The global precision farming market is projected to reach USD 12.9 billion by 2027 with a CAGR of 13.0%, according to a new report published by Million Insights. Precision farming is known as site-specific crop management and satellite farming, which is a smart farming technique that uses information technologies such as IoT, GIS, GPS and remote sensing tools. These tools collect a large amount of essential information, which helps farmers in making efficient decisions regarding crop planting, fertilizing, and harvesting. Thus, these benefits are expected to propel the market growth in the forthcoming years. Furthermore, precision farming systems include sensing devices, antennas & access points, and automation & control systems. Additionally, it is equipped with a wide range of innovative technologies such as cloud computing, big data, robotics & automation, bio-engineering, and imagery & sensors. These advancements are anticipated to upsurge the market growth during the forecast period, 2020 to 2027.
Rising adoption of telematics and soil sensors in the agricultural sector is expected to fuel the precision agriculture market growth in the forthcoming years. Soil sensors are used for measuring the various important soil properties, which helps farmer while sowing the seeds. The telematics services use the global navigation satellite system (GNSS), for the tracking farming equipment. Additionally, various manufacturers of farming equipment are incorporating telematics services, in order to enhance their farming efficiency. Moreover, it reduces the operational cost of agriculture and maximizes profitability. The telematics technology is used for capturing and transferring the data from the farm tools to the sensors which are incorporated on the tractors and various other field monitoring tools. The rising adoption of telematics technologies by the agricultural equipment manufacturing companies is projected to accelerate the demand for precision farming solutions.
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The global precision farming marketis projected to see the substantial growth over the forecast period, owing to a heavy investment made by leading players in the R&D activities and rising incorporation of advance technologies like Internet of Things (IoT), AI and ML in the precision framing systems. Furthermore, the fluctuating weather conditions, owing to rising global warming, have forced farmers to adopt the advanced technologies, in order to improve the productivity and crop yield. The rising adoption of technologies like weather forecasting, optimal field management, real-time farm monitoring, and various others are helping farmers to upsurge the yield with low operational cost and minimize human efforts. Furthermore, the technology allowing farmers to manage the resources and access the real-time information with the help of smartphones, thus, providing greater flexibility and ease of operation. However, the lack of awareness and high cost of the systems are expected to restrain the market growth in the forthcoming years.
The report “Precision Farming Market Size, Share & Trends Analysis Report By Offering, By Application (Yield Monitoring, Weather Tracking, Field Mapping, Crop Scouting), By Region, And Segment Forecasts, 2020 – 2027” is available now to Million Insights, customers and can also be purchased directly from: XX
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Further key findings from the report suggest:
• The rising government supportive initiatives, for prompting the adoption of advanced farming techniques and increasing number of crop diseases like bacteria or fungus are creating the demand for real-time monitoring of crops, as a result, expected to fuel the growth of precision farming marketin the forthcoming years.
• Cloud-based segment is anticipated to see the substantial growth over the forecast period, owing to high advantages of cloud technology such as low energy consumption, high storage capacity, remote accessibility to data and low operational cost.
• The continuous advancements in GPS & GIS mapping and various other related farming applications are allowing farmers to operate easily, which, in turn, increasing their profit margins.
• Drones are expected to see tremendous growth in the agricultural sector, owing to the rising adoption of drones in monitoring irrigation systems.
• Yield monitoring segment is expected to see significant growth, owing to the rising demand for soil monitoring, which, in turn, helps in detecting the soil properties and increases the yields.
• Asia Pacific market is expected to see the fastest growth during the forecast period, owing to the high availability of agricultural land, rising population, and technological adoption in the agricultural sector, especially in emerging countries such as India, China, Japan and Australia.
Million Insights has segmented the global precision farming market based on offering, application, and region:
Precision Farming Offering Outlook (Revenue, USD Million, 2016 – 2027)
• Automation & Control Systems
• Application Control Devices
• Guidance Systems
• Remote Sensing
• Satellite Sensing
• Driverless tractors
• Mobile Devices
• Wireless Modules
• Bluetooth Technology
• Wi-Fi Technology
• Zigbee Technology
• RF Technology
• Sensing Devices
• Soil Sensor
• Nutrient Sensor
• Moisture Sensor
• Temperature Sensor
• Water Sensors
• Climate Sensors
• Antennas & Access Points
• System Integration & Consulting
• Maintenance & Support
• Managed Services
• Data Services
• Analytic Services
• Farm Operation Services
• Assisted Professional Services
• Supply Chain Management Services
• Climate Information Service
Precision Farming Application Outlook (Revenue, USD Million, 2016 – 2027)
• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Farm Labor Management
Precision Farming Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South America
• Middle East and Africa (MEA)
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