DUBLIN, January 25, 2022--(BUSINESS WIRE)--The "Precision Agriculture Market - A Global and Regional Analysis: Focus on Applications, Products and Country-Wise Analysis - Analysis and Forecast, 2020-2026" report has been added to ResearchAndMarkets.com's offering.
The global precision agriculture market is expected to reach $10.93 billion by 2026, with a CAGR of 14.8% during the forecast period 2021-2026.
The growth rate in the market is because of the increased government initiatives around the world for precision agriculture services, as this leads to an increase in agricultural production to cater to the growing global food demand.
Precision agriculture techniques are being adopted by farmers across the globe to increase crop yield, shrink wastage, and ensure food security. This has led to an increase in the growth of the global precision agriculture market.
Precision Agriculture Market
Precision agriculture Market is defined as the practices adopted to make farming accurate and precise. The techniques may include the use of artificial intelligence, a wide array of technologies such as sensors, drones, robotics, automated hardware, telematics, software, and autonomous vehicles. For instance, GPS is used to receive location data from satellites and control the farmer's tractor based on coordinates of the field.
Impact of COVID-19 on Precision Agriculture Market
The precision agriculture market experienced a dip in the year 2020 due to the COVID-19 pandemic due to restrictions in movement. Globally nations had lockdown imposed because of which the supply chain also got disrupted, resulting in shortage of equipment and other inputs required for farming. This has brought the companies' attention toward the use of remote sensing and other agriculture management tools, which can lead to a boost in the adoption of precision agriculture practices.
Precision Agriculture Market by Application
Precision irrigation is an innovative method to evaluate the crop's water requirement and implementation of advanced systems to encourage the health of the crop and to reduce the nutrient, chemical, and water waste. It involves scheduling irrigation based on the data collected through sensors and drones. It also involves providing the right amount of water to the plants/crops at the right time and place without wasting the available land resources.
Precision Agriculture Market by Farm Produce
Field crops comprise the mainstream traditional farm produce that the agriculture industry majorly focuses on for its daily revenue generation. These crops are grown for large-scale consumption purposes. While the production of fruits and vegetables requires handpicking by manual labors and individualized care, field crops are generally processed in bulk.
Precision Agriculture Market by Technology
The guidance technology majorly comprises the global positioning system (GPS) and global navigation satellite system (GNSS) technologies which are applied in the agriculture industry for navigation purposes.
The navigation is done via satellites which send signals to the receiver/user to provide them with accurate information about the location on the farm. Such equipment enables efficient crop monitoring. GPS/GNSS equipment and software service can be used for automated record keeping, vehicle navigation, and inter-vehicle communications, and other applications.
Precision Agriculture Market by Solution
Hardware systems of precision agriculture solutions are broadly classified into automation and control systems, sensing and navigation systems, and other equipment like smart sprayers and sprinklers. The hardware solution comprises different types of tools and devices, such as displays, GPS/GNSS devices, and handheld mobile devices.
Precision Agriculture Market by Region
North America has been one of the early adopters of the new technologies to meet the growing food demand across the globe. North America has most of the market leaders and contributors to the advanced precision agriculture industry, with the U.S. being the heartland of precision agriculture technologies.
Over the last two decades, precision farming methods have been progressively adopted by the regional farmers to make their farm operations easy and to produce high-quality crops. The farmers of the region are being well-trained to make them open toward the adoption of technological innovations.
Key Market Players and Competition Synopsis
The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (which hold 50-60% of the market), mid-segment players (comprising 30-40% share), and small and emerging companies (holding the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the Precision Agriculture industry.
Key Questions Answered in the Report
What is the expected global precision agriculture market size in terms of value during the period 2021-2026?
What is the expected future scenario and revenue to be generated by different types of solutions including software and platform, hardware, and support services?
What is the expected future scenario and revenue to be generated by the technology segment, including guidance technology, sensing technology, variable rate application technology, and data analytics and intelligence?
What is the expected future scenario and revenue to be generated by different applications for precision agriculture solutions, including precision irrigation, field monitoring, precision spraying, precision fertilization, precision planting, and data management?
Which region is the largest market for the global precision agriculture market?
What is the expected future scenario and revenue to be generated by different regions and countries in the global precision agriculture market such as North America, South America, Europe, the U.K., China, Asia-Pacific and Japan, and Middle East and Africa?
What is the competitive strength of the key players in the global precision agriculture market based on the analysis of their recent developments, product offerings, and regional presence?
Which are the different consortiums and associations present in the global precision agriculture market, and what are their roles, focus areas, and key functions in this market?
Where do the key precision agriculture companies lie in their competitive benchmarking, compared on basis of market coverage and market potential?
What does the technology ecosystem of precision agriculture solutions constitute?
How This Report Can Add Value
This report covers major regions with established precision agriculture market.
Government Initiatives and Regulatory Frameworks are provided for various regions.
Market Share Analysis has been done for analyzing the competition in the precision agriculture market business.
Extensive competitive benchmarking of the top 15 players (including OEMs and equipment providers) has been done to offer a holistic view of the global precision agriculture market landscape.
Market Report Coverage - Precision Agriculture
Application: Precision Irrigation, Field Monitoring, Precision Spraying, Precision Fertilization, Precision Planting, Data Management, Other Applications
Farm Produce: Field Crops, Permanent Crops, Others
Technology: Guidance Technology, Sensing Technology, Variable Rate Application Technology, Data Analytics and Intelligence, Others
Solution: Hardware, Software and Platform, Support Services
Market Growth Drivers
Increasing Support from Government and Regulatory Bodies
Increasing Demand for Global Food Production
Need of Technologies to Combat Climate Change
High Initial Investment
Threat to Data Security and Privacy
Lack of Awareness and IT Infrastructure in Developing Regions
Integration of Emerging Technologies with Existing Practices
Scope of Growth in Asia-Pacific and Japan Region
Integral Offerings with Horizontal Integration in Farming
Key Companies Profiled
CNH Industrial N.V.
The Toro Company
Yanmar Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/5fek36
View source version on businesswire.com: https://www.businesswire.com/news/home/20220125005647/en/
Laura Wood, Senior Press Manager
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