The Precision Farming Market, valued at USD 8.5 billion in 2022, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 12.5% throughout the forecasted period. The anticipated growth suggests a market valuation of around USD 19.39 billion by 2029.
Market Overview
As of the most recent Precision Farming Market update, the global economic landscape reflects a dynamic interplay of various factors. Major financial markets continue to navigate the aftermath of the unprecedented events that unfolded in recent years, such as the global pandemic and geopolitical shifts. Equities have demonstrated resilience amid ongoing uncertainties, propelled by technological advancements, innovation, and accommodative monetary policies. However, challenges persist, including inflationary pressures, supply chain disruptions, and regulatory changes in various sectors. Investors are closely monitoring central bank decisions, fiscal policies, and emerging trends to assess potential opportunities and risks. The market’s response to evolving conditions underscores the importance of adaptability and strategic planning for both businesses and investors in this complex and ever-changing environment.
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Report Scope:
Precision farming, also known as site-specific crop management, has secured a substantial market share, particularly in the era of increasing digitization. It integrates data collection and remote sensing with Global Positioning Systems (GPS) and Geographic Information Systems (GIS), empowering farmers to address in-field variability in crop management.
Research Methodology:
The comprehensive research methodology employed in this report provides a detailed analysis of the Precision Farming market, encompassing aspects from seed production to harvest. Machine learning and AI technologies are leveraged, reducing on-farm field waste, enhancing crop quality, and contributing to sustainable food production.
Drivers:
Precision farming utilizes technologies such as Remote Sensing and Machinery Telematics, enabling farmers to access real-time data on crop health, vegetation indices, soil moisture, and more. The market has witnessed significant growth in North America, attributed to technological prowess and well-developed infrastructure.
Restraints:
While precision farming holds promise, affordability remains a major challenge. The high initial setup costs for equipment, sensors, software, and data analytics tools pose barriers for small and medium-sized farmers. Lack of awareness, technical complexity, and limited network availability in rural areas are additional challenges.
Segmentation:
- Technology: Global Positioning System, Geographic Information System, Remote Sensing, Variable Rate Technology, and Telematics.
- Component: Hardware, Software, and Services.
- Application: Yield Monitoring, Crop Scouting, Variable Rate Application, Field Mapping, and Weather Tracking.
- Deployment: On-premises and Cloud-based.
Regional Insights:
North America leads the precision farming market, driven by technological prowess and well-developed IoT infrastructure. Asia Pacific, especially in India, China, and South Asian economies, has witnessed significant growth due to increasing digitization. Government initiatives and awareness campaigns have fueled precision farming adoption in developing countries.
Market Key Players
1. Deere & Company – United States
2. Trimble – United States
3. AGCO Corporation – United States
4. Raven Industries – United States
5. Topcon Positioning Systems – United States
6. AgJunction – United States
7. Ag Leader Technology – United States
8. CNH Industrial – United States
9. SST Software – United States
10. Teejet Technologies – United States
11. Valmont Industries – United States
12. Precision Planting – United States
13. The Climate Corporation – United States
14. Lindsay Corporation – United States
15. Trimble Navigation Limited – United States
16. DICKEY-john Corporation – United States
17. Sentera LLC – United States
18. SST Development Group, Inc. – United States
19. Farmers Edge – Canada
20. Mavrx Inc. – United States
21. Agri Con GmbH – Germany
22. Hexagon Agriculture – Sweden
23. AgroSense – Hungary
24. Yara International – Norway
25. Kubota Corporation – Japan
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Key questions answered in the Precision Farming Market report include:
What is Precision Farming?
What factors drive Precision Farming Market growth?
What are the main challenges for Precision Farming Market growth?
What was the Precision Farming market size in 2023?
Which trends are expected to contribute to Precision Farming market growth?
What recent industry trends can generate additional revenue streams for the Precision Farming Market?
What growth strategies are players considering to increase their foothold in the Precision Farming Market?
Who held the largest market share in the Precision Farming Market?
Key Offerings:
Past Market Size and Competitive Landscape (2021 to 2023)
Past Pricing and price curve by region (2021 to 2023)
Market Size, Share, Size & Forecast by different segment | 2023−2029
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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