Precision Agriculture Market Share to Reach $19.72 Billion, Globally, by 2028 with 11.8% of CAGR – Comprehensive Report by The Insight Partners
The global precision agriculture market growth impelled by increasing adoption of advanced technologies in farming, surge in the adoption of smartphones and increasing investments in technologies such as autonomous tractors, GPS systems, guidance systems, and favourable government initiatives to support smart farming.
New York, Jan. 02, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Precision Agriculture Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Component (Hardware, Software, and Service), Application (Data Management, Yield Monitoring, Precision Spraying, Precision Irrigation, Precision Planting, Field Monitoring, Precision Fertilization, and Others), and Geography”; The global precision agriculture market size is expected to grow from USD 9.02 billion in 2021 to USD 19.72 billion by 2028; it is estimated to grow at a CAGR of 11.8% from 2022 to 2028.
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Global Precision Agriculture Market – Report Scope:
Market Size Value in | USD 9.02 billion in 2021 |
Market Size Value by | USD 19.72 billion by 2028 |
Growth rate | CAGR of 11.8% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
No. of Pages | 150 |
Historical data available | Yes |
Segments covered | Component, Application, and Geography |
Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Precision Agriculture Market: Competitive Landscape and Key Developments
Ag Leader Technology; AgJunction, Inc.; CropMetrics LLC; Trimble, Inc.; AGCO Corporation; Raven Industries Inc.; Deere and Company; Topcon Corporation; Hexagon Agriculture; and CropX Technologies are among the key players operating in the Precision Agriculture market.
In June 2021: Trimble and HORSCH, a leading global manufacturer of innovative agricultural technology and modern solutions, collaborated to develop solutions that enable agricultural autonomy. The major focus of the collaboration is to create autonomous machines and workflows that will allow farmers to be more precise in their agricultural activities.
In September 2020: AGRIVI, one of the global market-leading farm management software companies, launched AGRIVI Precision Field. It is a comprehensive precision agriculture application that allows the creation of management zones, empowers farmers with real-time insights into field conditions, and provides prescription files for the execution of precision agriculture practices.
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Global Precision Agriculture Market – Regional Scope:
The precision agriculture market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America dominated the market in 2021 and is expected to continue its dominance during the forecast period. Increased government initiatives to accelerate the adoption of modern agriculture technologies and enhanced infrastructure are becoming major factors driving the market growth in the region. The National Institute of Food and Agriculture (NIFA), a part of the US Department of Agriculture, runs geospatial, sensor, and precision technology projects intending to create awareness for precision agriculture. Therefore, the demand for precision agriculture products and services continues to rise in the region, thereby driving market growth.
In Europe, the agriculture sector is heavily dependent on a non-national labor force and requires high numbers of agricultural workers for a limited duration. Therefore, increasing shortage of laborers across the region is anticipated to drive the demand for precision agriculture because it increases production, reduces labor time, and ensures the effective management of fertilizers and irrigation processes. Moreover, there is increasing adoption of modern farming techniques in Germany, and most farmers use data collection techniques such as GPS-based area measurement, soil sampling, and fertilizing. These factors are propelling the precision agriculture market growth in Europe.
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The precision agriculture market in Asia Pacific is anticipated to grow at the highest growth rate during the forecast period. Due to the increasing modernization of agriculture in countries such as China, India, and Indonesia, the demand for precision agriculture equipment is growing rapidly in the region. As crop production is limited due to the depletion of natural resources and environmental degradation, farmers are changing their emphasis to sustainable agriculture practices and implementing an administrative framework to gain complete knowledge about the use and maintenance of precision agriculture equipment. Therefore, increasing the demand for improved crop nutrition and protection accelerated the adoption of precision agriculture to sustain growth and enhance productivity.
Precision Agriculture Market: COVID-19 Overview
As containment measures in the wake of COVID-19 pandemic resulted in disruptions in the supply chain, the precision agriculture market witnessed marginal growth in 2020. The agriculture sector was also affected due to shortage of laborers, lack of demand for agri-inputs, supply chain slowdowns, and altered consumer demand for food. To overcome these challenges, agriculture stakeholders planned to reinvent activities with precision agriculture technologies to overcome the situation. Companies started focusing on wireless platforms to enable real-time decision-making concerning yield monitoring, crop health monitoring, field mapping, harvesting management, and irrigation scheduling. There is an increasing installation of IoT devices in agriculture farms to optimize irrigation scheduling with reduced labor requirements in the field. As a result, a number of connected agricultural devices gained traction and are likely to continue to boost the precision agriculture market growth during the forecast period.
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Precision Agriculture Market: Component Overview
The precision agriculture market is segmented into hardware, software, and services. The hardware segment dominated the market in 2021. Hardware components such as sensing devices, automation and control systems, and drones collectively help in precision farming. The growing adoption of automation and control devices such as GPS/GNSS, irrigation controllers, drones/UAVs, guidance and steering systems, yield monitors, and sensors in the agriculture industry is propelling the hardware segment's growth in the market.
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