REDDING,
Calif., May 8, 2024 /PRNewswire/ -- According to a
new market research report titled, 'Precision Agriculture
Market by Offering (Hardware, Software, Services),
Technology (Variable Rate, Guidance, Remote Sensing, Others),
Application (Field Mapping, Seeding & Spraying, Crop
Monitoring, Others), & Geography—Forecasts to
2031', the precision agriculture market is
projected to reach $27.81 billion by
2031, at a CAGR of 12.9% from 2024 to 2031.
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Some of the factors driving the growth of this market are
increasing government initiatives promoting the use of modern
technologies in the agriculture sector and the surging demand for
precision agriculture solutions due to climatic changes. However,
the lack of connectivity and infrastructure in rural areas
restrains the growth of this market.
The global precision agriculture market is segmented by offering
(hardware (automation & control devices (GPS/GNSS devices,
guidance and steering systems, variable rate controllers, and
irrigation controllers), sensing & monitoring devices (soil
sensors, displays/handheld computers, water sensors, and climate
sensors), and autonomous equipment & UAV/Drones), software
(cloud-based, and on-premise), and services), technology (guidance
technology, remote sensing technology, variable rate technology,
and other technologies), application (yield monitoring, crop
monitoring, precision irrigation, field mapping, seeding &
spraying, and other applications). The study also evaluates
industry competitors and analyses the market at the regional and
country levels.
Based on offering, the precision agriculture market
is broadly segmented into hardware, software, and services. In
2024, the hardware segment is expected to account for the largest
share of 74% of the precision agriculture market. Moreover,
the hardware segment is expected to register the highest CAGR
during the forecast period. Increasing government investments in
smart agriculture projects and increasing focus of key players on
product development and enhancement for the adding new capabilities
in precision agriculture is expected to drive the growth of this
segment.
In addition, the increasing collaborations and partnerships
between robotics companies and farm enterprises for the integration
of robots on farms are contributing to the growth. For instance, in
May 2023, Seasony (Denmark) partnered with iFarm (Finland). The partnership enabled iFarm
customers to embed the Watney mobile robot platform into farm
installation to automate transportation and monitoring tasks.
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Based on technology, the global precision agriculture
market is segmented into guidance technology, variable rate
technology, remote sensing technology, and other technologies. In
2024, the guidance technology segment is expected to account for
the largest share of the global precision agriculture market.
However, the variable rate technology segment is expected to record
the highest CAGR during the forecast period. The growth of this
segment is attributed to factors such as the growing use of
variable rate technology to apply fertilizer, crop protection
products, seeds, and even irrigation water at different rates and
the increasing focus of key players on bringing VRT technology to
increase sustainability in farming operations.
Furthermore, key players in the precision agriculture market are
actively focusing on product development to optimize inputs such as
chemicals and fertilizers which is contributing to segment growth.
For instance, in November 2021,
Exxact Robotics (France), a
subsidiary of Exel Industries, launched a new 'high-precision' 3S
Spot Spray Sensor, which can scan crops, analyze the images to
identify diseases, pests, and nutrient requirements, and apply spot
and variable treatments in real time.
Based on application, the global precision
agriculture market is segmented into field mapping, seeding &
spraying, crop monitoring, yield monitoring, precision irrigation,
and other applications. In 2024, the yield monitoring segment is
expected to account for the largest share of the global precision
agriculture market. However, the precision irrigation segment is
expected to record the highest CAGR of 16% during the
forecast period. The growth of this segment is attributed to the
rising concern about water scarcity and the increasing use of
precision irrigation in farms to increase quality yields.
Additionally, several governments are working with market players
to boost food security by promoting precision irrigation
technologies, which also contribute to the segment's growth. For
instance, in August 2023, Netafim
Africa, a precision irrigation company, collaborated with the
Government of Rwanda to bring
precision irrigation technology into Gabiro Agribusiness Hub.
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Based on geography, the precision agriculture market
is segmented into North America,
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
Asia-Pacific is expected to
account for the largest share of 35% of the precision
agriculture market. Moreover, Asia-Pacific precision agriculture market is
also expected to record the highest CAGR during the forecast period
to reach USD 10.4 billion by
2031. Factors such as the increasing adoption of precision
agriculture solutions to track and monitor weather and apply
chemicals at variable rates and the growing need for smart farming
practices to address crop yield losses, soil degradation, and water
stress issues across the region are expected to drive the growth of
the precision agriculture market in the coming years.
Further, Latin America
precision agriculture market is also expected to witness a decent
growth rate of 13% during the forecast period. Precision
agriculture companies are expanding their presence and reputation
to bring innovations in the agriculture sector in the region. For
instance, in April 2023, NAX
Solutions (Spain), a leading
company in the processing of satellite AI and specializing in
agriculture, introduced a sugarcane moisture monitoring model with
laboratory-comparable precision, allowing farmers to reduce costs
associated with pre-harvest sampling in Mexico. In addition, Colombia and Brazil also witnessed the technological
expansion of NAX Solutions. Such technological advancements in the
region are expected to support the precision agriculture market
growth in Latin America.
Key Players:
Some of the key players operating in the global precision
agriculture market are Deere & Company (U.S.), AGCO
Corporation (U.S.), Topcon Corporation (Japan), Trimble Inc. (U.S.), Raven Industries,
Inc. (U.S.) CropX Inc. (Israel),
AgEagle Aerial Systems Inc. (U.S.), Netafim Ltd. (Israel), Farmers Edge Inc. (Canada), AgJunction LLC (U.S.), AMVAC Chemical
Corporation (U.S.), YANMAR HOLDINGS CO., LTD. (Japan), Ag Leader Technology (U.S.),
Ecorobotix SA (Switzerland), BASF
SE (Germany), Climate LLC (U.S.),
TeeJet Technologies (U.S.), DICKEY-john (U.S.), XMachines
(India), Naïo Technologies
(France), Robotics Plus Limited
(New Zealand), FieldBee
(Netherlands), Agremo (Serbia),
Verdant Robotics (U.S.), Agrobot (Spain), SZ DJI Technology Co., Ltd.
(China), XAG Co., Ltd.
(China), and Terra Drone
Corporation (Japan).
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Scope of the report:
Precision Agriculture Market Assessment—by
Offering
- Hardware
-
- Automation & Control Devices
- GPS/GNSS Devices
- Guidance and Steering Systems
- Variable Rate Controllers
- Irrigation Controllers
- Sensing & Monitoring Devices
- Soil Sensors
- Displays/Handheld Computers
- Water Sensors
- Climate Sensors
- Autonomous Equipment & UAV/Drones
- Software
- Services
Precision Agriculture Market Assessment—by
Technology
- Guidance Technology
- Remote Sensing Technology
- Variable Rate Technology
- Other Technologies
Precision Agriculture Market Assessment—by
Application
- Yield Monitoring
- Crop Monitoring
- Precision Irrigation
- Field Mapping
- Seeding & Spraying
- Other Applications
Precision Agriculture Market Assessment—by
Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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Related Blogs:
Government Initiatives Promoting the Use of Modern
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Top 10 Companies in Precision Agriculture
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