Precision Farming Market Information By Components (Hardware, Software, Services) and Applications (Yield Mapping, Quality Mapping, Soil Properties Analysis, Inventory Management, Labour Management, Crop Scouting) - Forecast till 2027
ID: MRFR/SEM/1534-HCR | February 2021 | Region: Global | 110 pages
Precision Farming Market Overview
Precision Farming Market is expected to grow at USD 298 million by end of forecast period with a compound annual growth rate of 7%. Evolving environment, generating interest for food, and expanding the appropriation of intelligent advancements in the worldwide agribusiness area, and government activities to upgrade ranchers' proficiency through new advances are a portion of the central point driving the reception of accuracy cultivating. The appropriation pattern fluctuates across various areas regarding innovation and speculation, contingent upon the administration's suppliers in these regions.
COVID 19 Analysis
The precision agriculture statistics is required to observe a minimal dunk in 2020 because of the COVID-19 pandemic as the development limitation and lockdowns. It brought about interruptions in the store network and prompted a lack of gear; anyway, the utilization of remote detecting and homestead the board programming instruments could produce higher selection during the post-COVID-19 period. Coronavirus has disturbed the store network in the exactness cultivating business sector, and organizations are investigating new freedoms to cooperate with producers and ranchers by utilizing advances.
Organizations have begun zeroing in additional remote stages to empower constant dynamic regarding yield checking, crop wellbeing observing, field planning, water system booking, and gathering the board. For example, SensoTerra dispatched new remote frameworks in May 2020 to improve ranch availability and field information examination on the cloud. These sensor frameworks improve availability and can likewise be utilized for crops with enormous overhangs with the least manual help. Producers can get to information continuously using an electronic interface or an application introduced in their cell phones. The effect of the COVID-19 pandemic is required to be for a more limited length, and the precision farming market is relied upon to offer rewarding development in medium to long haul.
Precision Farming Market Dynamics
- Drivers
The use of innovations like remote detecting, VRT, GIS, GPS, and direction innovation in precision farming has prompted an expansion in profitability and reduced labor overheads. Similarly, the utilization of forefront innovation-based horticultural gear has empowered the ideal usage of assets. Precision farming hardware dependent on trendsetting innovations adds to the primary concern investment funds by lessening the work cost and improving ranch tasks generally.
- Opportunities
The cell phone is among the most broadly utilized mechanical creations ever. With the accessibility of various easy-to-use farming apps (applications), cell phones are getting incredible and simple to-convey instruments for ranchers. Many cell phone applications are modest and give essential data identified with cultivating, for example, climate and environmental conditions. These applications adequately assist farmers with settling on brilliant choices.
- Restraints
Precision farming is a keen cultivating method that requires technical information. The presence of restricted information about front-line advancements and their use makes a hole between the agreement and the execution of farming ideas. Moreover, a few governments and market players worldwide are taking activities to give preparing and discussion administrations to farmers regarding the use of accuracy cultivating strategies. Numerous cultivators stay outside the domain of such endeavors. Similarly, restricted specialized information to ranchers in agricultural nations, for example, India, China, and Brazil, impedes the development of the accuracy cultivating market.
- Challenges
Information management is a significant challenge for the development of the precision farming market. Exactness cultivating delivers high volumes of important information relating to variable-rate developing, planning, soil testing, yield checking, and chronicled crop revolution. This information should be put away and overseen appropriately as profitable accuracy farming depends entirely on evaluating farming conditions.
- Cumulative growth
The precision farming market growth was assessed to be USD 7.0 billion in 2020 and projected to arrive at USD 12.8 billion by 2025, at a CAGR of 12.7%, somewhere in the range of 2020 and 2025. The precision farming market size in India is expected to grow more in the future.
Value chain and technology Analysis
Additionally, expanding interests in advancements like GPS detecting frameworks, driverless tractors, and direction frameworks are likewise expected to add to the accuracy farming business sector's development. For example, various sensors, for example, environment sensors, soil sensors, and water sensors, are put around the fields to help ranchers screen their yields and gain continuous data. Furthermore, the sensors additionally assist ranchers with getting a high return creation with less harvest wastage. These sensors are profoundly received in various applications like drug and medical care, farming, auto, care, and sports.
