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Market Overview
Precision agriculture also called 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 expected to grow at a CAGR of around 13% during (2021-26). The growth of the market is attributed to the surge in labour cost and scarcity of skilled labourers. In addition to this, snowballing farm mechanization, cost-effectiveness associated with smart farming, and rising government support to promote modern agriculture techniques associated with the smart farming technique are proliferating the growth of the global precision agriculture market.
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 owing 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 anticipated to grow tremendously in the forthcoming timeline by leveraging technologies that help in real-time decision making.
Market Segmentation
Hardware Segment Accounted for the Largest Market Share
Within the offering segment, the market is segmented into Hardware, Software, and Services segments. The Hardware segment acquired the largest share in the global precision agriculture market in 2019 owing to the burgeoning use of hardware devices such as sensors, drones, yield monitors, smartphones, cameras, etc. These devices are installed on agricultural equipment such as harvesters and tractors that enable better monitoring of crops and make the task easier to perform. Thus, the global precision agriculture market is anticipated to grow at a considerable rate in the forecast period as revealed by the MarkNtel Advisors’ research report “Global Precision Agriculture Market Analysis, 2021”.
Guidance System Grabbed the Highest Market Share
On the basis of Technology, the Guidance System dominated the global precision agriculture market in 2019. The growth of this segment is attributed to the Extensive use of GPS that could help in processing location-based data. The use of a guidance system leads to enhance the efficiency of processes and lowers the unnecessary expenditure on agrochemicals and seeds. Implementation of this technology will also be useful in keeping automated records. Thus, 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 market share in the global precision agriculture market in 2019 owing to soaring agriculture mechanization and increasing adoption of advanced technology and devices to support the growth of agribusinesses. The United States is a developed nation, thus, it is supported by high investments for the development of smart farming leading to fuel the growth of the precise agricultural market. Further, rising awareness regarding the quality of crops and mounting new innovations in the sector are providing lucrative opportunities for the growth of the market.
Market Driver
Surging Adoption of technology is fuelling the market growth
The rising adoption of advanced technology such as remote sensing, GPS, and variable rate technology (VRT) leads to increase efficiency and productivity and reduce the labour cost. 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:
Q. What is the historical year, base year and forecast year considered in the research report on Global Precision Agriculture Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global Precision Agriculture Market during 2021-26?
A. The Global Precision Agriculture Market is forecast to grow at a CAGR of 13% during 2021-26.
Q. Who are the key competitors or players operating in Global Precision Agriculture Market?
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.
Q. Which offering segment would emerge as an opportunity area for players in Global Precision Agriculture Market?
A. Hardware is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in Global Precision Agriculture Market?
A North America continue to grow at a highest CAGR, presenting immense opportunities for market players of Global Precision Agriculture Market.
