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Redding, California - February 7, 2024

Precision Agriculture Market to be Worth $27.81 Billion by 2031

Precision Agriculture Market by Offering (Hardware, Software, Services), Technology (Variable Rate, Guidance, Remote Sensing, Others), Application (Field Mapping, Seeding & Spraying, Crop Monitoring, Others), & Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a 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 - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the precision agriculture market is projected to reach $27.81 billion by 2031, at a CAGR of 12.9% from 2024 to 2031. The growth of the precision agriculture market is driven by 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.

Furthermore, technological advancements in the farming sector and the shortage of agricultural laborers are expected to generate growth opportunities for the players operating in this market. However, farmers’ lack of awareness regarding precision agriculture technologies is a major challenge impacting market growth.

Additionally, the increasing use of drones for variable rate applications and the integration of AI and big data analytics technologies into precision agriculture solutions are prominent trends in the precision agriculture market.

Based on offering, the global 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 the global precision agriculture market. The large market share of this segment is attributed to factors such as increased use of sensing and monitoring devices to obtain real-time information about crop yield, increased need to monitor agriculture data for decision making, and increased partnership between companies to increase adoption of robot platforms.

In addition, governments worldwide are providing funding for agriculture projects, contributing to the increased adoption of precision agriculture hardware in the agricultural sector. For instance, in February 2023, the government of Jammu and Kashmir (India) approved a project worth USD 3.68 million (INR 304.0 million) named "Sensor-based Smart Agriculture." This project aims to integrate agriculture with technology, utilizing artificial insemination and the Internet of Things (IoT) for the automation of practices, improved resource use efficiency, and enhanced profitability.

Moreover, the hardware segment is expected to register the highest CAGR during the forecast period. Increasing government investment 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.

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. The large market share of this segment is attributed to factors such as the increasing use of guidance technology for achieving a high degree of accuracy and automation in farming equipment, and growing initiatives of companies on product development and expanding distribution of guidance systems.

In addition, the players in this market are actively focusing on expanding the distribution of guidance systems. For instance, in April 2023, AGCO Corporation (U.S.), a global manufacturer and distributor of agricultural equipment, infrastructure, and precision ag technology, signed an agreement with Hexagon AB (Sweden), a global leader in digital reality solutions, combining sensor, software, and autonomous technologies to expand its factory-fit and aftermarket guidance offering. The new guidance system will be sold as a Fuse Guide on Massey Ferguson and Valtra tractors.

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. The large market share of this segment is attributed to the increasing development of yield monitors for gathering yield information and the growing integration of yield monitors on harvester equipment.

In addition, yield monitoring offers several benefits for farmers, including giving farmers accurate and often geo-referenced data about their fields. Hence, key players are actively focusing on developing products for yield monitoring. For instance, in May 2021, Green Growth (Latvia), a developer of real-time yield mapping technology for farmers, launched its Green Growth Yield Monitor to make yield monitoring and analysis highly effective and as simple as possible.

However, the precision irrigation segment is expected to record the highest CAGR 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.

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 the global precision agriculture market. The large market share of this segment is attributed to the growing use of precision agriculture solutions to address the growing labor scarcity issue in the region and the rising pressure on the food supply chain. In addition, the increasing utilization of precision agriculture technologies for improving agricultural services in the region contributes to the growth of this regional market. For instance, in April 2022, Chinese meteorologists launched monitoring and assessment services for winter wheat distribution across the country based on remote sensing satellite technology.

Moreover, Asia-Pacific is expected to record the highest CAGR during the forecast period. 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.

Additionally, key players operating in the precision agriculture market are partnering with agritech companies for the development of precision agriculture technologies to revolutionize farming practices, which is contributing to the market’s growth. For instance, in October 2023, CropX inc. (Israel) partnered with Zuari FarmHub (India), a leading agritech company, to revolutionize farming practices by introducing real-time monitoring technology that empowers farmers with data-driven insights for enhanced productivity and sustainability.

Key Players:

Some of the key players operating in the 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).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5785

Key questions answered in the report-

Which are the high-growth market segments based on offering, technology, and application?
What was the historical market for precision agriculture?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the precision agriculture market?
Who are the major players, and what shares do they hold in the precision agriculture market?
What is the competitive landscape like in the precision agriculture market?
What are the recent developments in the precision agriculture market?
What are the different strategies adopted by the major players in the precision agriculture market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global precision agriculture market, and how do they compete with the other players?

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Redding, California - February 7, 2024

Precision Agriculture Market to be Worth $27.81 Billion by 2031

Precision Agriculture Market by Offering (Hardware, Software, Services), Technology (Variable Rate, Guidance, Remote Sensing, Others), Application (Field Mapping, Seeding & Spraying, Crop Monitoring, Others), & Geography - Global Forecast to 2031

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