Precision agriculture is an approach to farm management that uses specialised equipment to produce more food at a fraction of the cost. It is also known as satellite agriculture or site-specific crop management (SSCM) and gives the farmers the ability to use crop inputs, such as pesticides, tillage and irrigation water, and fertilizers. Precision agriculture uses GPS, geographical information system (GIS) and remote sensing (RS) with an objective to improve profitability, productivity, quality and sustainability of the crops. According to the latest report by IMARC Group, titled “Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global precision agriculture market reached a value of US$ 4.8 Billion in 2017.
The major factors driving the precision agriculture market is the growing use of cloud-based technology, rising use of smart phones and the increasing application of technology in farming with the aim of minimising the human efforts and losses. Additionally, the need to maximise food production by the optimum use of resources is spurring the market growth globally. Further, the government incentives and subsidies towards increasing the productivity and conserving the environment is expected to catalyse the demand for precision agriculture. Some of the other factors affecting the overall growth of the market are changing climatic conditions, rapid urbanisation and the expanding application of navigation systems. Owing to these factors, the market value is projected to reach US$ 10.0 Billion by 2023, expanding at a CAGR of 13.1% during 2018-2023.
Market Summary:
- Based on technology, the market has been segmented as GNSS/GPS Systems, GIS, Remote Sensing and Variable Rate Technology (VRT).
- On the basis of type, automation and control systems currently dominate the total market. Automation and control systems are followed by sensing and monitoring devices, and farm management systems.
- Based on component, the market has been segmented into hardware and software components.
- On the basis of application, the market has been segregated as mapping, crop scouting, yield monitoring, precision irrigation, soil monitoring and others.
- Region-wise, North America holds the largest market share, accounting for the majority of the global share. It is followed by Europe and Asia Pacific. Other major regions include the Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being 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 Inudstries and SST Software.
This report provides a deep insight into the global precision agriculture market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the precision agriculture market in any manner.
Key Questions Answered in This Report:
- How has the global precision agriculture market performed so far and how will it perform in the coming years?
- What are the key regions in the global precision agriculture market?
- Which are the popular product types in the global precision agriculture market?
- What are the key application segments in the global precision agriculture market?
- What are the major technologies used in the global precision agriculture market?
- What are the key components in the global precision agriculture market?
- What are the various stages in the value chain of the global precision agriculture market?
- What are the key driving factors and challenges in the global precision agriculture market?
- What is the structure of the global precision agriculture market and who are the key players?
- What is the degree of competition in the global precision agriculture market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Precision Agriculture Market
