Global Precision Agriculture Market was valued at US$ 4,355.9 million in 2018 and is expected to display reasonable CAGR of 16.8% over the forecast period (2019-2025).
Global Precision Agriculture Market was valued at US$ 4,355.9 million in 2018 and is expected to display reasonable CAGR of 16.8% over the forecast period (2019-2025). Precision agriculture is primarily defined as IT based farm management system that helps in identifying, managing and analysing the variations within the agricultural fields to achieve optimum profitability, sustainability and protection of land resource. Precision agriculture technique focuses on the increased efficiencies that can be realized by implementing various technologies and understanding and dealing with the natural variability found within the agricultural field.
With surging world population and simultaneous increase in the food demand, the overall agricultural productivity must be increase drastically. The current world population of 7.6 billion is expected to reach 8.6 billion in 2030, 9.8 billion in 2050 and 11.2 billion in 2100, according to a new United Nations report. Agriculture in the 21st century faces multiple challenges. Firstly, it has to produce more food and fibre to feed a growing population with a smaller rural labour force. Secondly, more feedstocks for a potentially huge bioenergy market, contribute to overall development in many agriculture-dependent countries, and further, adopt more efficient and sustainable production methods and adapt to climate change. Hence, precision agriculture has come as a one-way solution of increasing the yield per acre of the land along with arable land. It is one of the modern agriculture practices that purposes to make agricultural productivity more efficient and supports the farmers to harvest their crops in a better way. In addition, precision agriculture is mainly based on observing, measuring and responding to crops with smart technology. Growing awareness as well as benefits of agricultural drones have tremendously given the new opportunities and possibilities to the farmers. The precision agriculture practices guide farmers in several crucial activities such as choosing right time to plant, right amount of fertilizer or pesticide to be used for maximizing overall yield. Moreover, growing complexities in agricultural work, proliferation of Big Data and supportive government initiatives to adopt modern agricultural techniques has significantly bolstered the market for precision agriculture in recent years. However, high capital investments coupled with low adoption rate among developing nations tend to impede the growth potential of the market.
"Hardware component is expected to dominate precision agriculture during the analyzed period."
Global precision agriculture market is segmented based on component into hardware, software and service. The hardware component segment occupies the largest share and is expected to maintain its dominance throughout the forecast period 2019-2025. It is majorly used for guidance and steering systems, drones with software systems, water monitoring and soil monitoring.
"Amongst precision agriculture applications, yield monitoring tends to conquer the market during the forecast period."
The study further bifurcates the precision agriculture into different applications including, variable rate application, field mapping, yield monitoring, crop scouting, soil monitoring, farm labor management systems and weather tracking and forecasting. Yield Monitoring holds the largest share in global precision agriculture market. Yield monitor is a mature technology, which allows the farmers to quantify and analyze the yield variations caused by soil properties, fertility management, weather conditions and other crop management factors.
"North America represents itself as one of the largest regions in terms of revenue sales for precision agriculture."
For a deep dive analysis of the overall adoption of precision agriculture technology, detailed study is conducted for major regions/countries globally. Major regions/countries studied in the report include North America (US and Canada), Europe (France, Germany, Italy, Spain and UK), Asia Pacific (India, China, Japan and Australia) and the rest of the world. In 2018, North America constitute as the leading region in precision agriculture mainly accredited to widespread adoption of advanced information and communication in the agriculture sector. Furthermore, supportive government policies and well-developed infrastructure also act as catalyzing factors driving the market potential.
Competitive Landscape-Top 10 Market Players
Some of the major players operating in the Precision agriculture market include AGCO Corporation, AgJunction LLC, Monsanto Company, Deere and Company, AgEagle Aerial Systems., Deveron UAS, Trimble Inc, Syngenta AG, Yara International, American Robotics. With an objective to enhance their product portfolio, these players have adopted various strategies to increase adoption of precision agriculture technique in their farms to cater to customer's requirement in terms of consistent and surging demand for food across the globe.
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UnivDatos Market Insights (UMI)