The global agriculture precision market is expected to grow at CAGR 13.8% during the forecast period, 2019-2026.
Precision agriculture also known as satellite farming is a farming management system based on observing, measuring and responding to inter and intra-field changeability in crops. The purpose of precision agriculture research is to describe a decision support system (DSS) for entire farm management with the goal of enhancing returns on inputs while protecting resources.
The precision farming technique largely depends on specialized equipment such as sensing devices, antennas and access points, and automation and control system. It also involves maintenance services and managed services. Additionally, it incorporates a broad range of technologies such as bio-engineering, robotics and automation, imagery and sensors, and big data.
Growing number of applications for telematics in agriculture is anticipated to drive the demand for precision farming over the projected period. Telematics services include tracking devices using Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. Key manufacturers of agriculture equipment are implementing telematics services for their equipment to improve farm efficiency, so reducing the cost of agricultural operations and maximizing productivity.
Precision agriculture is quickly gaining popularity among farmers due to the growing need of optimum production with the given resources. Further, the changing weather patterns due to increasing global warming, have necessitated the adoption of advanced technologies to enhance the productivity and crop yield. By offering technologies like real-time farm monitoring, climate forecasting, optimal field supplies and similar others, precision agriculture empowers the farmers to upsurge the yield with least human efforts and wastage.
The market research study on “Agriculture Precision Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global agriculture precision market. The report also analyzes the key players operating in agriculture precision market and identifies the key strategies deployed by them along with the market share of leading players.
The global agriculture precision market is segmented as below:
Agriculture Precision Market By Component
Agriculture Precision Market By Technology
Agriculture Precision Market By Application
Agriculture Precision Market By Geography
The major factors driving the precision Farming/Agriculture technology is the growing use of cloud-based technology, rising use of smart phones and the increasing application of technology in Farming/Agriculture with the aim of minimizing the human efforts and losses. Additionally, the need to maximize food production by the optimum use of resources is spurring the market growth globally.
The global agriculture precision market is segmented by component, technology and application.
By component, the global agriculture precision market is segmented into hardware and software. The hardware segment led the market and is expected to remain dominant over the forecast period owing to the high adoption of automation and control devices, such as drones/UAVs, GPS/GNSS, irrigation controllers, guidance and steering systems, yield monitors, and sensors. The yield monitoring process has hardware such as sensors and GPS devices play a vital role in measuring various yield parameters. The process also uses GPS-based auto-guidance technology in agricultural vehicles to reduce the overlapping of equipment and tractor passes, thus saving fuel, labor, time, and soil compaction.
The hardware segment has been further divided into automation and control systems and sensing devices. The automation and control systems sub-segment has been categorized into drones, application control devices, driverless tractors, mobile devices. The sensing devices segment has been segmented into soil sensors, water sensors, and climate sensors.
The software segment is split on the basis of web-based and cloud-based precision agriculture. Cloud computing focuses on shared networks, servers, and storage devices, owing to which the high costs incurred in maintaining hardware and software infrastructure is eliminated.
By technology, the global agriculture precision market is segmented into GIS, GPS, VRT, Telematics, Remote Sensing. GPS is the highest revenue-generating segment owing to its wide application in agriculture equipment to track location and crops when required. These technologies are commonly used to govern & process location-based data. Also, precision farming technologies employ GPS to boost the efficiency of processes and reduce the unnecessary expenditure on agrochemicals, fuel, and seeds. In addition to the spatial data provided by GPS, the technology along with the farm management software can be utilized for inter-vehicle communication and automated record keeping. Followed by GIS owing to the increasing adoption of GIS in agriculture to collect, store, and analyze data for farming. However, telematics market is expected to grow abruptly on the forecast period owing to adoption of telematics services for farm equipment to improve farm efficiency, thereby reducing the cost of agricultural operations and maximizing profitability. Additionally, improved management can help reduce environmental impact.
By application, the global agriculture precision market is segmented into yield monitoring, crop scouting, field mapping, irrigation management, weather tracking & forecasting, inventory management, farm labour management, financial management. Yield monitoring has the highest market share due to its vague applications in soil monitoring as it helps detect the properties of soil for increasing yields. Yield monitors are mounted on harvesting equipment and are used on a variety of crops, including corn, wheat, soybeans, sugar beets, potatoes, and cotton.
Geographical the agriculture precision market is segmented into five regions: America, Europe, Asia Pacific, Latin America and Middle East and Africa.
North America leads the market owing to use of mechanization and heavy dependence on technology for aiding agribusinesses. The factors that are backing the market growth in the region are estimated to be the increasing awareness about the quality of crops and the introduction of new initiatives to bring innovations to the sector. The federal government also passed the Precision Agriculture Connectivity Act in 2018 to meet the connectivity needs of the precision farming in the U.S. The regulatory body established a task force, which investigates and provides policy recommendations on how to improve the broadband internet access in croplands.
The Asia-Pacific region is anticipated to be the fastest growing market during the forecast period. Presence of countries with the largest population, rising demands for food products, and the need to enhance farm output drive the demand for precision Farming/Agriculture techniques in the region. Countries such asin China and Japan, have readily embraced this technology and are adopting strongly.
Latin America and Middle East and Africa contributes least market share and expected to grow slower than global average growth rate.
The key players in the market are Agribotix LLC (U.S.), Deere & Company (U.S.), SST Development Group, Inc. (U.S.), Farmers Edge, Inc. (Canada), Granular, Inc. (U.S.), Trimble Inc. (U.S.), AGCO Corporation (U.S.), AgJunction (U.S.), Raven Industries, Inc. (U.S.), AG Leader Technology (U.S.).