Market Research Report

Global Precision Agriculture Market Research Report: Forecast (2024-2030)

Precision Agriculture Market - By Offering (Hardware, Software, Services), By Application (Precision Irrigation, Field Monitoring, Precision Spraying, Precision Fertilization, Prec...ision Planting, Data Management, Other Applications), By Agricultural Produce (Cereals Oil Crops, Roots, Tuber, and Plantains, Industrial Crops, Fruits, Vegetables, Nuts, Others), By Technology (Guidance System, Variable Rate Technology (VRT), Remote Sensing), and others Read more

  • Environment
  • Jan 2024
  • 211
  • PDF, Excel, PPT

Market Definition

Precision agriculture, often known as precision farming, is a cutting-edge agricultural method that maximizes crop farming management at the field level by using modern-day advanced technologies. The primary objectives of precision agriculture are to optimize resource utilization, decrease ecological footprint, and improve agricultural productivity.

Market Insights & Analysis: Global Precision Agriculture Market (2024-30):

The Global Precision Agriculture Market size was valued at around USD 10.43 billion in 2023 and is projected to grow at a CAGR of around 13% during the forecast period, i.e., 2024-30. The increasing desire for sustainable farming methods and technology upgrades are the primary drivers of the Global Precision Agriculture Market. The agricultural industry is witnessing transformation due to improvements in GPS, IoT, drones, remote sensing, and data analytics. These technologies have allowed farmers to collect and process facts with excessive accuracy, which has boosted crop yields and maximized resource utilization. Additionally, the market is driven by the growing worldwide populace and their increasing food demand since precision agriculture helps to enhance efficiency and output.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 13%
Regions Covered North America: USA, Canada
Europe: The UK, Italy, Germany, France, Spain, Russia
Asia-Pacific: China, Japan, India, South Korea, Australia, Others
Latin America: Brazil, Mexico, Argentina
Middle East & Africa: Saudi Arabia, South Africa, Rest of the Middle East & Africa
Key Companies Profiled 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.
Market Value (2023)

USD 10.43 Billion

 

Moreover, the use of precision agricultural technology is also being aided through government programs, assistance, and positive regulations in the shape of subsidies. Since precision agriculture helps to decrease the excessive use of water, fertilizers, and insecticides, the industry is likewise driven with the aid of the emphasis on reducing environmental effects by sustainable techniques. In addition, the trend towards farm mechanization in developing countries in conjunction with the incorporation of big data and sophisticated analytics is enhancing farm control and selection-making procedures, ultimately augmenting the size & volume of the precision agriculture industry.

The Global Precision Agriculture Market is confronted with some noteworthy barriers that could hinder its extensive expansion and growth. The high cost of technology deployment is one of the main barriers. Precision farming necessitates sophisticated devices like GPS, sensors, drones, and data analytics software, which are pricey and hard for small and medium-sized farms to acquire. Another essential impediment is the dearth of technical knowledge and lack of proper experience among farmers. There is a lack of understanding among farmers regarding the proper use of these advanced technologies, which results in low application of precision methods, thus hindering market growth & development. Problems associated with standards and requirements are also relevant. Farmers can also discover it difficult to comply with diverse guidelines and technology providers may additionally find it difficult to design solutions that might be globally relevant because of the absence of common standards and rules across different regions. Therefore, to maintain a steady revenue growth during the forecast period, all stakeholders are required to work closely on all these issues.


Global Precision Agriculture Market Research Report: Forecast (2024-2030)

Global Precision Agriculture Market Driver:

Need for Sustainable Farming Practices Driving Market Growth – The global market for precision agriculture is growing due to the increased demand for sustainable agricultural practices. Using efficient and sustainable farming methods is becoming increasingly essential as concerns regarding resource shortages, climate change, and environmental degradation rise. This requirement is met by using precision agriculture, which gives farmers the capacity to use assets like water, fertilizer, and insecticides as effectively as feasible. Technologies that allow correct application of inputs, decrease waste and minimize adverse environmental effects include remote sensing, data analytics, and GPS-guided tools. Precision agriculture contributes to decreased greenhouse gas emissions, soil health, and water conservation through increasing resource efficiency.

