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The global precision agriculture market reached a value of US$ 6.73 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.44 Billion by 2027, exhibiting a CAGR of 13.7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Precision Agriculture (PA) refers to a type of integrated information- and production-controlled farming system that utilizes the latest available technologies and research methods for enhancing agricultural output. It helps farmers in increasing long-term, site-specific and whole-farm production efficiency, and profitability while minimizing the unintended impact on wildlife and the environment. Nowadays, precision agriculture has gained immense popularity across the globe with the development of IT that helps in achieving high quality of production and reducing the production costs and labor inputs.
Global Precision Agriculture Market Drivers/Constraints:
IMARC Group provides an analysis of the key trends in each sub-segment of the global precision agriculture market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on technology, type, component and application.
Breakup by Technology:
GNSS/GPS currently represents the leading technology segment. GNSS and GPS are utilized for mapping and geo-positioning, yield monitoring, soil condition monitoring, virtual fencing, and biomass monitoring.
Breakup by Type:
Automation and control systems currently represent the leading segment as they help in reducing labor costs, offering reliable and consistent performance, and improving the efficiency as well as the accuracy of agricultural operations.
Breakup by Component:
Based on the component, hardware is the leading segment since the continuous evolution in technology has resulted in the introduction of new devices with better location and data processing capabilities.
Breakup by Application:
Yield monitoring is the largest application area and helps in measuring and recording information based on grain flow, grain moisture and covered farm area. With yield monitoring technology, farmers can compare the performance of different seed varieties throughout their fields, which helps in improving seed selection.
North America enjoys the leading position in the market on account of the advancements made in the field of precision agriculture in the region, both in terms of the types of offerings, which range from site-specific to guidance technologies, and the adoption of various systems by the farmers.
The market is highly fragmented and consists of numerous players at each stage of the supply chain. Some of the leading players operating in the market are:
|Base Year of the Analysis||2021|
|Segment Coverage||Technology, Type, Component, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Companies Covered||Agribotix, Bayer CropScience AG, Case IH Agriculture, ClearAg Operations, Conservis Corporation, Deere & Company, Farmers Edge Inc., Fairport Farm Software, Fuse Technologies, Granular AG, Grownetics Inc., IBM, MapShots Inc., Raven Industries and SST Software|
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The global precision agriculture market was valued at US$ 6.73 Billion in 2021.
We expect the global precision agriculture market to exhibit a CAGR of 13.7% during 2022-2027.
The rising integration of various connected technologies, such as Low Power Wide Area (LPWA), Zigbee,
Wi-Fi, etc., in precision farming, enabling to efficiently plan and execute numerous agricultural
operations, is primarily catalyzing the global precision agriculture market.
The sudden outbreak of the COVID 19 pandemic has led to the growing adoption of precision agriculture
system to remotely enable real-time decision making on crop health monitoring, field mapping,
irrigation scheduling, and harvesting management.
Based on the technology, the global precision agriculture market has been segmented into Global
Navigation Satellite System (GNSS)/Global Positioning System (GPS), Geographic Information System
(GIS), Remote Sensing, Variable Rate Technology (VRT), and others. Currently, Global Navigation Satellite
System (GNSS)/Global Positioning System (GPS) technology holds the majority of the total market share.
Based on the type, the global precision agriculture market can be divided into automation and control
systems, sensing and monitoring devices, and farm management systems. Among these, automation
and control systems currently exhibit a clear dominance in the market.
Based on the component, the global precision agriculture market has been categorized into hardware
and software. Currently, hardware accounts for the majority of the global market share.
Based on the application, the global precision agriculture market can be segregated into yield
monitoring, crop scouting, mapping, soil monitoring, precision irrigation, and others. Among these, yield
monitoring holds the largest market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Latin
America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global precision agriculture market include Agribotix, Bayer
CropScience AG, Case IH Agriculture, ClearAg Operations, Conservis Corporation, Deere & Company,
Farmers Edge Inc., Fairport Farm Software, Fuse Technologies, Granular AG, Grownetics Inc., IBM,
MapShots Inc., Raven Industries, SST Software, etc.
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