The global precision farming market was valued at 3,833 million in 2017 and is anticipated to grow at a CAGR of more than 14.7% during the forecast period. Precision farming is an accurate and controlled method of crop farming aimed at maximizing quality, productivity, sustainability, and profitability. It is also known as site specific crop management (SSCM) and satellite farming. It involves collection, tracking, monitoring, and analyzing of real-time data regarding crops, soil, water requirements, weather conditions, nutrient demand, and other environmental factors. Various technologies such as high precision positioning systems such as GPS, geomapping, automated steering systems, sensors and remote sensing, variable rate technology, and integrated electronic communication systems are applied to precision farming. These technologies enable farmers to use crop inputs such as pesticides, fertilizers, and irrigation water effectively based on soil, crop, and weather requirements to enhance crop yield while reducing environment pollution.
Precision farming is increasingly being adopted across the world owing to increasing need to maximize crop production along with enhancing environmental protection. Growing demand for food crops owing to population increase coupled with increasing requirement to monitor crop health for production of high quality crops primarily drives the market growth. Other factors driving the growth of this market include growth in the global agricultural industry, limitations of land use and declining arable land. Integration of technologies such as big-data analytics and telematics along with support and subsidies from governments further supplement the growth of this market. However, high initial investment restricts the growth of the precision farming market. Furthermore, low awareness, and lack of standardization impede the growth of this market.
North America Precision Farming Market By Application, 2017 - 2026
Note: Inside circle depicts data for 2017 & outside circle depicts data for 2026
The global precision farming market is segmented on the basis of hardware, services, deployment, application and region. Based on the type of hardware, the market is further segmented into automation & control system, sensing devices, and access points. The application segment is categorized into irrigation management, crop scouting, yield monitoring, weather tracking and forecasting, field mapping, inventory management, and farm labor management. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Russia. Asia-Pacific is bifurcated into China, India, Japan, and Australia. North America accounts for the largest share in the global precision farming market owing to high labor costs, presence of large scale farmlands, and growing need to improve agricultural productivity.
North America Precision Farming Market, By Application, 2017 - 2026 (USD Million)
The vendors in the market offer a wide range of products and services to help consumers enhance crop quality and maximize profits. In addition, the service providers in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. For instance, in July 2017, AGCO Corporation announced the acquisition of Precision Planting LLC equipment business. This acquisition will strengthen AGCO Corporation’s position in the global market and expand its portfolio of planting technology. In November 2015, Ag Leader Technology introduced InCommand Display and AgFiniti Mobile app. The InCommand display enhances real time decision making through improved row-by-row mapping and split screen view. InCommand, when paired with AgFiniti Mobile, offers enhanced mobility enabling efficient decision making on the go. Several small and medium sized enterprises also offer precision agriculture solutions using drones and imaging technology sensors. The solutions offered by these enterprises are aimed at improving resource utilization and maximizing crop production. GrainSense, a company based in Finland, introduced a handheld grain quality analyzer, which has the capability to measure protein and moisture content in small grains such as wheat, rye, barley, and oats. The analyzer takes readings before the harvest and produces results in around 30 seconds, which is also delivered to a connected mobile app. This will enable the farmers to make effective decisions in a short span of time. Other leading players in the market include AgJunction, Inc, Agribotix LLC, Deere and Company, The Climate Corporation, Topcon Corporation, and Trimble, Inc. among others.