Precision Agriculture Market Size is projected to reach USD 19.24 Billion by 2030, growing at a CAGR of 14.95%: Straits Research

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New York, United States, Aug. 01, 2022 (GLOBE NEWSWIRE) — Precision agriculture is also known as satellite agriculture, precision Ag or precision farming, on-demand agriculture, and site-specific crop management. The site-specific crop management is an agricultural management theory based on measuring, responding to, and observing plant and intra-field crop variability.

Precision agriculture is dependent on specialised systems, software, and IT services. Accessing real-time data about the conditions of the crops, soil, and ambient air, as well as other pertinent data such as hyperlocal weather forecasts, labour costs, and equipment availability, is a component of this strategy. Farmers now have access to real-time images of individual plants thanks to satellites and robotic drones. These images can be processed and integrated with sensors and other data to generate guidance for immediate and future decisions, such as exactly which fields to water and when or where to plant a specific crop.

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Advanced Technology Decreases the Cost of Production

Precision farming is a method of farming that utilises the internet of things (IoT), software, artificial intelligence, big data, and other technologies to optimise the use of farm inputs in order to reduce costs and increase productivity. According to a study conducted by MDPI, Basel, Switzerland, the use of pesticides and fuel decreased significantly after precision farming was adopted. Although there would be substantial fixed costs during the adoption phase, variable costs would decrease significantly. The labour cost decreases by approximately 20 per cent and the farm’s long-term productivity increases. Precision agriculture is assisting the world in addressing the challenges posed by climate change and a growing population by enhancing the productivity and profitability of crops without negatively impacting the environment.

Latest Technology Drives the Market

Demand for smartphone integration in precision agriculture has increased due to the growing popularity of smartphones. Advanced applications compatible with all smartphones have been developed by businesses. With the integration of smartphones, farmers are able to monitor their fields from anywhere, and the data is backed up in the cloud. The farmer’s needs are met by the fact that smartphones support Bluetooth, USB, and Wi-Fi connectivity. Consequently, the surge in smartphone adoption has created enormous opportunities for the global precision agriculture market. The improvement of agricultural facilities is made possible by technological progress. The development of monitoring protocols and systems for monitoring and managing farms and farm workers is one of the most significant changes in the use of mobile devices in agriculture. For example, in December 2020, a survey conducted by the leading news agency, “The Print,” revealed that farmers in India have adopted advanced technology and that the use of smartphones in agricultural activities has enabled them to achieve nearly double their income and output of other farmers.

Future Lies In Ai-Based Solutions

The use of AI-based applications and tools facilitates controlled and precise farming by providing farmers with the necessary information or guidance regarding the use of fertilizers, water management, crop rotation, pest control, and type of crop to be grown based on soil, and nutrition management, and optimal planting. In farms, pests are controlled using AI-based tools. They use satellite imagery and artificial intelligence (AI) algorithms to compare it with historical data to determine whether insects have landed on the farm and what kind of insects they are. AI is also utilised in weather forecasting to assist farmers in deciding the type of crop to cultivate and monitoring the quality and nutrition level of the soil. Precision farming techniques based on AI assist farmers in monitoring the health of their crops, resulting in a high-quality harvest.

Report Scope

Report Metric Details
Market Size USD 19.24 Billion by 2030
CAGR 14.95% (2022-2030)
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Application, Offering, Technology, Region
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors Deere & Company, CropMetrics LLC, Trimble Navigation Limited, CropX, AgSmarts  Inc., AgSense LLC, AGCO Corporation, DICKEY-john, Monsanto Company, Ag Leader Technology.
Key Market Opportunities AI-Based Solutions Will Shape the Futures
Key Market Drivers Variable Cost Decreases with an Increase in Productivity
More Acceptance of the Latest Technologies and Smartphones in Agriculture

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Regional Analysis

North America is the most dominant market for Precision Agriculture globally. Wide Area Augmentation System (WAAS), a GNSS-based solution, is the most popular technology in North America, with a market penetration of 66 per cent. The market potential for satellite-based devices and equipment in North America is substantial. Increasing demand for real-time kinetic technology, fertiliser and sprayer controllers, robotics, variable rate irrigation, networks, and remote sensing technologies is primarily responsible for the market’s expansion. US-based precision agriculture software companies include AgLeader, Agri-vision, Blue River Technologies, Crop Venture Incorporated, Farm Works, and Holland Scientifics.

