The growing use of IoT in the agricultural sector is contributing to the growth of the precision agriculture market. Agricultural managers and producers are leveraging the capabilities of IoT devices, such as sensors, GPS and GNSS systems, and automated steering systems, for soil sampling, temperature monitoring, field mapping, irrigation management and several other applications.
Market Size – USD 6.33 Billion in 2020, Market Growth – CAGR of 12.7%, Market Trends – New Product Launches and Growing Use of IoT in Farming/Farming Practices
According to current report and data analysis, the global Precision Agriculture/Agriculture Market was valued at USD 6.33 Billion in 2020 and is projected to reach USD 17.05 Billion by 2028, with a CAGR of 12.7%. This strong growth is mainly attributable to an increasing use of GPS and GIS systems to monitor agricultural parameters. These terrain mapping systems help collect real-time data and allow analysis of a huge geospatial data set. These systems facilitate field mapping, soil sampling and agricultural planning and help farmers adopt effective soil or plant treatment strategies, thereby increasing agricultural production. Additionally, sensors are placed throughout the field that measure temperature, nutrition level and soil moisture. Therefore, the technology eliminates manual human efforts by automating crucial processes including real-time farm monitoring and information sharing.
Precision farming is rapidly gaining popularity among farmers due to the growing need for optimal production with available resources. In addition, changing weather conditions due to increased global warming have necessitated the adoption of advanced technologies to improve crop productivity and yield. Another factor contributing to the growth of the precision agriculture market is the massive use of drones and aircraft for precision agriculture operations. Drones have become a great alternative to traditional surveying and data collection methods on farms. By using drones for crop monitoring, farm owners can significantly reduce their production costs and reduce the required man-hours and workload. Players operating in the market are developing modern agriculture-focused drones with sophisticated precision and accuracy to increase productivity.
The major factors driving precision agriculture/farming technology are the increasing use of cloud-based technology, the increasing use of smart phones, and the increasing application of technology in agriculture/farming in the aim of minimizing human efforts and losses. Additionally, the need to maximize food production through the optimum utilization of resources is driving the growth of the market globally. In addition, government incentives and subsidies aimed at increasing productivity and preserving the environment are expected to catalyze the demand for agriculture/precision agriculture. Some of the other factors affecting the overall market growth are changing climatic conditions, rapid urbanization, and increasing application of navigation systems.
The major market constraints are the affordability of the technology and the lack of awareness of the benefits of precision agriculture among farmers, especially in developing countries of India, Pakistan, Bangladesh, India. Indonesia and Thailand, among others.
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Other key findings from the report suggest
- The precision farming/agriculture market in North America was the largest with a share of 2% in 2020. The market here is expected to grow at a CAGR of 11.0% during the forecast period.
- The increasing adoption of efficient and sustainable farming/farming practices to ensure food security is one of the major factors contributing to the use of precision farming/farming techniques in the agricultural sector.
- In 2020, the U.S. precision agriculture/agriculture market sales reached USD 1.3 billion, growing at a CAGR of 9.3% during the forecast period.
- Asia-Pacific is expected to be the fastest growing market over the forecast period with a CAGR of 18.7%. The presence of the most populous countries, the growing demand for food products and the need to improve agricultural production are driving the demand for precision farming techniques in the region.
- The hardware segment led the market in terms of revenue in 2020 and is expected to remain dominant during the forecast period. The hardware segment was valued at USD 3.7 billion in 2020.
- The software segment is expected to witness a high growth rate of 17.6% during the forecast period. The Software segment includes detailed analysis of web-based and cloud-based precision agriculture.
- Although maintenance and consulting services are lower than integration and installation services in the agriculture/precision agriculture market, they are expected to observe a higher CAGR of 15% during the forecast period.
- Yield monitoring is the most widely used application in precision agriculture, as it plays a vital role in understanding field variability and helping farmers maximize yields on their farm.
- With population growth and climate change, farms of all sizes face challenges in increasing crop yield. These challenges can be addressed using IoT sensors such as field sensors. Field sensors encompass soil moisture, temperature, nutrition and growth monitoring, as well as weed detection.
- The emergence of geographic information system (GIS), agricultural global positioning systems (GPS), miniaturization of electronics and the emergence of drones have made remote sensing technology affordable in the agricultural industry. Images captured using remote sensing technology can be used for classifying crop species, mapping soil properties and crop yield, detecting crop water stress, and monitoring weeds and diseases cultures.
- Weather monitoring applications in the precision agriculture market are expected to grow at a CAGR of over 16% from 2019 to 2028. As the agricultural sector is vulnerable to disruptive weather events, the demand for actionable and timely information is increasing. Real-time weather data helps farmers increase yield and reduce costs while minimizing the risk of crop damage.
- Major participants are Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US) , Precision Planting (USA), The Climate Corporation (USA), Descartes Labs (USA), ec2ce (Spain), Gamaya (Switzerland), Decisive Farming/Agriculture (Canada).
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For the purposes of this report, Reports and Data has segmented the precision farming/agriculture market based on component, technology, application, and region:
Component (Revenue, USD Million; 2018-2028)
- Automation and control systems
- To display
- Guidance and piloting
- GPS & GNSS
- Drones, drones and cameras
- Detection and monitoring device
- Yield monitors
- Floor sensors
- Water sensors
- Climatic sensors
- Advice & training
- Maintenance and update
- The integration
- Managed Service
- Other services
- Automation and control systems
Technology (Revenue, USD Million; 2018-2028)
- Guidance technology
- remote sensing
- Variable rate technology
Application (Revenue, USD Million; 2018-2028)
- Performance monitoring
- Field mapping
- Culture Scouting
- Weather tracking and forecasting
- Irrigation management
- Inventory management
- Farm Labor Management
- Financial direction
Regional Outlook (Revenue in USD Million; 2018-2028)
- North America
- Rest of Europe
- Middle East and Africa
- Latin America
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The market report includes major points in TOC:
- Precision Agriculture / Agriculture Market Overview
- Global economic impact on the industry
- Global Market Competition by Manufacturers
- Global Production, Revenue (Value) by Region
- Global Supply (Production), Consumption, Export, Import by Regions
- Global Production, Revenue (Value), Price Trend by Type
- Global Market Analysis by Application
- Manufacturing cost analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Analysis of market effect factors
- Precision Agriculture / Agriculture Market Forecast
In conclusion, all aspects of the Precision Agriculture / Agriculture Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.
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