The precision farming market is anticipated to attain a valuation of US$ 6 Bn in 2022 and is expected to rise at a 13% CAGR over the assessment period ranging from 2022-2032. In 2032, the worldwide precision farming market is expected to be worth US$ 20.36 Bn.
Weather patterns are rapidly changing as a result of global warming. Unpredictability in the weather is further enticing farmers to seek answers in precision agricultural technologies. The need for precision farming is being driven by the requirement for optimal productivity in the face of limited resources.
Key Takeaways from the Market Study
- Global precision farming market value to reach US$ 6 Bn by 2022-end
- Precision farming guidance systems to account for over 2/5th revenue share
- Precision farming solutions for yield monitoring to experience 3x growth
- During the projected period, North America to accumulate a revenue share of 42%
- Precision farming across Europe to contribute a quarter of the global market revenue
- Over 70% of overall market revenue is accounted for by hardware items such as variability detectors.
- Guidance systems that aid in agricultural vigilance, such as security, maintenance, and preventive care, account for more than 41% of total market revenue.
The smartphone is one of the most extensively utilized technical breakthroughs in history, and with the availability of a plethora of user-friendly agricultural programmes (apps); cell phones are evolving into powerful and portable tools for farmers.
The majority of smartphone applications is affordable and gives important farming information such as weather and climatic conditions. These apps efficiently assist farmers in making sound selections.
Smartphones may be combined with a variety of hardware devices, including sensors, high-resolution cameras, and GPS receivers, to perform tasks such as sample collecting, aerial photography, and record-keeping (a task recommended by experts). Some agricultural applications can input field data and then grid it acre by acre using software tools.
- Application
- Precision Farming for Yield Monitoring
- Precision Farming for Field Mapping
- Precision Farming for Crop Scouting
- Precision Farming for Weather Tracking & Forecasting
- Precision Farming for Irrigation Management
- Precision Farming for Inventory Management
- Precision Farming for Farm Labor Management
- Precision Farming for Other Applications
- Technology
- Precision Farming Guidance System
- Remote Sensing Precision Farming
- Variable-Rate Technology Precision Farming
- Offering
- Precision Farming Hardware
- Precision Farming Software
- Precision Farming Services
- John Deere & Company
- Trimble
- AGCO
- Agjunction
- Raven Industries
- AG Leader Technology
- SST Development Group
- Teejet Technologies
- Topcon Positioning Systems
- Dickey-John Corporation
- Cropmetrics
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