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Precision Farming Market, By Technology (Data Acquisition Technologies, Data Analysis and Avaluation Technologies, Precision Application Technologies), Component (Hardware, Software), Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Soil Monitoring) - Global Market Trends & Industry Forecasts Upto 2030
Type: PDF
Status: Syndicate
Categories: Semi Conductor & Electronics
Report Code : SE23
No. of Pages : 185
The market for precision farming market has reached about USD 3.5 billion in 2023 and is expected to double by 2030. The increase in the market is attributed to the factors, such as increasing demand for innovative technology to increase the yield to meet the rising demand for food, increasing investments to improve the standards of agriculture, government interventions by encouraging with subsidies for using technological equipment and technological support. However, the market is likely to witness the retarded growth due to the factors, such as lack of technological skills, high initial investment costs, and reluctance to adopt the latest technologies in farming practices, especially in the developing countries.
The adoption rate of technology has been increasing in agriculture to increase efficiency and manage costs. Precision farming, also known as precision agriculture, is the combination of farming methodology with technology. Technology has become an indispensable part of agribusiness from farmer to retailer to agronomist and is driving the method of farming from land and labor-intensive to technology-enabled smart farming. Technology used in the precision farming span across all agricultural practices, including sowing or planting or spraying or fertilizing and to irrigation. Precision Farming is expected to have a positive impact on farm productivity, environment (by lowering Greenhouse Gas (GHG) emissions) and economics, by lowering production costs to provide higher or equal yields than conventional farming practices.
The precision farming technologies are majorly categorized into three types – data acquisition technologies, data analysis and evaluation technologies, and precision application technologies.
Precision agriculture is trending toward complete automated solutions for farm efficiency, better yield, and less environmental emission and waste by using all available information and expertise. Several startups have been focusing on the Precision Farming, aiming to provide good agricultural data but approaching from different angles to some extent. For example, The CropX software system, by CropX Ltd., (Israel) for advanced adaptive irrigation not only informs farmers about the amount of inputs (such as water, fertilizer and pesticide) needed by each plant at specific times, but also controls the irrigation system accordingly. Tevatronic LTD., (Serot, Israel) has risen more than USD 2.5 million from private and angel investors and the Israel Innovation Authority, and has done pilots in Israel and Australia. Tevatronics’s wireless sensors collect precise data from soil in each zone of the farm and the controllers measure each plant’s stress level to determine when to start and stop irrigation.
The market for hardware components, including automation and control systems, and sensing and monitoring systems accounted for a major part of the precision farming market. However, the market for software is expected to hold promising in the future to analyze and monitor all the aspects of precision farming and also connect all the environments across the value chain.
North America held the largest share of the precision farming market in 2023, due to the advanced use of farming equipment which contribute for improved efficiency and higher productivity. North America is also an origin for several key players, such as Trimble Inc., Deere & Company, AgJunction Inc., Raven Industries Inc., and AGCO Corporation in the precision farming market. With the increasing need for efficient farming requirements, enhancing high production accuracy, and improvement of farm management software, the market for precision farming is expected to grow at higher rate, especially in European and Asia-Pacific regions.
Some of the key players in the precision farming market include Deere & Company (US), Trimble Inc. (US), AgSmarts Inc. (US), AGCO Corporation(US), Raven Industries Inc. (US), AgJunction Inc. (US), Monsanto Company(US), Dickey-John Corporation (US), Ag Leader Technology (US), Cropmetrics LLC. (US), and Yara International ASA (Norway).
