Global Precision Agriculture Market Report and Forecast 2024-2032

Global Precision Agriculture Market Outlook

The global precision agriculture market size reached a value of about USD 8.69 billion in 2023. The market is further expected to grow at a CAGR of 13.40% in the forecast period of 2024-2032 to reach a value of approximately USD 26.82 billion by 2032.

The precision agriculture technology depends heavily on specialised equipment like sensing instruments, antennas, and access points, as well as automation and control systems. It also comprises of maintenance and managed services. It combines a wide range of innovations like bioengineering, robotics and automation, imagery and sensors, and big data. The Asia Pacific is anticipated to see the most rapid growth due to the availability of the most significant agricultural land, with opportunities for growth in countries including China, India, Australia, and Japan. Governments around the world have taken multiple initiatives to promote the use of modern agricultural techniques to improve crop yield and productivity. For example, in accordance with the updated European Common Agricultural Policy (2014-2021), the European Union has developed financial incentives and support schemes to encourage farmers to invest in diverse precision agricultural technologies.

GNSS/GPS systems are the leading technology sector of the market. GNSS and GPS are used for mapping and geo-positioning, yield surveillance, surveillance of soil condition, virtual fencing, and monitoring of biomass. Automation and control systems are currently the dominating segments as they help reduce labour costs, deliver reliable performance, and improve the efficiency and precision of agricultural operations. Hardware is the leading segment in components because continuous technological developments have led to the introduction of new devices with a better location as well as data processing capabilities. Yield monitoring holds the largest share in the application sector of the precision agriculture market and helps measure and collect data based on grain flow, grain humidity, and covered agricultural area. With yield control technology, farmers can compare and improve seed performance of various seed varieties across their fields.

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Properties and Applications

Precision agriculture (PA) refers to a farm management approach that uses information technology (IT) to guarantee that crops and soils are provided with precisely what they need for optimum health as well as productivity. Precision agriculture aims to ensure competitiveness, sustainability, and environmental protection. It is also recognized as satellite agriculture, as-needed agriculture, and site-specific crop management (SSCM).

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Based on type, the precision agriculture market is divided into:

• Sensing and Monitoring Devices
• Farm Management Systems
• Automation and Control Systems

On the basis of technology, the precision agriculture market can be segmented into:

• GNSS/GPS Systems
• Remote Sensing
• Variable Rate Technology (VRT)
• GIS
• Others

The components can be divided into software and hardware.

It finds application in the following sectors:

• Mapping
• Yield Monitoring
• Soil Monitoring
• Precision Irrigation
• Crop Scouting
• Others

The regional precision agriculture markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East, and Africa.

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Market Analysis

Farmers are progressively adopting the latest technologies with the rapid penetration of smartphones as well as the internet. The growth of the precision agriculture market is due to the increasing proliferation of the Internet of Things (IoT), as well as the use by farmers of advanced analytics. Advanced analytics is a part of data science, which uses various data forecasting tools and techniques to assure that crops and soils are adequately nourished. This tends to help peasants organise their activities.

Increasing environmental issues inspire peasants to concentrate on sustainable agriculture practices like natural resource conservation. This has led to the need to improve crop nutrition and protection, and this, in turn, propels the precision farming market. Technological advancements, including vertical farms with intelligent design, have unfolded many growth opportunities in order to optimize yields as well as reduce waste.

The introduction of connected technologies like low-power wide range (LPWA), Zigbee, Wi-Fi, and new wireless sensor technologies in precision agriculture has made it possible for different farming operations to be planned and carried out efficiently. The cloud-based software model is expected to gain a significant market share for precision agriculture over the forecast period as it lowers energy use and stores large quantities of data while facilitating cost savings. The market is also being driven by the rising competition between the key players in the industry. The leading companies are developing various types of systems and devices to simplify farm work, including agricultural management systems, sensing, and monitoring tools, automation, as well as control systems. These developments have driven the market growth of the global precision agricultural market. In the forecast period, the digital revolution in agriculture and government financial incentives for farms will likely drive the precision agriculture market.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global precision agriculture market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• AGCO Corporation
• Deere & Company
• Raven Industries, Inc.
• Trimble Inc.
• Bayer AG
• CNH Industrial America LLC.
• Farmers Edge Inc.
• Fairport Farm Software
• Granular, Inc.
• Grownetics, Inc.
• IBM
• Proagrica
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report provides a detailed analysis of the historical (2018-2023) and forecast period (2024-2032) of the markets, along with all the micro and macro aspects.

Key Highlights of the Report