Furthermore, government regulations and incentives are supporting the increasing adoption of sustainable agricultural practices. The market is witnessing growth & expansion because of this emphasis on sustainability, which helps in meeting regulatory requirements and also satisfies farmers' preferences.

Global Precision Agriculture Market Challenge:

Lack of Standardization & Interoperability to Impede Market Growth – One important impediment to the growth & expansion of the Global Precision Agriculture Market is the absence of well-defined standards and interoperability. Precision farming necessitates the seamless integration of an extensive range of technology, such as GPS, sensors, drones, and software systems, to deliver precise and beneficial services to farmers. However, there may be extreme integration issues if these disparate structures do not have established protocols and interfaces. Incompatible hardware and software programs can make it extra difficult to accumulate and analyze information and make choices, which lowers the general efficacy and efficiency of precision agricultural techniques. Farmers may have to incur additional costs to mitigate these issues between incompatible systems, which ultimately may hinder market growth & expansion.

Furthermore, as it's far more difficult for producers to create universally interoperable devices, a loss of standardization impedes innovation and scalability in the sector. Establishing universe standards and fostering interoperability among industry stakeholders is necessary to overcome this impediment and augment the wider adoption of precision agricultural technology.

Global Precision Agriculture Market Trend:

Increasing Adoption of Blockchain for Traceability – A substantial recent development in the precision agriculture industry is the increasing adoption of blockchain for traceability. The need for openness in the food supply chain is increasing as end-users are more concerned about food safety, quality, and the adverse effects of agricultural practices on the environment. The adoption of blockchain technology ensures a secure & effective ledger that tracks the direction of agricultural products from farm to fork. Blockchain increases confidence between customers, producers, and merchants by logging every transaction and movement of items on a decentralized network, guaranteeing data accuracy and impervious to tampering. Stakeholders can monitor manufacturing procedures, confirm product provenance, and guarantee standard compliance due to this traceability.

Blockchain can also lessen fraudulent activities, expedite recall tactics, and enhance supply chain control effectiveness. Due to all these positive outcomes of blockchain technology, this technology is becoming more significant in the changing market landscape. As the adoption of blockchain technology enhances accountability and transparency in agricultural practices, it is anticipated to augment the growth of the Global Precision Agriculture Market during the forecast period.

Global Precision Agriculture Market (2024-30): Segmentation Analysis

The Global Precision Agriculture Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Offering:

  • Hardware
    • Automation and Control System
      • GPS/GNSS System
      • Guidance and Steering System
      • Flow and Application Rate Control Solutions
      • Handheld Computers/ Mobile devices
      • Agriculture Cameras
      • Others
    • Sensing and Monitoring
      • Yield Monitors
      • Sensing Systems
    • Other Hardware
  • Software
  • Services
    • Integration and Deployment
    • Maintenance and Repair
    • Other Services

The hardware segment acquired the largest share in the Global Precision Agriculture Market in the past 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.

A variety of tools and technologies for amassing, evaluating, and acting upon facts on crop health, climate patterns, and soil conditions are included in the precision agricultural hardware segment. Drones, sensors, precision GPS structures, automatic guidance systems, robotics, variable rate technology (VRT), and imaging systems are examples of important hardware components.

The increasing demand to boost agricultural output, cut operating costs, and lessen negative environmental impacts are the common factors augmenting the demand for precision agriculture hardware. These technologies are being used by farmers to maximize agricultural yields, and resource utilization, and adapt to problems like climate change and the changing market landscape. Thus, all these benefits associated with the hardware segment are enhancing the size & volume of this segment in the rapidly growing Precision Agriculture Industry.

Based on Technology:

  • Guidance System
  • Variable Rate Technology (VRT)
  • Remote Sensing
  • Data Analytics

One of the fastest-growing segments of the Global Precision Agriculture Market is variable rate technology (VRT). VRT segment has captured the largest market share in the precision agriculture industry.  Based on certain parameters like soil fertility, crop needs, and yield potential, variable rate technology (VRT) enables farmers to administer inputs like fertilizers, insecticides, and irrigation water at different rates throughout a field. By replacing conventional uniform application techniques with precision application, this approach maximizes resource use and raises agricultural yields. To accurately adapt inputs to changing soil conditions and crop growth phases, farmers may construct comprehensive prescription maps utilizing data from soil sensors, satellite photography, and historical yield data.

