Market Overview
Precision agriculture, also known as site-specific crop management and satellite farming, is an advanced farming management concept that collects field-related information and further analyses it to support decision-making related to crop fertilization and harvesting.
According to the MarkNtel Advisors' research report, "Global Precision Agriculture Market Analysis, 2021," the market is likely to grow at a CAGR of around 13% during 2021-26 primarily due to the surging labor costs and scarcity of skilled laborers. Moreover, increasing farm mechanization and rising government support for modern agriculture techniques in Smart farming also drive the Global Precision Agriculture market growth.
Impact of COVID-19
The outbreak of the COVID-19 pandemic has adversely impacted the overall world economy. Due to this, the global precision agriculture market has witnessed a downfall in its growth rate due to the imposition of lockdown and strict government restrictions on the movement of people leading to cause a shortage of equipment and disruption of the supply chain. Although, Post COVID-19, the market is likely to grow tremendously in the forecast period by leveraging technologies helping in real-time decision making.
Market Segmentation
Hardware Segment Accounted for the Largest Market Share
Within the offering segment, the market is likely into Hardware, Software, and Services segments. The Hardware segment acquired the largest share in the Global Precision Agriculture Market in the previous few years due to the burgeoning use of hardware devices, such as sensors, drones, yield monitors, smartphones, and cameras installed on agricultural equipment like harvesters and tractors. It enables better crop monitoring and makes the task easier to perform. Thus, the global precision agriculture market is likely to grow considerably in the forecast period, reveals MarkNtel Advisors in their research report, "Global Precision Agriculture Market Analysis, 2021."
Guidance System Grabbed the Highest Market Share
Based on the Technology, the Guidance System dominated the global precision agriculture market in the previous year due to the extensive use of GPS in processing location-based data. The use of a guidance system enhances the efficiency of processes, reduces unnecessary expenditure on agrochemicals & seeds, and helps maintain automated records, thereby providing the opportunity to drive the growth of the precision agriculture market.
Regional Landscape
North America dominated the Precision Agriculture Market
Region-wise, North America accounted for the largest share in the global precision agriculture market in the previous few years. The growth attributes to the increasing agriculture mechanization and advanced technologies & devices in agribusinesses. Since the United States is a developed nation, it is backed by high investments in developing Smart farming, thereby fueling the Precise Agricultural Market growth. Additionally, rising awareness about the quality of crops and mounting innovations further provide lucrative growth opportunities to the market.
Market Driver
Surging Adoption of Advanced Technology is fuelling the Market Growth
The rising adoption of advanced technologies like remote sensing, GPS, and variable rate technology (VRT), leads to an increased efficiency & productivity and reduced labor costs. Along with this, the implementation of technologically advanced devices helps in optimum use of resources, thus, reducing the wastage of raw material and helps in performing huge tasks in less time.
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the global Precision Agriculture market are Deere & Company, CropMetrics LLC, Trimble Navigation Limited, Ag Leader Technology, AgJunction, Inc., AgEagle Aerial Systems Inc. (Agribotix LLC), DICKEY-john Corporation, Farmers Edge Inc., Grownetics, Inc., Granular, Inc., etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
A. The measuring units of market size/industry size or the market value are USD Million.
A. The Global Precision Agriculture Market is forecast to grow at a CAGR of 13% during 2021-26
A. Deere & Company, CropMetrics LLC, Trimble Navigation Limited, Ag Leader Technology, AgJunction, Inc., AgEagle Aerial Systems Inc. (Agribotix LLC), DICKEY-john Corporation, Farmers Edge Inc., Grownetics, Inc., Granular, Inc. are few of the leading players in the Global Precision Agriculture Market.
A. Hardware is likely to attain the highest CAGR during the forecast period and maintain its significant market share
A. North America continues to grow at the highest CAGR, thereby offering immense opportunities to market players of the Global Precision Agriculture Market