5.1 Market Overview
5.2 Market Performance
5.3 Price Analysis
5.4 Market Breakup by Technology
5.5 Market Breakup by Type
5.6 Market Breakup by Component
5.7 Market Breakup by Application
5.8 Market Breakup by Region
5.9 Market Forecast
5.10 SWOT Analysis
5.10.1 Overview
5.10.2 Strengths
5.10.3 Weaknesses
5.10.4 Opportunities
5.10.5 Threats
5.11 Value Chain Analysis
5.12 Porters Five Forces Analysis
5.12.1 Overview
5.12.2 Bargaining Power of Buyers
5.12.3 Bargaining Power of Suppliers
5.12.4 Degree of Competition
5.12.5 Threat of New Entrants
5.12.6 Threat of Substitutes
6 Market Breakup by Technology
6.1 GNSS/GPS Systems
6.2 GIS
6.3 Remote Sensing
6.4 Variable Rate Technology (VRT)
6.5 Others
7 Market Breakup by Type
7.1 Automation and Control Systems
7.2 Sensing and Monitoring Devices
7.3 Farm Management Systems
8 Market Breakup by Component
8.1 Hardware
8.2 Software
9 Market Breakup by Application
9.1 Mapping
9.2 Crop Scouting
9.3 Yield Monitoring
9.4 Soil Monitoring
9.5 Precision Irrigation
9.6 Others
10 Market Breakup by Region
10.1 North America
10.2 Europe
10.3 Asia Pacific
10.4 Middle East and Africa
10.5 Latin America
11 Competitive Landscape
11.1 Market Structure
11.2 Key Players
11.3 Profiles of Key Players
11.3.1 Agribotix
11.3.2 Bayer CropScience AG
11.3.3 Case IH Agriculture
11.3.4 ClearAg Operations
11.3.5 Conservis Corporation
11.3.6 Deere & Company
11.3.7 Farmers Edge Inc.
11.3.8 Fairport Farm Software
11.3.9 Fuse Technologies
11.3.10 Granular AG
11.3.11 Grownetics Inc.
11.3.12 IBM
11.3.13 Mapshots Inc.
11.3.14 Raven Inudstries
11.3.15 SST Software
List of Figures
Figure 1: Global: Precision Agriculture Market: Major Drivers and Challenges
Figure 2: Global: Precision Agriculture Market: Sales Value (in Billion US$), 2010-2017
Figure 3: Global: Precision Agriculture Market: Breakup by Technology (in %), 2017
Figure 4: Global: Precision Agriculture Market: Breakup by Type (in %), 2017
Figure 5: Global: Precision Agriculture Market: Breakup by Component (in %), 2017
Figure 6: Global: Precision Agriculture Market: Breakup by Application (in %), 2017
Figure 7: Global: Precision Agriculture Market: Breakup by Region (in %), 2017
Figure 8: Global: Precision Agriculture Market Forecast: Sales Value (in Billion US$), 2018-2023
Figure 9: Global: Precision Agriculture Industry: SWOT Analysis
Figure 10: Global: Precision Agriculture Industry: Value Chain Analysis
Figure 11: Global: Precision Agriculture Industry: Porter’s Five Forces Analysis
Figure 12: Global: Precision Agriculture (GNSS/GPS Systems) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 13: Global: Precision Agriculture (GIS) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 14:Global: Precision Agriculture (Remote Sensing) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 15: Global: Precision Agriculture (Variable Rate Technology) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 16: Global: Precision Agriculture (Other Technologies) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 17: Global: Precision Agriculture (Automation and Control Systems) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 18: Global: Precision Agriculture (Sensing and Monitoring Devices) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 19:Global: Precision Agriculture (Farm Management Systems) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 20: Global: Precision Agriculture (Hardware) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 21: Global: Precision Agriculture (Software) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 22: Global: Precision Agriculture (Application in Mapping) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 23: Global: Precision Agriculture (Application in Crop Scouting) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 24: Global: Precision Agriculture (Application in Yield Monitoring) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 25: Global: Precision Agriculture (Application in Soil Monitoring) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 26: Global: Precision Agriculture (Application in Precision Irrigation) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 27: Global: Precision Agriculture (Other Applications) Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 28: North America: Precision Agriculture Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 29: Europe: Precision Agriculture Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 30: Asia Pacific: Precision Agriculture Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 31: Middle East and Africa: Precision Agriculture Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 32: Latin America: Precision Agriculture Market: Sales Value (in Million US$), 2010, 2017 & 2023
Figure 33: Precision Agriculture Manufacturing: Process Flow
List of Tables
Table 1: Global: Precision Agriculture Market: Key Industry Highlights, 2017 and 2023
Table 2: Global: Precision Agriculture Market Forecast: Breakup by Technology (in Million US$), 2018-2023
Table 3: Global: Precision Agriculture Market Forecast: Breakup by Type (in Million US$), 2018-2023
Table 4: Global: Precision Agriculture Market Forecast: Breakup by Component (in Million US$), 2018-2023
Table 5: Global: Precision Agriculture Market Forecast: Breakup by Application (in Million US$), 2018-2023
Table 6: Global: Precision Agriculture Market Forecast: Breakup by Region (in Million US$), 2018-2023
Table 7: Precision Agriculture: Raw Material Requirements
Table 8: Global: Precision Agriculture Market Structure
Table 9: Global: Precision Agriculture Market: Key Players