New York, USA, July 20, 2021 (GLOBE NEWSWIRE) — According to a recent report by Research Dive, the global precision farming market is forecasted to reach $10,762.7 million by the end of 2026, from $3,860.0 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market has recorded a CAGR of 13.5% during recent months, while it was expected to be 14.7% in the pre-COVID-19 scenario. The reason behind this decline is the lesser crop production during the lockdown period.
Check out How COVID-19 impacts the Global Precision Farming Market: https://www.researchdive.com/connect-to-analyst/185
Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time market size has been witnessing a drastic downfall compared to the pre-COVID-19 estimations. The real-time market size has reached up to $3,174.3 million in 2020, while it was estimated to reach $5,119.9 million in an analysis before the emergence of the pandemic. The factor behind this decline is the closure of hotel and restaurants, leading to lesser demand of raw material. Apart from that, because of low supply of crops, the prices of daily essential food products have been skyrocketed. This is another reason behind the decline of the market.
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Key Players and Strategies
1. Deere & Company
2. AGCO Corporation
4. Raven Industries
6. AG Leader
7. Autocopter Corp
8. Descartes Labs
9. Prospera Technologies
10. F6S Network Limited
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. For instance, in June 2021, CNH Industrial N.V., an Italian multinational corporation, entered into an agreement to acquire 100% of the capital stock of Raven Industries, Inc., a US-based leader in precision agriculture technology.
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The acquisition is expected to further enhance CNH Industrial’s position in the global agriculture equipment market by adding innovation capabilities in autonomous and precision agriculture technology.
Post Pandemic Insight
As per the report, the global precision farming market is expected to recover from the loss in the 1st/2nd quarter of 2023. Increasing world population and simultaneously growing need of food are expected to enhance the growth of the precision farming market during the upcoming years. Apart from this, implementation of Artificial Intelligence (AI) and drones in agricultural farms are other factors expected to influence the growth of the market during the forecast period.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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