By minimizing excessive use and lowering input costs, the implementation of VRT improves overall farm profitability. By encouraging the effective use of inputs and improving output, VRT plays a critical role in sustainable agricultural practices as agriculture confronts growing pressure to produce more with fewer resources. It is anticipated that as farmers look to maximize their productivity, enhance yield results, and satisfy sustainability objectives in a cutthroat international agricultural market, the incorporation of VRT into farm operations would increase.

Global Precision Agriculture Market (2024-30): Regional Projections

Geographically, the Global Precision Agriculture Market expands across:

  • North America
  • Latin America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

North America is leading the precision agriculture industry with a majority of the market share. North America Precision Agriculture Market registered solid revenue growth in the past few years. This region is known for its brand-new farming strategies, large use of agricultural technology, and excessive investments in agricultural R&D. Large-scale agricultural groups in North America have embraced precision agriculture technologies inclusive of sensors, drones, GPS-guided systems, and data analytics. By using these technologies, farmers may additionally maximize the usage of key inputs like herbicides, fertilizers, and seeds, which will increase agricultural yields at the same time as lowering costs and propelling sustainability. Thus, these factors are augmenting the size & volume of the precision agriculture industry in North America.

Conversely, enormous revenue growth is predicted to be observed in the Asia-Pacific Precision Agriculture Market. This region gives an in-depth type of market opportunities because of its huge agricultural surroundings, which include big industrial plantations and smallholder farms. With a growing populace, growing food demand, and the need for environmentally friendly farming practices, precision agricultural technologies are becoming increasingly famous in the Asia-Pacific region. To boost production and meal security, governments in nations like China, India, Australia, and Japan are promoting smart agricultural technology and digital farming efforts.

Global Precision Agriculture Industry Recent Development:

  • In May 2024: The National Sorghum Producers (NSP) and Farmers Edge, a pure-play digital ag firm, are thrilled to announce a new strategic relationship intended to improve sustainable farming practices for sorghum producers.
  • In July 2023: Smart Apply, Inc. (US), a manufacturer of precision spraying equipment, has been acquired by Deere & Company. By acquiring this business, the company hopes to increase its focus on high-value crop dealers and clients and expand the array of services it offers to help producers address their main issues with labor, input prices, and regulatory compliance.
  • In May 2023: AgEagle Aerial Systems Inc., a global provider of agricultural technology solutions, announced that it has partnered with Wingtra AG on a new supply arrangement. It is anticipated that the two-year supply deal would safely deliver RedEdge-P sensor modules for WingtraOne VTOL drone integration.

Gain a Competitive Edge with Our Global Precision Agriculture Market Report

  1. Global Precision Agriculture Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & market share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
  2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  3. Global Precision Agriculture Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Precision Agriculture Market is expected to grow at a compound annual growth rate (CAGR) of around 13% during 2024-30.

   A. The Precision Agriculture Market size was valued at around USD 10.43 billion in 2023.

   A. The need for sustainable farming practices is expected to drive the Precision Agriculture Market during 2024-30.

   A. Deere & Company, CropMetrics LLC, Trimble Inc., Ag Leader Technology, AgJunction, Inc., AgEagle Aerial Systems Inc. (Agribotix LLC), DICKEY-john Corporation, Farmers Edge Inc., Grownetics, Inc., Granular, Inc., and others are the top companies in the Precision Agriculture Market.

   A. The variable rate technology (VRT) segment held the largest share of the Precision Agriculture Market.

   A. Asia-Pacific would present growth prospects in the Precision Agriculture Market during 2024-30.

   A. The increasing adoption of Blockchain for traceability is one of the key trends shaping the growth of the Precision Agriculture Market.

