Precision Farming Market Expected to Experience Significant Growth, Projected to Reach $15.6 Billion by 2030
According to a research report “Precision Farming Market with COVID-19 Impact Analysis by Technology (Guidance, Remote Sensing and Variable Rate Technology), Offering, Application, and Region (Americas, Europe, Asia Pacific, Rest of the World) – Global Forecast to 2030″ published by MarketsandMarkets, the global precision farming market is projected to grow from USD 8.5 billion in 2022 to USD 15.6 billion by 2030; it is expected to grow at a CAGR of 7.9% from 2022 to 2030. The most significant factors driving the growth of the precision farming market is the Rapid adoption of advanced technologies in precision farming to reduce labor cost, increased adoption of Internet of Things (IoT) devices in agricultural fields, Substantial cost savings associated with precision farming, Climate change and need to meet rising demand for food and increasing promotion of precision farming techniques by governments worldwide.
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Browse 178 market data Tables and 42 Figures spread through 231 Pages and in-depth TOC on “Precision Farming Market Offering, Application, and Region (Americas, Europe, Asia Pacific, Rest of the World) – Global Forecast to 2030”
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Driver: Rapid adoption of advanced technologies in precision farming to reduce labor cost
The agriculture industry was highly dependent on laborers for different activities; however, with technological advancements, automation is replacing the task of laborers and enabling the industry players to achieve high output in less time. The adoption of advanced technologies is helping farmers to cover a large area of their fields in less time and more efficiently. Precision farming is an advanced farming technique involving cutting-edge technologies that enable farmers to increase productivity and minimize labor costs.
Opportunity: Rising use of AI- based solutions in precision farming
The use of AI-based applications and tools helps farmers in controlled and accurate farming by providing required information or guidance regarding the use of fertilizers, water management, crop rotation, pest control, type of crop to be grown as per soil, nutrition management, and optimum planting. AI-based tools are used to control pests in farms. They use satellite imagery and compare it with the historical data using AI algorithms to check whether any insect landed on the farm and the type of insect. AI is also used in weather forecasting to help farmers decide the type of crop to be grown and monitor the soil quality and nutrition level. AI-based precision farming techniques help farmers monitor crops’ health, resulting in a high-quality yield.
APAC to register highest CAGR in Global Precision Farming Market during 2022- 2030
APAC is expected to have the highest CAGR in Precision farming market during the forecast period of 2022-2030. Owing to increasing government initiatives to adopt modern technologies and rising awareness regarding the benefits of precision farming among farmers. Increasing modernization in the agriculture industry in countries such as China, India, and Indonesia is a major factor driving the growth of the regional precision farming market. Population expansion in the region’s developing countries is mounting pressure on the agriculture industry to increase productivity, fueling the demand for precision farming equipment
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Major players in the precision farming market are Deere & Company (John Deere) (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader Technology (US), Teejet Technologies (US), Topcon Positioning Systems (US), Taranis (Israel), AgEagle Aerial Systems (US), ec2ce (Spain), Descartes Labs (US), Granular (US), Autonomous Tractor Corporation (US), Hexagon Agriculture (Brazil), The Climate Corporation (US), and CropX Technologies (Israel). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global precision farming market.
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