DUBLIN–(BUSINESS WIRE)–The “Global Precision Agriculture Market by Offering (Hardware, Software, Services), Technology (Variable Rate, Guidance, Remote Sensing, Others), Application (Field Mapping, Seeding & Spraying, Crop Monitoring, Others), & Geography – Forecast to 2031” report has been added to ResearchAndMarkets.com’s offering.
The precision farming market is projected to reach $27.81 billion by 2031, at a CAGR of 12.9% from 2024 to 2031.
The growth of the precision farming market is driven by increasing government initiatives promoting the use of modern technologies in the agriculture sector and the surging demand for precision farming solutions due to climatic changes. However, the lack of connectivity and infrastructure in rural areas restrains the growth of this market.
Furthermore, technological advancements in the farming sector and the shortage of agricultural laborers are expected to generate growth opportunities for the players operating in this market. However, farmers’ lack of awareness regarding precision farming technologies is a major challenge impacting market growth. Additionally, the increasing use of drones for variable rate applications and the integration of AI and big data analytics technologies into precision farming solutions are prominent trends in the precision farming market.
Asia-Pacific is expected to account for the largest share of the global precision farming market. The large market share of this segment is attributed to the increased use of precision farming solutions to address the growing labor scarcity issue in the region and increased pressure on the food supply chain.
Moreover, Asia-Pacific is expected to record the highest CAGR during the forecast period. Factors such as the increasing adoption of precision farming 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 farming market in the coming years. Additionally, key players operating in the precision farming market are partnering with agritech companies for the development of precision farming technologies to revolutionize farming practices, which is contributing to the region’s growth.
In 2024, the hardware segment is expected to account for the largest share of the global precision farming market. The large market share of this segment is attributed to factors such as increased use of sensing and monitoring devices to obtain real-time information about crop yield and, increased need to monitor agriculture data for decision making, and increased partnership between companies to increase adoption of robot platforms.
Moreover, the hardware segment is expected to register the highest CAGR during the forecast period. Increasing government investment in smart agriculture projects and increasing focus of key players on product development and enhancement for the adding new capabilities in precision farming 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.
In 2024, the guidance technology segment is expected to account for the largest share of the global precision farming market. The large market share of this segment is attributed to factors such as the increasing use of guidance technology for achieving a high degree of accuracy and automation in farming equipment, and growing initiatives of companies on product development and expanding distribution of guidance systems.
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 farming market are actively focusing on product development to optimize inputs such as chemicals and fertilizers which is contributing to segment growth.
In 2024, the yield monitoring segment is expected to account for the largest share of the global precision farming market. The large market share of this segment is attributed to the increasing development of yield monitors for gathering a huge amount of yield information and the growing integration of yield monitors on harvester equipment.
However, the precision irrigation segment is expected to record the highest CAGR 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.
Key questions answered in the report:
- Which are the high-growth market segments based on offering, technology, and application?
- What was the historical market for precision farming?
- What are the market forecasts and estimates for the period 2024-2031?
- What are the major drivers, restraints, and opportunities in the precision farming market?
- Who are the major players in the precision farming market?
- What is the competitive landscape like in the precision farming market?
- What are the recent developments in the precision farming market?
- What are the different strategies adopted by the major players in the precision farming market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global precision farming market, and how do they compete with the other players?
Market Insights
Factors Affecting Market Growth
- Government Initiatives Promoting the Use of Modern Technologies in Farming Boosting Market Growth
- Climatic Changes Driving the Demand for Precision Agriculture Technologies
- Lack of Connectivity and Infrastructure in Rural Areas Restraining Market Growth
- Technological Advancements in the Farming Sector Generating Growth Opportunities for Market Players
- Shortage of Agricultural Laborers Expected to Increase the Adoption of Precision Agriculture Solutions
- Farmers’ Lack of Awareness Regarding Precision Agriculture Technologies to Remain a Major Challenge for Market Stakeholders
Key Technology Trends
- Increasing Use of Drones for Variable Rate Applications
- Integration of AI and Big Data Analytics Technologies into Precision Agriculture Solutions
Case Studies
- Case Study A (Agremo Provided its Plant Counting Product to Black Gold Farms.)
- Case Study B (Agremo and Farm Flight, Inc Helped Farmers and Agricultural Professionals Increase RoI with Drone Imagery and Analytics.)
- Case Study C (The Bryce Family Adopted Trimble Systems to Transform Farming Operations.)
- Case Study D (Fane Valley Co-operative Society Used SoilEssentials Ltd.’s Platform to Develop a Precision Farming Offering.)
- Case Study E (Vodafone Limited (U.K.) Helped New Zealand Farmers with Real-time Monitoring of Fertilizer Application and Provided Data on Coverage and Rate of Use.)
- Case Study F (Libelium Comunicaciones Distribuidas S.L. Enabled Farmers in Colombia to Monitor Vital Humidity, Soil Moisture, and Temperature; Fruit Quality, and Solar Radiation.)
Company Profiles
- 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)
- Naio 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)
- Terra Drone Corporation (Japan)
Competition Analysis
- Key Growth Strategies
- Competitive Benchmarking
- Competitive Dashboard
- Industry Leaders
- Market Differentiators
- Vanguards
- Emerging Companies
- Market Ranking by The Key Players
Scope of the report:
Precision Farming Market Assessment, by Offering
- Hardware
- Software
- Services
Precision Farming Market Assessment, by Technology
- Guidance Technology
- Remote Sensing Technology
- Variable Rate Technology
- Other Technologies
Precision Farming Market Assessment, by Application
- Yield Monitoring
- Crop Monitoring
- Precision Irrigation
- Field Mapping
- Seeding & Spraying
- Other Applications
Precision Farming Market Assessment, by Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/7u4mvz
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