In-depth analysis of the value chain has been done to provide in-depth insight into the precision farming market.Precision farming market 2023 is market overview, trends and forecast till 2023 report added on RnRMarketResearch.com. The Precision Farming Marketis estimated to be worth USD 5.09 billion in 2018 and is projected to reach USD 9.53 billion by 2023, at a CAGR of 13.38% between 2018 and 2023.
Key players operating in the precision farming market are 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).
Download Brochure of Precision Farming Market spread across 185 Pages, Profiling 12 Companies and Supported with 66 Tables and 54 Figures is now available at www.rnrmarketresearch.com/contacts…mple?rname=114456 .
Major factors driving the growth of the precision farming market include pressure on global food supply owing to growing world population, substantial cost cutting made possible by precision farming, and government initiatives to adopt modern agricultural techniques. Major restraints for the precision farming market include high initial investment and the lack of technical knowledge among farmers.
Precision farming requires large initial investment, efficient farming tools, and skilled labor.
Market for variable-rate technology (VRT) estimated to grow at highest CAGR during forecast period
The wide adoption of VRT in precision farming is because of the various benefits associated with it. VRT allows input application rates to be varied across fields for site-specific management of the field variability.
This technology helps in reducing the input usage, thereby decreasing environmental impacts such as greenhouse gas emission, soil erosion and degradation, and genetic erosion. The market for VRT is expected to grow at a higher CAGR than that for other technologies as this technology helps in applying the right amount of input at the right place on the field, which minimizes the input waste and increases land and crop productivity.
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Market for weather tracking and forecasting application to grow at highest CAGR during forecast period
Increasing demand for climate information services owing to their benefits that enable farmers to deal with climate change and variability to improve decision-making in agriculture is the major reason behind the high growth of the market for weather tracking and forecasting between 2018 and 2023. Moreover, the increasing demand of cloud platform for climate services is a major factor propelling the growth of the precision farming market for this application.
Precision farming market in APAC to grow at highest CAGR during forecast period
The increasing adoption of precision farming technologies such as guidance system, remote sensing, and variable-rate technology by farmers in APAC is expected to propel the growth of the precision farming market during the forecast period. The adoption rate of precision farming techniques is expected to grow at a high rate in APAC as this region comprises emerging countries such as India and China, and other Southeast Asian countries.
Rapidly increasing population, the availability of arable farms, and government support through subsidies are the factors driving the adoption of smart agriculture techniques in APAC.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%
- By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
- By Region: Americas– 40%, Europe – 30%, APAC– 20%, and RoW – 10%
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