This trend is followed by Europe, some countries in the Asia Pacific region like Japan, China, South Korea, India and certain other countries like Brazil, Argentina, Cuba and South Africa.

Key Highlights

  • The global Precision Agriculture market was valued at USD 5.49 billion in 2021 and is projected to reach USD 19.24 billion by 2030 at a CAGR of 14.95% 2022 to 2030.
  • The global Precision Agriculture market is segmented on the basis of technology, offering, application and region.
  • Advanced technologies and decreased cost of production drive the market. 
  • North America is the most dominant market for Precision Agriculture globally. This trend is followed by Europe, some countries in the Asia Pacific region like Japan, China, South Korea, India and certain other countries like Brazil, Argentina, Cuba and South Africa.

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List of Top Precision Agriculture Market Companies

  • Deere & Company
  • CropMetrics LLC
  • Trimble Navigation Limited
  • CropX
  • AgSmarts Inc
  • AgSense LLC
  • AGCO Corporation
  • DICKEY-john
  • Monsanto Company
  • Ag Leader Technology

Market Segmentation

By Application

  • Yield Monitoring
  • Crop Scouting
  • Field Mapping
  • Variable Rate Application
  • Weather Tracking and Forecasting
  • Inventory Management
  • Farm Labor Management
  • Financial Management
  • Others (demand forecasting, customer management, payables and receivables)

By Offering

  • Hardware
  • Software
  • Services

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

By Technology

  • Guidance Technology
  • Remote Sensing Technology
  • Variable Rate Application

Table of Content

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Precision Agriculture Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Marine, Aviation, & Transport (MAT)
      1. Market Size & Forecast
    3. Political Risk & Credit Insurance
      1. Market Size & Forecast
  5. Distribution Channel Overview
    1. Introduction
      1. Market Size & Forecast
    2. Brokers
      1. Market Size & Forecast
    3. Non-Brokers
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Type
        2. By Distribution Channel
      3. Canada
        1. By Type
        2. By Distribution Channel
      4. Mexico
        1. By Type
        2. By Distribution Channel
      5. Latin America
        1. By Type
        2. By Distribution Channel
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Type
        2. By Distribution Channel
      3. France
        1. By Type
        2. By Distribution Channel
      4. U.K.
        1. By Type
        2. By Distribution Channel
      5. Italy
        1. By Type
        2. By Distribution Channel
      6. Spain
        1. By Type
        2. By Distribution Channel
      7. Rest of Europe
        1. By Type
        2. By Distribution Channel
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Type
        2. By Distribution Channel
      3. China
        1. By Type
        2. By Distribution Channel
      4. Australia
        1. By Type
        2. By Distribution Channel
      5. India
        1. By Type
        2. By Distribution Channel
      6. South Korea
        1. By Type
        2. By Distribution Channel
      7. Rest of Asia-Pacific
        1. By Type
        2. By Distribution Channel
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Type
        2. By Distribution Channel
      3. South Africa
        1. By Type
        2. By Distribution Channel
      4. Kuwait
        1. By Type
        2. By Distribution Channel
      5. Rest of Middle East & Africa
        1. By Type
        2. By Distribution Channel
  7. Company Profile
    1. AXA
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. American International Group Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Allianz
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/precision-agriculture-market/toc

Recent Developments

  • JDLINK, an information management product, was released by Deere & Company in July 2021. The product’s connectivity services are provided at no additional cost. They facilitate the connection of machines for customers.
  • In July 2021, AGCO Corporation debuted the pilot version of its Precision Ag Line (PAL) programme, a tool designed to streamline support services for farmers utilising AGCO’s solutions for mixed-fleet operations. AGCO’s brands, including Challenger, Fendt, Gleaner, Massey Ferguson, and Precision Planting, have access to PAL’s precision farming expertise.
  • Raven Industries announced in May 2021 the launch of its new autonomous product brand, OMNI. This brand highlights the company’s autonomous solution capabilities.
  • AGCO, a manufacturer of agricultural machinery, collaborated in May 2021 with Raven and other brands. The objective is to evaluate spraying technology in an effort to increase the effectiveness and efficiency of crop protection product application.

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