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Precision Farming Global Market Report 2023

Precision Farming Global Market Report 2023
  • Publish Date:March 2023

  • Number of Pages:200

  • Report ID:6438561

  • Format:PDF

  • Publisher:The Business Research Company

$ 4000

Summary

Major players in the precision farming market are Deere and Company, Trimble Inc., AGCO Corporation, AgJunction Inc., Raven Industries Inc., AG Leader Technology, Teejet Technologies Private Limited, Topcon Positioning Systems, DICKEY-john Corporation, CropMetrics LLC, Monsanto Company, CropX Technologies Ltd., Agribotix, AgEagle Aerial Systems Inc., Granular Inc., Hexagon Agriculture, ClearAg Operations, AgSmarts Inc., Intelligent Agricultural Solutions LLC, and Grownetics Inc.,

The global precision farming market grew from $6.8 billion in 2022 to $7.9 billion in 2023 at a compound annual growth rate (CAGR) of 16.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The precision farming market is expected to grow to $13.68 billion in 2027 at a CAGR of 14.7%.

The precision farming market consists of revenues earned by entities by providing precision farming services such as hyperspectral imaging, detection and diagnostics of disease, controlling weeds and pests, preventing soil degradation, efficient use of land, soil sampling, and soil mapping. The market value includes the value of related goods sold by the service provider or included within the service offering.

Precision farming refers to a model of farm management that focuses on the process of observing, quantifying, and reacting to numerous intra-and inter-field variable inputs for contemporary agriculture. It is used to increase food production while utilising fewer resources and paying less for labour.

North America was the largest region in the precision farming market in 2022. The regions covered in the precision farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types offerings in precision farming are hardware, software and services.Hardware refers to physical parts or delivery systems that store and execute the software’s written instructions.

It refers to the hardware tools that are used in digital farming to improve the use of resources and showcase the products in various structures.Hardware tools that are extensively used in precision farming are automation and control systems, drones, application control devices, guidance system, GPS, GIS, remote sensors, satellite sensors, driverless tractors, and mobile devices.

The different technologies include guidance technology, remote sensing technology, and variable rate application, that are applied in yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labour management, and others.

The growing demand for food is expected to propel the growth of the precision farming market going forward.Food refers to the substance comprising all essential nutrients such as protein, carbohydrates, fat, and others used in the body of an organism to sustain growth.

Food demand is growing due to population expansion and economic development.Precision farming is the advanced method of agriculture that observes, measures, and analyzes the needs of individual fields and crops through the use of technology, thereby producing a much higher yield.

For instance, in August 2022, according to a report published by the Committee for the Common Organisation of Agricultural, a European-based commission agricultural committee, the world wheat production in the year 2019/20 was 760.7 million tonnes which were projected to reach 778 million tonnes in 2022/23. Therefore, increasing demand for food and its production will drive the growth of the precision farming market.

Technological advancements are a key trend gaining popularity in the precision farming market.Advanced precision technology innovation is cantered on sustainable agriculture and healthy food production, and it includes profitability, increased production, economic efficiency, and reduced environmental adverse effects.

Major companies operating in the precision farming market are focused on developing advanced technologies to sustain their position in the market.For instance, in April 2022, JCB, a UK-based equipment manufacturer for construction, agriculture, waste handling, and demolition, launched their new Fastrac iCON tractor with integrated precision technology to be used in the precision farming applications.

The unique features include Universal Terminal, AUX-N capabilities, and simple task control (TC-BAS).Integrated GPS uses the JCB interface and NOVATEL Smart-7 receiver and comes equipped with hardware-controlled DAB radio and Bluetooth connectivity.

Additionally, it includes iCONFIGURE, iCONNECT, and iCONTROL for high performance and unprecedented operator choice.

In May 2022, IDEX Corporation, a US-based manufacturer of fluidics systems and specialty engineered products, acquired KZValve for an undisclosed amount.With this acquisition, IDEX Corporation is expected to enhance its capability to deliver essential solutions for industrial and agricultural applications.

KZValve is a US-based manufacturer of a variety of precision farming components, including waterproof motorized valves, manifolds, controllers, and other accessories.

The countries covered in the precision farming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The precision farming market research report is one of a series of new reports that provides precision farming market statistics, including precision farming industry global market size, regional shares, competitors with a precision farming market share, detailed precision farming market segments, market trends and opportunities, and any further data you may need to thrive in the precision farming industry. This precision farming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Table of contents

1. Executive Summary

2. Precision Farming Market Characteristics

3. Precision Farming Market Trends And Strategies

4. Precision Farming Market - Macro Economic Scenario
4.1. COVID-19 Impact On Precision Farming Market...

Methodology

Our market research methodology is designed to provide the clients with comprehensive and accurate information on various industries and markets. It includes data collection, primary interviews, macro-economic factor analysis, country-level data analysis etc.