Precision Farming Market

Precision Farming Market worth $11.9 billion by 2025 growing with a CAGR of 13%

The report "Precision Farming Market by Technology (Guidance, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Irrigation Management), Offering (Hardware—Sensors, GPS/GNSS, Yield Monitors; Software; Services), and Geography - Global Forecast to 2025",precision farming market was valued at worth USD 5.1 billion in 2018 and is projected to reach USD 11.9 billion by 2025, at a CAGR of 13% during the forecast period.

Browse 66 market data Tables and 54 Figures spread through 185 Pages and in-depth TOC on "Precision Farming Market - Global Forecast to 2025"
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The rapid growth of the precision farming market can be attributed to various factors, such as increasing farm mechanization in developing countries, increasing labor cost owing to shortage of skilled labor, increasing strain on the global food supply owing to increasing population, substantial cost savings associated with precision farming techniques, and government initiatives to adopt modern agricultural techniques. Precision farming is gaining tremendous popularity among farmers due to the increasing need for optimum crop production with limited available resources. Further, the changing weather patterns due to increasing global warming have impelled the adoption of advanced farming technologies to enhance farm productivity and crop yield. The precision farming has the potential to transform the agricultural sector, making the traditional farming activity more efficient and predictable. Increasing global food demand, extended profitability and crop yield, and crop health monitoring for higher yield production are the major factors fueling the growth of the precision farming market. Also, government initiatives in many country are helping farmers to use optimized agricultural and technological tools to improve their production levels.

Guidance technology expected to hold largest market share during forecast period

Guidance technology held the largest market size owing to the early adoption of this technology by farmers or growers. GPS-based guidance technology allow growers to reduce overlapping of equipment and tractor passes, thus saving fuel, labor, time, and soil compaction. The main components needed for a guidance technology based system or device are a GPS/GNSS, DGPS receiver, antenna, controller, guidance & steering, handheld devices and display, along with the accompanying wiring harness. Other optional items include a data logger, sound device, or visual display. Guidance technology has been categorized into GPS/GNSS based guidance technology and GIS based guidance technology.

Yield monitoring application accounted for largest share of precision farming market in 2018

The precision farming market has been segmented on the basis of application into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, financial management, and others. Yield monitoring is the most widely used application in precision farming as it plays a vital role in understanding field variability and helps farmers in maximizing their yields. Yield monitoring is a tool to collect data and identify the yield variability in the field precisely. The interpretation of this data facilitates a farmer to take effective decisions. Yield monitors are combinations of various components that include mass flow sensors, moisture sensors, ground speed sensors, GPS receivers, and a task computer that is located in the vehicle that controls the integration and interaction of these components.

Americas expected to hold largest size of precision farming market during forecast period

The Americas held the largest share of the precision farming market in 2018. Countries such as the US and Canada in the Americas are the early adopters of precision farming technologies, which is the major reason for the high share of this region in the precision farming market. Farmers or growers in this region are increasingly adopting advanced farming systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software.

Precision Farming Market

The report profiles key players such as Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), The Climate Corporation (US), Descartes Labs (US), ec2ce (Spain), Gamaya (Switzerland), and Decisive Farming (Canada) operating in the precision farming market.

Study Coverage

The report details the drivers, restraints, challenges, and opportunities pertaining to the precision farming market and forecasts the market till 2023. It also provides a qualitative and quantitative description of different verticals considered for the precision farming market. The report gives a detailed overview of the market across 4 geographic regions—Americas, Europe, APAC, and RoW.

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