The global precision agriculture market was worth US$ 5.4 Billion in 2018. 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. Looking forward, IMARC Group expects the market value to reach US$ 11.3 Billion by 2024, expanding at a CAGR of around 13% during 2019-2024.
Global Precision Agriculture Market Drivers/Constraints:
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:
Key Questions Answered in This Report:
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