Precision Farming Market is expected to reach US$ 26.44 billion by 2030

Growing Demand for Industrial Robots to Provide Opportunities for Precision Farming Market During 2022–2030

According to our latest market study on "Precision Farming Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Offering and Application," the market was valued at US$ 9.87 billion in 2022 and is expected to reach US$ 26.44 billion by 2030; it is estimated to register a CAGR of 13.1% from 2022 to 2030.

Technological advancements, such as vertical farming with intelligent designs to maximize yields and reduce waste, have extended several growth opportunities for the precision farming market. Furthermore, the rise in investments in technologies such as guidance systems, driverless tractors, and GPS sensing systems is anticipated to contribute to the precision farming market growth during the forecast period. Climate, soil, and water sensors are placed around the fields to aid farmers in monitoring their crops and gaining real-time information. Moreover, these sensors help farmers get a high yield with less crop wastage. These sensors are also widely adopted in applications such as pharmaceutical and healthcare, agriculture, and automotive.

Precision Farming Market – by Geography, 2022

Source: The Insight Partners Analysis

Further, ground-based monitoring systems are projected to dominate the precision farming market in the coming years owing to the augmented use of soil monitoring sensors among farmers worldwide. Ground-based monitoring has a substantial market share because it necessitates diminutive technical knowledge. The demand for connected farming results from developments in intelligent sensor technology and their integration with IoT components. In addition, the growing implementation of technologies such as global positioning systems (GPS) and geographic information systems (GIS) is boosting the growth of the precision farming market. In precision agriculture, GPS technology helps perform various tasks such as mapping irrigation systems and fields, soil testing in specific field areas, VRA for precise seed and fertilizer application, and tractor driving with a parallel steering system. Similarly, GIS gives farmers access to records like maps of soil surveys and traits of plants grown in the region. Also, GIS technology helps obtain information from aerial photographs and satellite imagery. Comparing and adjusting data layers to analyze various farm management choices is another useful aspect of GIS.

Moreover, the growing environmental consciousness of the general public demands modifying agricultural management methods for the conservation of natural resources such as air, water, and soil quality while remaining economically profitable. This is propelling the growth of the precision farming market. Using inputs to spray pesticides and chemical fertilizers at the right time, based on the correct quantity and place, can help the farmers get a high yield and protect the soil and crop quality. This type of management is generally known as “Site-Specific Management.” The productivity gain in the worldwide food supply has progressively depended on the development of irrigation schemes over recent years, with more than a third of the world's food now needing irrigation for production. Altogether, market-based global competition in agricultural products is challenging the financial viability of conventional farm systems and requires the development of novel farming practices, thus fueling the precision farming market growth globally.

AgJunction LLC, Ag Leader Technology, CropX Inc., AGCO Corporation, Trimble Inc., Deere and Company, CNH Industrial N.V., Topcon, DICKEY-john, and TeeJet Technologies are among the key precision farming market players profiled in the report. Several other major precision farming market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The precision farming market report provides detailed market insights, which help the key players strategize their growth.

In Europe, the adoption of precision farming is growing significantly. It is mostly adopted for larger arable cereal farms to manage in-field variabilities and optimize the use of inputs. Precision farming provides various benefits, such as enhanced protection of the ecosystem and biodiversity in and surrounding fields and resource optimization with reduced exposure of non-target regions, so its demand is increasing in Europe. In addition, it also helps reduce the quantity of pesticides and increase yields and farmer profitability. Its adoption is expected to increase during the forecast period. To further increase the adoption of precision farming in the region, the governments of different countries are taking various initiatives. For instance, Eco-schemes are envisioned as a new tool in the European Commission's new Common Agricultural Policy (CAP) to incentivize farmers to adopt more environmentally conscious and climate-friendly practices. Therefore, overseeing the shift to a sustainable food system and assisting European farmers during this process will be critical tasks for the new CAP. By doing this, Eco-schemes will also play a major role in this shift and in reaching the goals of the Green Deal. Eco-schemes have identified precision cropping and digital farming as potential agricultural technologies that can save input costs. In order to promote the adoption of Precision Agriculture technology and assist in meeting the Farm to Fork targets, Member States are urged to incorporate these technologies into their individual national CAP strategic plans. For this, they are also working on providing dedicated subsidies to support farmers investing in the above technologies and supporting and motivating them further. Thus, the growing adoption of precision farming in the region and the growing implementation of new policies by the governments are expected to boost the growth of the precision farming market in Europe during the forecast period.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com