$10.93 Billion Global Precision Agriculture Market Analysis and Forecast, 2020-2021 and 2026 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Precision Agriculture Market – A Global and Regional Analysis: Focus on Applications, Products and Country Analysis – Analysis and Forecast, 2020-2026” report has been added to from ResearchAndMarkets.com offer.

The global precision agriculture market is expected to reach USD 10.93 billion by 2026 growing at a CAGR of 14.8% during the forecast period 2021-2026.

The growth rate of the market is driven by the increase in government initiatives across the globe for precision agriculture services as this leads to increased agricultural production to meet the growing global food demand.

Precision farming techniques are being adopted by farmers around the world to increase crop yield, reduce waste and ensure food security. This has led to an increase in the growth of the global precision agriculture market.

Precision Agriculture Market

The precision agriculture market is defined as the practices adopted to make agriculture accurate and precise. Techniques can include the use of artificial intelligence, a wide range of technologies such as sensors, drones, robotics, automated hardware, telematics, software, and autonomous vehicles. For example, GPS is used to receive location data from satellites and control the farmer’s tractor based on field coordinates.

Impact of COVID-19 on the Precision Agriculture Market

The precision agriculture market witnessed a decline in 2020 due to the COVID-19 pandemic due to movement restrictions. Globally, countries have been imposed a lockdown due to which the supply chain has also been disrupted leading to a shortage of equipment and other inputs needed for farming. This has drawn corporate attention to the use of remote sensing and other farm management tools, which can drive the adoption of precision farming practices.

Market segmentation

Precision Agriculture Market by Application

Precision irrigation is an innovative method for assessing crop water needs and implementing advanced systems to promote crop health and reduce nutrient, chemical and water waste. This involves programming irrigation based on data collected through sensors and drones. It also involves providing the right amount of water to plants/crops at the right time and in the right place without wasting available land resources.

Precision Agriculture Market by Agricultural Product

Field crops include the main traditional agricultural products on which the agricultural industry mainly focuses for its daily income generation. These crops are grown for large-scale consumption. While fruit and vegetable production requires manual picking through manual labor and individualized care, field crops are usually processed in bulk.

Precision Agriculture Market by Technology

Guidance technology mainly includes Global Positioning System (GPS) and Global Navigation Satellite System (GNSS) technologies that are applied in the agricultural industry for navigation purposes.

Navigation is done via satellites which send signals to the receiver/user to provide them with accurate information about the location of the farm. Such equipment allows efficient crop monitoring. The GPS/GNSS equipment and software service may be used for automated record keeping, vehicle navigation and inter-vehicle communications, and other applications.

Precision Agriculture Market by Solution

Hardware systems in precision agriculture solutions are broadly categorized into automation and control systems, sensing and navigation systems, and other equipment such as smart sprayers and sprinklers. The hardware solution includes different types of tools and devices, such as displays, GPS/GNSS devices, and handheld mobile devices.

Precision Agriculture Market by Region

North America has been an early adopter of new technologies to meet growing food demand around the world. North America has most of the market leaders and contributors to the cutting-edge precision agriculture industry, with the United States being the heart of precision agriculture technologies.

Over the past two decades, precision farming methods have been gradually adopted by regional farmers to facilitate their farming operations and produce high quality crops. Farmers in the region are well trained to open them up to the adoption of technological innovations.

Key Market Players and Competition Summary

The companies featured in the report have been selected based on a selective pool of players, primarily Tier 1 players (holding 50-60% of the market), mid-segment players (comprising 30-40% of parts) and small players. and emerging companies (holding the remaining 10-20% share), based on various factors such as product portfolio, annual revenue, market penetration, research and development initiatives, as well as a national and international presence in the precision agriculture industry.

Key Questions Answered by the Report

  • What is the expected size of the global precision agriculture market in terms of value during the period 2021-2026?

  • What is the expected future scenario and revenue generated by different types of solutions including software and platform, hardware and support services?

  • What is the expected future scenario and revenue generated from the Technology segment including Guidance Technology, Sensing Technology, Variable Rate Application Technology, Data Analytics and Intelligence?

  • What is the expected future scenario and revenue generated from different applications for precision agriculture solutions including precision irrigation, field monitoring, precision spraying, precision fertilization, precision planting and data management?

  • Which region is the biggest market for the global precision agriculture market?

  • What is the expected future scenario and revenue generated by different regions and countries in the Global Precision Agriculture Market such as North America, South America, Europe, UK, China , Asia-Pacific and Japan, and the Middle East and Africa?

  • What is the competitive strength of the leading players in the global precision agriculture market based on the analysis of their recent developments, product offerings and regional presence?

  • What are the various consortia and associations present in the global precision agriculture market, and what are their roles, focus areas and key functions in this market?

  • Where do the leading precision agriculture companies stand in their competitive benchmarking, compared on the basis of market coverage and market potential?

  • What constitutes the technological ecosystem of precision agriculture solutions?

How this report can add value

  • This report covers major regions with an established Precision Agriculture market.

  • Government initiatives and regulatory frameworks are provided for various regions.

  • A market share analysis has been carried out to analyze the competition in the precision agriculture market.

  • An in-depth comparative analysis of the top 15 players (including OEMs and equipment suppliers) has been conducted to provide a holistic view of the global Precision Agriculture market landscape.

Market Report Coverage – Precision Agriculture

Market segmentation

  • Application: precision irrigation, field monitoring, precision spraying, precision fertilization, precision planting, data management, other applications

  • Agricultural products: field crops, permanent crops, other

  • Technology: guidance technology, sensing technology, variable rate application technology, data analysis and intelligence, others

  • Solution: hardware, software and platform, support services

Market Growth Factors

  • Increase support from government and regulators

  • Increased demand for global food production

  • Need for technologies to fight climate change

Market challenges

  • High initial investment

  • Threat to data security and privacy

  • Lack of awareness and IT infrastructure in developing regions

Market opportunities

  • Integration of emerging technologies into existing practices

  • Scope of Growth in Asia-Pacific and Japan

  • Integral offers with horizontal integration in agriculture

Profiled Key Companies

  • AGCO Company

  • CLAAS Group

  • CNH Industrial AG

  • John Deere

  • Hexagon Agriculture

  • Kubota Company

  • TeeJet Technologies

  • The Toro Company

  • Topcon Corporation

  • Yanmar Co.Ltd.

  • Microsoft Corporation

  • AGRI

  • BASF SE

  • Granular Inc.

  • IBM Corporation

For more information on this report, visit https://www.researchandmarkets.com/r/5fek36

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