the agricultural industry, paving the way for a more efficient,
resilient, and prosperous future.
The Global Precision Agriculture Market is segmented
into technology, component, application, regional distribution, and company
Based on application, Yield monitoring is a leading
technology in the Global Precision Agriculture Market, revolutionizing
agricultural practices with its remarkable benefits in increasing efficiency.
By employing this innovative technology, farmers are able to precisely track
and monitor crop yields, gaining in-depth insights into the productivity of
different areas within their fields. This level of precision allows them to
better understand the underlying factors influencing yields, such as soil
quality, weather conditions, and farming practices. With the ability to
pinpoint specific areas that require improvement, yield monitoring empowers
farmers to implement targeted measures and interventions to enhance crop
production. By optimizing their decision-making process based on accurate data
and analysis, farmers can maximize their profitability and achieve higher
economic benefits. The dominance of yield monitoring in the precision
agriculture market is a testament to its unparalleled contribution to the industry's
growth and success. As the demand for sustainable and efficient farming
practices continues to rise, yield monitoring remains at the forefront of
technological advancements, driving the evolution of precision agriculture. Its
comprehensive insights and data-driven approach enable farmers to make informed
choices, adapt to changing conditions, and achieve optimal results in crop
cultivation. Embracing yield monitoring is not just a step towards increased
profitability but also a commitment to sustainable and responsible farming
practices.
Based on region, North America is currently dominating
the Global Precision Agriculture Market due to a variety of factors. Foremost
among these is the region's advanced technological infrastructure, which
supports the implementation and adoption of precision agriculture technologies.
The well-developed network of high-speed internet and data connectivity enables
seamless integration of smart farming solutions, such as IoT devices, drones,
and satellite imaging. In addition to the technological advantage, North
America also boasts a strong agricultural research and development ecosystem,
with renowned institutions collaborating with industry leaders to drive
innovation in precision agriculture. The favorable government policies further
incentivize farmers to adopt these advanced practices by providing financial
support and regulatory frameworks. Moreover, the region's farmers, known for
their progressive mindset, actively seek out and embrace new technologies in
agriculture, accelerating the adoption of precision agriculture practices. With
all these factors working in its favor, North America continues to lead the way
in revolutionizing and optimizing the agricultural industry through precision
agriculture.
Major companies operating in Global Precision
Agriculture Market are:
- Ag Leader Technology
- AgJunction, Inc.
- CropMetrics LLC
- Trimble, Inc.
- Raven Industries Inc.
- Deere and Company
- Topcon Corporation
- AgEagle Aerial Systems Inc.
- Farmers Edge Inc.
- Grownetics, Inc.
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“The future of the Global Precision Agriculture Market
appears promising, driven by rapid advancements in technology and increasing
adoption of modern farming techniques. Precision agriculture leverages
technology like GPS, remote sensing, and big data to optimize crop yield and
quality, reduce waste, and enhance sustainability. The upsurge in population
and subsequent demand for food, coupled with the increasing strain on natural
resources, compels the agriculture industry to adopt more efficient and sustainable
practices. The next decade will likely witness an increased integration of
artificial intelligence, machine learning, and drone technology within
precision farming, offering immense potential for growth in this market.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Precision Agriculture Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Technology (Guidance
Systems, Remote Sensing and Variable Rate Technologies), By Component (Software
and Hardware), By Application (Yield Monitoring, Field Mapping and Others), By
Region and Competition”, has evaluated the future growth
potential of Global Precision Agriculture Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Precision Agriculture Market.
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