The Global Precision Agriculture Market is projected to reach USD14.85 billion by 2028, growing at a CAGR of 13.8% during the forecast period. The increasing strain on global food supply necessitating the use of precision agriculture technology & substantial cost saving due to precision agriculture techniques is expected to steer the precision agriculture market during the forecast period.
Precision Agriculture Market
Precision agriculture (PA) is an approach to agriculture that makes through the use of information technology (IT) technology to aid farming activities. These systems ensure that the soil & crops are provided essential nutrients for their healthy growth and development. The major objection of precision agriculture is to ensure sustainability, profitability, and protection of the environment. PA is also alternatively known as satellite agriculture for and site-specific crop management (SSCM).
Soil sensors are key devices considering precision agriculture. The soil sensors are used to monitor the health as well as determine the physical properties of the soil. Things like percentage concentration of potassium, phosphorus, sodium, alkaline or acidic nature of soil are important factors to be considered while making a soil profile. Soil sensors are combined with variable rate technology or GPS in order to keep an eye on all these soil determinants. Soil sensors are of utmost importance to determine the feasibility of the growth of the crops during the harvesting period. The soil sensors segment accounted for a market share of 25.99% in 2018, of the entire precision agriculture market. Sensors are used to generate real-time information after analyzing the data and cause the corresponding changes in the application rate. Conventional models of utilizing a map-based approach are considered to be more effective, as they allow room for problem analyzing, and subsequently adjusting the variable rate application in the following steps. The type of sensors being integrated for soil monitoring purposes includes the electromagnetic, optical, mechanical, acoustic, and electrochemical. The Federal Aviation Administration (FAA) has proposed some limitations toward the flying of drones. But a new law was passed in 2016 according to which, drones for commercial purposes, weighing up to 55 lb can be used in the United States during daylight hours.
Precision Agriculture Market
The North American segment is a testament to the growth achieved by the precision agriculture market in this region owing to increasing food demands of the population and more farmers turning towards sustainable & profitable farming techniques. The Asia Pacific is also showing steady growth in this region for the precision agriculture market are more and more farmers are implementing precision agriculture techniques over conventional techniques. The Middle East is still an emerging player in the precision agriculture market.
Key Factors Impacting the Growth of Precision Agriculture Market:
- Increasing strain on global food supply due to the increasing population.
- Increasing demand due to high efficiency & cost-cutting.
- Ease of access to newer precision agriculture techniques.
Key Developments in the Precision Agriculture Market:
- In April 2019, The Climate Corporation, a subsidiary of Bayer, and Lindsay Corporation, a leading global manufacturer and distributor of irrigation technology, announced a platform agreement that will establish two-way data connectivity between The Climate Corporation’s Climate FieldVie digital agriculture platform and Lindsay’s FieldNET platform.
- On September 6, 2017, Deere & Company (US) signed a definitive agreement to acquire Blue River Technology (US), which is based in Sunnyvale, California and is a leader in applying machine learning to agriculture.
- On 26th July 2017, AGCO and The Climate Corp. announced an agreement has been signed for AGCO to acquire the Precision Planting equipment business.
What Does This Report Provide?
This report provides a detailed understanding of the global precision agriculture market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with a potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the precision agriculture market.
Years Considered In The Study
- Geographical Information System
- Variable Rate Technology
- Global Positioning Systems
- Remote Sensing
- Yield Monitoring
- Crop Scouting
- Field Mapping
- Irrigation Management
- Weather Tracking & Forecasting
- Inventory Management
- Farm Labor Management
- Financial Management
- By Country (US, Canada, Mexico)
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Region (South America, Africa)
Companies Covered: Major Companies profiled in the report which are key players in the global precision agriculture market are Deere & Company, Trimble, AGCO Corporation, AgJunction, Raven Industries, AG Leader, Precision Planting, The Climate Corporation, CropMetrics, Agribotix, Topcon Positioning Systems, Descartes Labs, ec2ce, Gamaya, and Decisive Farming.
Reasons to Buy This Report:
- Market size estimation of the global precision agriculture market on a regional and global basis.
- The unique research design for market size estimation and forecast.
- Profiling of major companies operating in the precision agriculture market with key developments.
- Broad scope to cover all the possible segments helping every stakeholder in the precision agriculture market.
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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