The global Precision Farming Market size is expected to value at USD 10.23 billion by 2025. The market is subject to witness a substantial growth due to the increasing application of telematics in agriculture and growing adoption of the modern technologies in agriculture sector. Telematics services consist of tracking devices that implement global Navigation Satellite System (GNSS) to display the location of equipment for management purposes.
Precision farming systems also provides a real-time view of the location, temperature variation, ground speed, and the duration prior to maintenance is required. Globally, the precision farming market is predicted to grow at CAGR of 14.2% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
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Growing demand for telematics services from farm equipment manufactures in order to enhance overall efficiency of the products are expected to fuel the growth of precision farming industry. Enhanced efficiency and superior performance of farm equipment allows reduction in the cost of agricultural operations, thereby maximizing profit and generate excess of revenues. Such factors are substantially affecting growth of the market, in the recent years. Furthermore, an effective administrative framework helps to reduce any negative environmental impact.
Increasing adoption of the telematics technology in developed economies in order to increase overall agriculture yield in predicted to augment market growth over the forecast period. Telematics services allows farmers to gather and manage important data with the help of field equipment. Telematics technology majorly utilizes farm equipment such as sensors that are installed on tractors, and other field monitoring equipment to gather critical data, and necessary actions.
Recent technological advancement in the agriculture sector coupled with development of innovative products to increase overall agricultural yield are expected to propel market growth in the near future. With increasing adoption of modern technology coupled with future advancements in agriculture sector, precision farming industry is subject to high-end growth in developed economies and commercialized areas. Regular monitoring by government authorities and introducing set of guidelines &validations in regards to the environmental well-being acts as a driving factor for market growth, in the recent years. Additionally, increasing import and export of agriculture goods is leading to commercialization of agriculture sector.
The hardware segment is considered as one of the fastest growing segment in the precision agriculture market with substantial revenue generation in the last couple of years. The hardware segment is further categorized into automation & control, sensing components, and antennas & access networks. The automation & control systems is majorly consists of electronic measurement devices such as drones, application monitoring equipment, route-guidance equipment, remote-location sensing devices, motionless tractors, handheld electronic devices, Variable Rate Technology (VRT), and wireless modules.
Precision farming system is also termed as a satellite farming or a site-specific crop management (SSCM),involves an agricultural management technique that consists of activities such as observation, measurement and response to inter and intra-field variations in the harvests. Precision farming offers a decision support system (DSS) for agriculture management in order to optimize returns on inputs while preserving resources.
The precision farming industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the adoption of modern agriculture technologies, an effective administrative framework, large number of governmental initiative to boost agriculture production, and existence of prominent industry players in the region. Asia-Pacific region is predicted to hold major market share in the precision farming market with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing number of schemes and programs to create awareness among farmers, growing infrastructural activities, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the precision farming industry are Ag Leader Technology, Inc., AgJunction Incorporations, CropMetrics LLC, Trimble Incorporations, AGCO Co., and Raven Industries Incorporations.
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Precision Farming/Agriculture Offering Outlook (Revenue, USD Million, 2014 - 2025)
• 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 services
Precision Farming/Agriculture Application Outlook (Revenue, USD Million, 2014 - 2025)
• Yield monitoring
• Field mapping
• Crop scouting
• Weather tracking & forecasting
• Irrigation management
• Inventory management
• Farm labor management
Precision Farming/Agriculture Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South America
• Middle East and Africa (MEA)
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