REDDING, Calif., May 8, 2024 /PRNewswire/ -- According to a new market research report titled, 'Precision Agriculture Market by Offering (Hardware, Software, Services), Technology (Variable Rate, Guidance, Remote Sensing, Others), Application (Field Mapping, Seeding & Spraying, Crop Monitoring, Others), & Geography-Forecasts to 2031', the precision agriculture market is projected to reach $27.81 billion by 2031, at a CAGR of 12.9% from 2024 to 2031.
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Some of the factors driving the growth of this market are increasing government initiatives promoting the use of modern technologies in the agriculture sector and the surging demand for precision agriculture solutions due to climatic changes. However, the lack of connectivity and infrastructure in rural areas restrains the growth of this market.
The global precision agriculture market is segmented by offering (hardware (automation & control devices (GPS/GNSS devices, guidance and steering systems, variable rate controllers, and irrigation controllers), sensing & monitoring devices (soil sensors, displays/handheld computers, water sensors, and climate sensors), and autonomous equipment & UAV/Drones), software (cloud-based, and on-premise), and services), technology (guidance technology, remote sensing technology, variable rate technology, and other technologies), application (yield monitoring, crop monitoring, precision irrigation, field mapping, seeding & spraying, and other applications). The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, the precision agriculture market is broadly segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of 74% of the precision agriculture market. Moreover, the hardware segment is expected to register the highest CAGR during the forecast period. Increasing government investments in smart agriculture projects and increasing focus of key players on product development and enhancement for the adding new capabilities in precision agriculture is expected to drive the growth of this segment.
In addition, the increasing collaborations and partnerships between robotics companies and farm enterprises for the integration of robots on farms are contributing to the growth. For instance, in May 2023, Seasony (Denmark) partnered with iFarm (Finland). The partnership enabled iFarm customers to embed the Watney mobile robot platform into farm installation to automate transportation and monitoring tasks.
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Based on technology, the global precision agriculture market is segmented into guidance technology, variable rate technology, remote sensing technology, and other technologies. In 2024, the guidance technology segment is expected to account for the largest share of the global precision agriculture market. However, the variable rate technology segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the growing use of variable rate technology to apply fertilizer, crop protection products, seeds, and even irrigation water at different rates and the increasing focus of key players on bringing VRT technology to increase sustainability in farming operations.
Furthermore, key players in the precision agriculture market are actively focusing on product development to optimize inputs such as chemicals and fertilizers which is contributing to segment growth. For instance, in November 2021, Exxact Robotics (France), a subsidiary of Exel Industries, launched a new 'high-precision' 3S Spot Spray Sensor, which can scan crops, analyze the images to identify diseases, pests, and nutrient requirements, and apply spot and variable treatments in real time.
Based on application, the global precision agriculture market is segmented into field mapping, seeding & spraying, crop monitoring, yield monitoring, precision irrigation, and other applications. In 2024, the yield monitoring segment is expected to account for the largest share of the global precision agriculture market. However, the precision irrigation segment is expected to record the highest CAGR of 16% during the forecast period. The growth of this segment is attributed to the rising concern about water scarcity and the increasing use of precision irrigation in farms to increase quality yields. Additionally, several governments are working with market players to boost food security by promoting precision irrigation technologies, which also contribute to the segment's growth. For instance, in August 2023, Netafim Africa, a precision irrigation company, collaborated with the Government of Rwanda to bring precision irrigation technology into Gabiro Agribusiness Hub.
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Based on geography, the precision agriculture market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 35% of the precision agriculture market. Moreover, Asia-Pacific precision agriculture market is also expected to record the highest CAGR during the forecast period to reach USD 10.4 billion by 2031. Factors such as the increasing adoption of precision agriculture solutions to track and monitor weather and apply chemicals at variable rates and the growing need for smart farming practices to address crop yield losses, soil degradation, and water stress issues across the region are expected to drive the growth of the precision agriculture market in the coming years.
Further, Latin America precision agriculture market is also expected to witness a decent growth rate of 13% during the forecast period. Precision agriculture companies are expanding their presence and reputation to bring innovations in the agriculture sector in the region. For instance, in April 2023, NAX Solutions (Spain), a leading company in the processing of satellite AI and specializing in agriculture, introduced a sugarcane moisture monitoring model with laboratory-comparable precision, allowing farmers to reduce costs associated with pre-harvest sampling in Mexico. In addition, Colombia and Brazil also witnessed the technological expansion of NAX Solutions. Such technological advancements in the region are expected to support the precision agriculture market growth in Latin America.
Key Players:
Some of the key players operating in the global precision agriculture market are Deere & Company (U.S.), AGCO Corporation (U.S.), Topcon Corporation (Japan), Trimble Inc. (U.S.), Raven Industries, Inc. (U.S.) CropX Inc. (Israel), AgEagle Aerial Systems Inc. (U.S.), Netafim Ltd. (Israel), Farmers Edge Inc. (Canada), AgJunction LLC (U.S.), AMVAC Chemical Corporation (U.S.), YANMAR HOLDINGS CO., LTD. (Japan), Ag Leader Technology (U.S.), Ecorobotix SA (Switzerland), BASF SE (Germany), Climate LLC (U.S.), TeeJet Technologies (U.S.), DICKEY-john (U.S.), XMachines (India), Naïo Technologies (France), Robotics Plus Limited (New Zealand), FieldBee (Netherlands), Agremo (Serbia), Verdant Robotics (U.S.), Agrobot (Spain), SZ DJI Technology Co., Ltd. (China), XAG Co., Ltd. (China), and Terra Drone Corporation (Japan).
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Scope of the report:
Precision Agriculture Market Assessment-by Offering
- Hardware
- Automation & Control Devices
- GPS/GNSS Devices
- Guidance and Steering Systems
- Variable Rate Controllers
- Irrigation Controllers
- Sensing & Monitoring Devices
- Soil Sensors
- Displays/Handheld Computers
- Water Sensors
- Climate Sensors
- Autonomous Equipment & UAV/Drones
- Automation & Control Devices
- Software
- Cloud-based
- On-premise
- Services
Precision Agriculture Market Assessment-by Technology
- Guidance Technology
- Remote Sensing Technology
- Variable Rate Technology
- Other Technologies
Precision Agriculture Market Assessment-by Application
- Yield Monitoring
- Crop Monitoring
- Precision Irrigation
- Field Mapping
- Seeding & Spraying
- Other Applications
Precision Agriculture Market Assessment-by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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Related Blogs:
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Top 10 Companies in Precision Agriculture Market
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