Request For List of Tables
1 Introduction
1.1 Goal & Objective
1.2 Study Scope
1.3 Assumptions and Limitations
1.4 Stakeholders/ Intended Audience
1.5 Research Methodology
2 Executive Summary
3 Market Outlook
3.1 Introduction
3.2 Current & Future Outlook
3.3 DROC
3.3.1 Drivers
3.3.1.1 Increasing demand for innovative technology to increase the yield to meet the rising demand for food
3.3.1.2 Increasing investments to improve the standards of agriculture
3.3.1.3 Growing government support for adoption of modern agricultural methods
3.3.2 Restraints
3.3.2.1 High iniitial investment costs
3.3.2.2 Reluctance to adopt the latest technologies in farming practices
3.3.3 Opportunities
3.3.3.1 Integration of telematics with agricultural equipment
3.3.4 Challenges
3.3.4.1 Lack of technological skills
3.4 Value Chain & Ecosystem
4 Demand Market Analysis, by Technology
4.1 Data acquisition technologies
4.1.1 Market Estimates & Forecasts Upto 2023
4.1.2 GNSS Technologies
4.1.3 Mapping technologies
4.1.4 Data acquisition of environmental properties
4.1.5 Machines
4.2 Data analysis and evaluation technologies
4.2.1 Market Estimates & Forecasts Upto 2023
4.2.2 Management zone delineation
4.2.3 Decision support system
4.3 Precision application technologies
4.3.1 Market Estimates & Forecasts Upto 2023
4.3.2 Guidance technology
4.3.3 Variable rate application
5 Precision Farming Market, By Component
5.1 Hardware
5.1.1 Market Estimates & Forecasts Upto 2023
5.2 Software
5.2.1 Market Estimates & Forecasts Upto 2023
6 Precision Farming Market, By Application
6.1 Yield Monitoring
6.1.1 Market Estimates & Forecasts Upto 2023
6.2 Field Mapping
6.2.1 Market Estimates & Forecasts Upto 2023
6.3 Crop Scouting
6.3.1 Market Estimates & Forecasts Upto 2023
6.4 Weather Tracking & Forecasting
6.4.1 Market Estimates & Forecasts Upto 2023
6.5 Irrigation Management
6.5.1 Market Estimates & Forecasts Upto 2023
6.6 Soil Monitoring
6.6.1 Market Estimates & Forecasts Upto 2023
7 Precision Farming Market, By Region
7.1 North America
7.1.1 North America Market Size, By Country 2023-2030
7.1.3 North America Market Size, By Technology 2023-2030
7.1.4 North America Market Size, By Component 2023-2030
7.1.4.1 U.S.
7.1.4.1.1 U.S. Market Size, By Technology 2023-2030
7.1.4.1.2 U.S. Market Size, By Component 2023-2030
7.1.4.2 Canada
7.1.4.2.1 Canada Market Size, By Technology 2023-2030
7.1.4.2.2 Canada Market Size, By Component 2023-2030
7.1.4.3 Mexico
7.1.4.3.1 Mexico Market Size, By Technology 2023-2030
7.1.4.3.2 Mexico Market Size, By Component 2023-2030
7.2 Europe
7.2.1 Europe Market Size, By Country 2023-2030
7.2.3 Europe Market Size, By Technology 2023-2030
7.2.4 Europe Market Size, By Component 2023-2030
7.2.4.1 Germany
7.2.4.1.1 Germany Market Size, By Technology 2023-2030
7.2.4.1.2 Germany Market Size, By Component 2023-2030
7.2.4.2 Italy
7.2.4.2.1 Italy Market Size, By Technology 2023-2030
7.2.4.2.2 Italy Market Size, By Component 2023-2030
7.2.4.3 France
7.2.4.3.1 France Market Size, By Technology 2023-2030
7.2.4.3.2 France Market Size, By Component 2023-2030
7.2.4.4 UK
7.2.4.4.1 UK Market Size, By Technology 2023-2030
7.2.4.4.2 UK Market Size, By Component 2023-2030
7.2.4.5 Spain
7.2.4.5.1 Spain Market Size, By Technology 2023-2030
7.2.4.5.2 Spain Market Size, By Component 2023-2030
7.2.4.6 Rest of Europe
7.2.4.6.1 Rest Of Europe Market Size, By Technology 2023-2030
7.2.4.6.2 Rest Of Europe Market Size, By Component 2023-2030
7.3 Asia-Pacific
7.3.1 Asia-Pacific Market Size, By Country 2023-2030
7.3.2 Asia-Pacific Market Size, By Technology 2023-2030
7.3.3 Asia-Pacific Market Size, By Component 2023-2030
7.3.3.1 China
7.3.3.1.2 China Market Size, By Technology 2023-2030
7.3.3.1.3 China Market Size, By Component 2018-20223
7.3.3.2 India
7.3.3.2.1 India Market Size, By Technology 2023-2030
