A recently revamped Fact.MR report states that the global precision farming market is poised to register an impressive 13% CAGR from 2022 to 2032, reaching US$ 20.36 Bn by the end of the aforementioned assessment period. Farmers are transitioning from traditional farming practices to precision farming due to the significant cost advantages afforded by mechanical agricultural technologies.
From 2017 to 2021, the industry experienced an uptick at a CAGR of 12%. Precision farming services, with significant backing from the scientific community, will replace traditional agricultural practices in a variety of nations and capabilities.
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.
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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.
“Precision farming will become widely used in the future decade. The scarcity of resources, along with unpredictable weather patterns, is driving greater demand for precision farming equipment,” says a Fact.MR Analyst
Leading players are active in awareness campaigns that address the pressing issue of soil degradation and educate farmers on the benefits of precision farming. Industrialized farms use automated machinery to assure a consistent level of output yield. Farmers are investing in farm digitization to improve security.
- In January 2022, John Deere & Co. introduced its line of autonomous tractors at the Consumer Electronics Show organized in the first week of the month, as a part and parcel of its endeavor to expand its footprint in the precision agriculture domain
- In April 2021, Trimble Inc. forged a collaborative agreement with HORSCH- one of the leading manufacturers of agricultural technology globally- to establish a future for autonomous machines and workflows in the agricultural industry. The companies are currently implementing a high level of automation and driver support with steering systems, which allows a driver to perform additional in-cab tasks during active field work.
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Key Segments Covered in Precision Farming Industry Survey
- 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
- Precision Farming Guidance System
- Remote Sensing Precision Farming
- Variable-Rate Technology Precision Farming
- Precision Farming Hardware
- Precision Farming Software
- Precision Farming Services
Guidance Systems Open the Door to Future Growth
As industrialized row crop farms expand, there is an urgent need to map production plans, automate sowing methods, assess soil variability, and assure appropriate input use (fertilizers, pesticides). Guidance systems that assist map and track numerous farm parameters account for more than 41% of total market value.
Other technologies, such as remote sensing and variable rate technology, account for 58% of the total. Remote sensing is gaining momentum with customers due to its capacity to identify soil variations and maintain agricultural security. Variable rate technology, on the other hand, has the highest growth rate during the forecast period. The growing awareness of the negative effects of chemically loaded agricultural systems drives the usage of variable rate technologies to solve soil fertility imbalances
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What are the Growth Prospects for Precision Farming Market in the U.S.?
North America precision farming market controls the majority accounting for more than 42% of overall market value. Highly industrialized row crop farms in wealthy nations such as the United States are driving demand for precision farming technology that enhance crop productivity on less area.
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