The precision agriculture market is expected to grow from US$ 9.02 billion in 2021 to US$ 19.72 billion by 2028; it is estimated to grow at a CAGR of 11.8% from 2022 to 2028.
Precision agriculture is a farming approach that employs data sensors, remote control tools, connected devices, and other advanced technologies to offer farmers better control over their farms. Precision farming uses modern and advanced technologies such as satellite imagery, field mapping, GPS, and drones to improve crop quality and profitability, increase production, reduce labor time, and ensure the effective management of fertilizers and irrigation processes. It uses large volumes of ground, aerial, and satellite data to improve the use of agricultural resources, levels of yields, and quality of crops. Based on these data, farmers receive information on many key parameters related to farms, such as crop status, weather forecasts, and environmental changes.
Market Dynamics
The precision agriculture market growth can be credited to the increasing adoption of advanced technologies in farming, continuous growth of the population resulting in rise in demand for agriculture based products, and a surge in the adoption of smartphones. Furthermore, increasing investments in technologies such as autonomous tractors, GPS systems, guidance systems, and favorable government initiatives to support smart farming creates lucrative opportunities for the precision agriculture market growth.
MARKET SCOPE
The "Global Precision Agriculture Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the market with detailed segmentation based on component and application. The precision agriculture market is expected to witness high growth during the forecast period. The report provides key market statistics based on the financial performances of leading players in the precision agriculture industry. It also explains key trends and opportunities prevailing in the market.
Strategic Insights
MARKET SEGMENTATION
The global precision agriculture market is segmented on the basis of component, application, and geography. Based on component, the market is segmented into hardware, software, and services. In terms of application, the precision agriculture market is segmented into data management, yield monitoring, precision spraying, precision irrigation, precision planting, field monitoring, precision fertilization, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the precision agriculture industry, including qualitative and quantitative analysis. It provides an overview and forecast of the market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The market in each region is subsegmented on the basis of respective countries and segments. The report entails the analysis and forecast of the precision agriculture market in 18 countries, along with stating current trends and opportunities in every region.
North American dominated the precision agriculture market with ~32% share in 2021. The dominance of this region in the market is majorly ascribed to the increasing adoption of technological advancements in the agriculture sector. A few of the key players in the precision agriculture market are Ag Leader Technology; AgJunction, Inc.; CropMetrics LLC; Trimble, Inc.; AGCO Corporation; Raven Industries Inc.; Deere and Company; Topcon Corporation; Hexagon Agriculture; and CropX Technologies. These companies have been witnessing continuous demand from SMEs and large enterprises in the world. The following figure depicts a revenue growth trend in the precision agriculture market:
Source: The Insight Partners Analysis
The report analyzes factors affecting the precision agriculture market from both the demand and supply sides. It also evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report entails an exhaustive PEST analysis of the precision agriculture market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic had a dramatic impact on the global economy during its peak in 2020, as the crisis led to burgeoning effects and remodeling in business activities in the IT and corporate sections. It caused disruptions in the functioning of various industries, leading to serious volatility and instability in the business environment. Manufacturing operations were temporarily suspended across various countries, resulting in a substantial slowdown in the production of precision agriculture hardware, especially in China, South Korea, and India. Thus, the hampered supply chains amid the global health and financial crisis led to disruptions in the precision agriculture market. However, the use of software tools is expected to increase in the post-COVID-19 period.
Thus, the spread of the COVID-19 pandemic caused a huge downfall in the sales of precision agriculture solutions and services, due to notable disruptions in supply chains, in 2020. Nevertheless, the demand for these solutions and services is likely to increase, especially in remote sensing and farm management applications, due to increased digitization and automation.
MARKET PLAYERS
The report sheds light on key organic and inorganic growth strategies implemented by companies in the precision agriculture market. Organic growth strategies adopted by the market players include product launches, product approvals, and patents and events. On the other hand, acquisitions, partnerships, and collaborations are among the inorganic growth strategies implemented by companies. These activities have paved the way for the expansion of their businesses and customer bases. The list of a few companies engaged in the precision agriculture market is mentioned below.
- Ag Leader Technology
- AgJunction, Inc.
- CropMetrics LLC
- Trimble, Inc.
- AGCO Corporation
- Raven Industries Inc.
- Deere and Company
- Topcon Corporation
- Hexagon Agriculture
- CropX Technologies
The report includes the profiles of key precision agriculture market companies, with a focus on their SWOT analysis, market strategies, business overviews, component and service offerings, financial information (for the last three years), and key development (in the past five years).
A dedicated research and analysis team of The Insight Partners consists of experienced professionals having advanced statistical expertise. It offers various customization options with the existing study.