Precision Farming Market Segment Overview
Precision Farming Market By Type
Control frameworks and automation right now address the central portion as they help offer dependable, diminishing work costs and reliable execution, improving productivity just as the Precision of horticultural tasks. Sensory and Monitoring Devices, Farm Management Systems
Precision Farming Market By Application
According to the market's application, Crop Scouting, Yield Monitoring, Soil Monitoring, Precision Irrigation, and others.
Yield monitoring is the most significant application region and helps estimate & record data dependent on grain stream, grain dampness, and covered farm region.
Precision Farming Market By component
Precision market by technology and component the market is segmented into Hardware and software. Because of the segment, equipment is the main fragment since the continuous development in innovation has brought about new gadgets with better area and information preparing capacities.
Precision Farming Market Regional Analysis
North America overwhelmed the market for precision farming regarding income in 2019. The district is an early adopter of advances. Factors such as expanding government activities for the appropriation of current agribusiness innovations and created frameworks have added to the local market's high income.
The Asia Pacific is relied upon to observe massive development over the estimated time frame. The district is relied upon to keep a CAGR of more than 15% from 2020 to 2027.
Precision Farming Market Competitive Landscape
The precision farming market size comprises a few significant players. Regarding piece of the pie, not many of the notable players presently rule the market. With a conspicuous offer on the lookout, these significant players are zeroing in on extending their client base across far-off nations. These organizations are utilizing vital collective activities to expand their piece of the pie and increment their productivity. The organizations working in the Precision Farming Market also gain new companies dealing with accuracy cultivating advances to reinforce their item abilities.
Major market players
- Ag Junction Inc.
- AGCO Corporation
- DICKEY-john Corporation
- John Deere
- TeeJet Technologies
The exactness cultivating can change the rural area, making the customary cultivating movement more productive and effective. Expanding worldwide food interest, harvest yield, and broadened productivity and yield wellbeing observing for better return creation are the primary considerations powering the development of the accuracy cultivating market.
Recent Development
In January 2020, AGCO presented the new Fendt Momentum grower, especially for row crop cultivators in North America, to set up another norm for seed position precision and give advances to assist ranchers with beating planting conditions.
In November 2019, Raven Industries procured Smart Ag Inc. (US), an innovation organization that creates independent cultivating answers for become the business chief in self-ruling farming arrangements.
In October 2019, John Deere procured Unimil (Brazil), a Brazilian supplier of secondary selling parts to sugarcane collectors.
In January 2019, Raven Industries procured AgSync, an organization that creates answers for ranger service, ag retailers, elevated instruments, seed organizations, and endeavor clients, to upgrade its Slingshot stage consistent coordinations answer for custom implements and ag retailers.
Report Overview
This report analyses point by point outline of the worldwide precision agriculture market size along with its advanced innovations.
The precision farming market report includes a conversation of the central point, progressions in agribusiness innovations, regional analysis, exchange investigation, and changing administrative elements that impact this advancing business sector's interest.
It focuses on challenges looked at by this market, for example, high introductory usage and upkeep cost and absence of trained workforce in specific locales.
Inclusion of equipment (Hardware, instruments and gadgets, and so on), related programming (for example, ranch the executives programming), and administration income of the covered organizations.
A useful patent investigation is covering the most recent critical improvements in horticulture innovation.
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | 2026: USD USD 10491.45 Million |
| CAGR | 7% (2021-2027) |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Components, Applications, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Ag Junction Inc., AGCO Corporation, DICKEY-john Corporation, John Deere, TeeJet Technologies |
| Key Market Opportunities |
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| Key Market Drivers |
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Frequently Asked Questions (FAQ) :
The reception of advances like GPS, guidance technology, VRT, remote sensing, GIS, and direction innovation in accuracy cultivating has prompted an expansion in profitability and reduced labor overheads. Moreover, the utilization of forefront innovation-based horticultural gear has empowered the ideal usage of assets.
Precision farming is a way to deal with cultivating that utilizes information sensors, controller devices, associated gadgets, and other cutting-edge innovations to give ranchers more power over the field and the group.
Precision cultivating wants to improve crop execution and natural quality. It is characterized as the use of advances and standards to oversee spatial and fleeting fluctuation related to all parts of farming production.
Precision farming industry advantages to the climate come from more focused on utilizing data sources that decrease possible losses from applications and decrease misfortunes because of imbalance of nutrient characteristics, weed gets away, and so on different advantages remember a reduction pesticide opposition improvement.