Global Precision Farming Market Size worth $12bn by 2025
Published Date: April 10, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Precision Farming Market size is set to exceed USD 12 billion by 2025; according to a new research report by Global Market Insights, Inc.
The precision farming market is expected to exhibit a significant growth over the forecast timeline due to a huge support from governments for the adoption of advanced technologies such as AI and the IoT. These technologies help farmers in managing their resources and give access to real-time information through their smartphones, offering mobility and ease of use. Various government initiatives & subsidies and investments by private entities in the agriculture sector to improve farm productivity will result in the precision agriculture market growth.
For instance, in December 2018, the Canadian government introduced a new funding competition through Strategic Innovation Fund to spur innovations in the agri-food & agriculture industries. The government provided a funding of between USD 10 to 50 million to successful applicants in the competition. Government agencies are also seeking new applications for funding from various companies and NGOs to introduce new digital technology applications in the sector. In June 2018, the University of Leeds launched the Smart Farms initiative to encourage farmers to adopt advanced precision farming technologies to improve the productivity of the sector. Under the initiative, the university works with farmers and businesses to develop new solutions. The initiative also followed the UK government’s Industrial Strategy, which focuses on the development of the sector. The UK government provided around USD 107.14 million to researchers and industrialists to jointly work for bringing innovations to the sector.
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Another factor contributing to the precision farming market growth is the huge use of drones and aircrafts for precision farming operations. Drones have emerged as an excellent alternative to the traditional surveying & data gathering methods in agricultural operations. By using drones for crop monitoring, farm owners can significantly lower their production costs and reduce required the man-hours and work-load . The players operating in the precision agriculture market are developing modern agriculture-focused drones with sophisticated precision & accuracy to increase productivity.
Browse key industry insights spread across 375 pages with 412 market data tables & 31 figures & charts from the report, “Precision Farming Market Size By Component (Hardware [Automated Steering System, Drones, UAVs & Camera, Mobile Device, Global Positioning System (GPS) & Global Navigation Satellite System (GNSS)], Software, Services [Consulting & Training, Maintenance & Updates, Managed Services, Integration]), By Technology (High Precision Positioning System, Geomapping, Remote Sensing, Integrated Electronic Communication, Variable Rate Technology (VRT)), By Application (Weather Monitoring, Yield Monitoring, Field Monitoring, Irrigation Management, Waste Management, Financial Management), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Netherlands, Turkey, Poland, Russia, Australia & New Zealand (ANZ), China, India, Japan, South Korea, South East Asia, Brazil, Mexico, Argentina, Colombia, Peru, South Africa, Saudi Arabia, Egypt), Growth Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
The software segment is expected to hold a share of over 38% of the precision farming market in 2025. An extensive use of farm management system software and mobile apps for enabling precision farming applications will lead to the market growth. Farmers and researchers are using these platforms for data visualization and analytics, which will enable them in developing effective farming strategies to improve crop yield.
The precision farming services market is projected to exhibit an accelerated growth of over 19% from 2019 to 2025 due to the large-scale adoption of integration, training, and maintenance services by users for efficiently managing precision farming functions. The demand for these services is expected to rise due to the lack of technical expertise of users to deploy, integrate, and maintain these solutions.
The remote sensing technology in the precision farming market is expected to witness a growth rate of over 17% over the forecast timeline. The precision agriculture market growth is attributed to use of remote-sensed images acquired by sensors mounted on different agricultural machinery and vehicles. As remote sensing devices capture critical information related to crops, their utility in the precision agriculture is increasing consistently for aiding the real-time decision-making applications.
Weather monitoring applications in the precision agriculture market will grow at a CAGR of over 16% from 2019 to 2025. As the agricultural sector is vulnerable to disruptive weather events, the demand for actionable & timely information increases. The real-time data regarding weather conditions help farmers to increase their yield and reduce costs while minimizing crop damage risks.
The Latin America precision agriculture market is estimated to grow at a CAGR of over 18% between 2019 and 2025. The market growth is attributed to the rising popularity of drones for precision farming applications and favorable government initiatives for brining innovation in the sector. For instance, in October 2017, Agribotix expanded its partnership with Climate Corp., a digital agriculture company based in the U.S. to bring innovative field imagery to the Brazilian agriculture sector. In June 2018, the UAE’s Ministry of Climate Change and Environment (MoCCAE) conducted a pilot project to map & survey agricultural areas using drones to generate highly-efficient aerial data, such as topographic & vector mapping, which can help to create reliable agricultural database to support decision-making in the precision agriculture.
The companies operating in the precision farming market are focusing on enhancing their product capabilities and geographic expansion through strategic partnerships and acquisitions. For instance, in November 2017, Agribotix collaborated with senseFLY, a provider of fixed-wing drones, to offer a new combined solution for professional users in the agriculture sector. The solution combines top sensor, drone, and agricultural data processing capabilities to enable easier collection and analysis of aerial data.
The precision farming market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2014 to 2025, for the following segments:
- Automated steering systems
- Drones, UAV, and cameras
- Mobile devices
- GPS and GNSS
- Consulting and training
- Maintenance and updates
- Managed services
- Integration services
- High precision positioning systems
- Remote sensing
- Integrated electronic communication
- Variable Rate Technology (VRT)
- Weather monitoring
- Yield monitoring
- Field mapping
- Irrigation management
- Waste management
- Financial management
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- South East Asia
- South Africa
- Saudi Arabia