   A. Lack of standardization and interoperability are possible restraints affecting the growth of the Precision Agriculture Market.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Market Segmentation
    4. Assumptions
  2. Preface
  3. Executive Summary
  4. Impact of COVID-19 on Global Precision Agriculture Market
  5. Global Precision Agriculture Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  6. Global Precision Agriculture Market Policies and Product Standards
  7. Global Precision Agriculture Market Trends & Insights
  8. Global Precision Agriculture Market Hotspot & Opportunities
  9. Global Precision Agriculture Market Key Strategic Imperatives for Success & Growth
  10. Global Precision Agriculture Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Offering
        1. Hardware
          1. Automation and Control System
            1. GPS/GNSS System
            2. Guidance and Steering System
            3. Flow and Application Rate Control Solutions
            4. Handheld Computers/ Mobile devices
            5. Agriculture Cameras
            6. Others
          2. Sensing and Monitoring
            1. Yield Monitors
            2. Sensing Systems
          3. Other Hardware
        2. Software
        3. Services
          1. Integration and Deployment
          2. Maintenance and Repair
          3. Other Services
      2. By Application
        1. Precision Irrigation
        2. Field Monitoring
        3. Precision Spraying
        4. Precision Fertilization
        5. Precision Planting
        6. Data Management
        7. Other Applications
      3. By Agricultural Produce
        1. Cereals
        2. Oil Crops
        3. Roots, Tuber, and Plantains
        4. Industrial Crops
        5. Fruits
        6. Vegetables
        7. Nuts
        8. Others
      4. By Technology
        1. Guidance System
        2. Variable Rate Technology (VRT)
        3. Remote Sensing
        4. Data Analytics
      5. By Region
        1. North America
        2. Latin America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      6. By Company
        1. Competition Characteristics
        2. Market Share & Analysis
        3. Competitive Matrix
  11. North America Precision Agriculture Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Offering
      2. By Application
      3. By Agricultural Produce
      4. By Technology
      5. By Country
        1. The US
        2. Canada
    3. The US Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    4. Canada Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
  12. Latin America Precision Agriculture Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Offering
      2. By Application
      3. By Agricultural Produce
      4. By Technology
      5. By Country
        1. Brazil
        2. Mexico
        3. Argentina
    3. Brazil Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    4. Mexico Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    5. Argentina Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
  13. Europe Precision Agriculture Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Offering
      2. By Application
      3. By Agricultural Produce
      4. By Technology
      5. By Country
        1. The UK
        2. Italy
        3. Germany
        4. France
        5. Spain
        6. Russia
    3. The UK Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    4. Italy Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    5. Germany Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    6. France Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    7. Spain Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    8. Russia Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
  14. Middle East & Africa Precision Agriculture Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Offering
      2. By Application
      3. By Agricultural Produce
      4. By Technology
      5. By Country
        1. Saudi Arabia
        2. South Africa
        3. Rest of the Middle East & Africa
    3. Saudi Arabia Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    4. South Africa Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
  15. Asia-Pacific Precision Agriculture Market Outlook, 2019-2030F
    1. Market Size & Analysis
    2. Revenues
    3. Market Share & Analysis
      1. By Offering
      2. By Application
      3. By Agricultural Produce
      4. By Technology
      5. By Country
        1. China
        2. Japan
        3. India
        4. South Korea
        5. Australia
        6. Others
    4. China Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    5. Japan Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    6. India Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    7. South Korea Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
    8. Australia Precision Agriculture Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Offering
        2. By Application
        3. By Technology
  16. Competition Outlook
    1. Competition Matrix
      1. Product/ Solution Portfolio
      2. Target Markets
      3. Target End Users
      4. Research & Development
      5. Strategic Alliances
      6. Strategic Initiatives
  17. Company Profiles of Top Companies (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
    1. Deere & Company
    2. CropMetrics LLC
    3. Trimble Navigation Limited
    4. Ag Leader Technology
    5. AgJunction, Inc.
    6. AgEagle Aerial Systems Inc. (Agribotix LLC)
    7. DICKEY-john Corporation
    8. Farmers Edge Inc.
    9. Grownetics, Inc.
    10. Granular, Inc.
  18. Disclaimer


Precision Agriculture Market Segmentation