The precision farming market is 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. The major drivers for the precision farming market include 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.
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According to the new market research report "Precision Farming Market by Technology (Guidance System, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Irrigation), Offering (Hardware-Sensors, GPS/GNSS, Yield Monitors, Software, Services), and Geography - Global Forecast to 2023", The precision farming market is 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% 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 2023"
The rapid growth of the precision farming market can be attributed to various factors, such as the increasing adoption of automation and control devices and sensing and monitoring devices by farmers. It is also expected that the cost of precision farming technology will decrease in the next couple of years, mainly because of the declining prices of major hardware components.
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As a result, the precision farming market is expected to witness high growth during the forecast period. Further, the precision farming market is likely to gain impetus from the rising demand for quality food and rapidly increasing population.
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Guidance technology expected to hold largest market share during forecast period
The increasing adoption of GPS-based guidance technology by farmers and growers around the globe is the major factor propelling the demand for this technology. Guidance technology held the largest market size owing to the early adoption of this technology by farmers.
Guidance technology has the highest adoption rate as it is used in about half of planted acres for crops such as corn, rice, and peanuts. GPS-based auto-guidance technology allows growers to reduce overlapping of equipment and tractor passes, thus saving fuel, labor, time, and soil compaction.
Further, ease of use and functionality of these systems have increased, along with adoption rate.
Yield monitoring application accounted for largest share of precision farming market in 2017
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 provides farmers information about weather conditions, soil properties, and fertilizers, which may affect the overall grain production.
Soil monitoring is the major application of yield monitoring. Soil monitoring is used to detect soil parameters that are needed for efficient yield production.
Yield monitoring application uses devices such as GPS, GIS, a computer, and sensor technologies to accurately measure the amount of crop harvested at a specific location and time. Yield monitors are installed on harvesting equipment and are used on a variety of crops, including corn, wheat, soybeans, sugar beets, potatoes, and cotton.
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 2017. 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 market 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.
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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.
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