7.3.3.2.2 India Market Size, By Component 2023-2030
7.3.3.3 Japan
7.3.3.3.1 Japan Market Size, By Technology 2023-2030
7.3.3.3.2 Japan Market Size, By Component 2023-2030
7.3.3.4 Australia
7.3.3.4.1 Australia Market Size, By Technology 2023-2030
7.3.3.4.2 Australia Market Size, By Component 2023-2030
7.3.3.5 Rest of APAC
7.3.3.5.1 Rest Of APAC Market Size, By Technology 2023-2030
7.3.3.5.2 Rest of APACMarket Size, By Component 2018-20223
7.4 Middle East & Africa
7.4.1 Middle East & Africa Market Size, By Technology 2023-2030
7.4.2 Middle East & Africa Market Size, By Component 2023-2030
7.5 South America
7.5.1 South America Market Size, By Technology 2023-2030
7.5.2 South America Market Size, By Component 2023-2030
8 Supply Market Analysis
8.1 Strategic Benchmarking
8.2 Market Share Analysis
8.3 Key Players
8.3.1 AGCO Corporation
8.3.2 Ag Leader Technology
8.3.3 Agjunction Inc.
8.3.4 Deere & Company
8.3.5 Dicky-John Corporation
8.3.6 Teejet Technologies
8.3.7 Raven Industries Inc.
8.3.8 Monsanto Company
8.3.9 Yara International
8.3.10 Trimble Inc. & Others
SDMR employs a three way data triangulation approach to arrive at market estimates. We use primary research, secondary research and data triangulation by top down and bottom up approach
Secondary Research:
Our research methodology involves in-depth desk research using various secondary sources. Data is gathered from association/government publications/databases, company websites, press releases, annual reports/presentations/sec filings, technical papers, journals, research papers, magazines, conferences, tradeshows, and blogs.
Key Data Points through secondary research-
Macro-economic data points
Import Export data
Identification of major market trends across various applications
Primary understanding of the industry for both the regions
Competitors analysis for the production capacities, key production sites, competitive landscape
Key customers
Production Capacity
Pricing Scenario
Cost Margin Analysis
Primary Research:
After collecting the secondary data, our team conducts primary interviews to validate the accuracy of the information. Primary interviews are conducted across entire value chain from raw material suppliers to end users. The primary interview is mainly conducted with the Presidents, CEOs, Vice Presidents, Directors, General Managers, Product Manager, Sales Manager, Marketing Manager, Business Development Manager.
Key Data Points through primary research-
Major factors driving the market and its end application markets
Comparative analysis and customer analysis
Regional presence
Collaborations or tie-ups
Annual Production, and sales
Profit Margins
Average Selling Price
Data Triangulation:
Data triangulation is done using top down and bottom approaches. However, to develop accurate market sizing estimations, both the methodologies are used to accurately arrive at the market size.
Report Code
SE23
Single User
US$ 4999*** Benefits ***
1. 15% Free customization
2. Two Countries can add as per your choice
3. Two Company can add as per your choice
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*** Services ***
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2. Quarterly Industry Update for 1 Year.
3. One research analyst will allocate to you.
4. Query will be resolved within 36 hours.
24*7 Research Support.
Corporate User
US$ 7000*** Benefits ***
1. 25% Free customization
2. Excel Data Sheet
3. Two Countries can add as per your choice
4. Two Company can add as per your choice
5. 35+ Countries
*** Services ***
1. Client will get one updated report for a year.
2. Quarterly Industry Update for 1 Year.
3. One research analyst will allocate to you.
4. Query will be resolved within 36 hours.
5. 24*7 Research Support.
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