Europe Precision Agriculture Market - Analysis and Forecast, 2022-2027

Europe Precision Agriculture Market - Analysis and Forecast, 2022-2027

Introduction to Europe Precision Agriculture Market

The Europe precision agriculture market (excluding U.K.) was valued at $2,476.5 million in 2022 and is expected to reach $4,367.4 million by 2027, following a CAGR of 12.02% during 2022-2027. More demand for greater crop yields and more investment in climate-smart agricultural methods are anticipated to propel the growth of the worldwide precision agriculture market.

Market Introduction

In Europe, precision agriculture is a modern method of farming and farm management that uses information technology to accurately supply nutrients to soils and plants for maximum health and productivity. Environmental protection, sustainability, and profitability are the main objectives of precision agriculture. The precision agriculture sector, also known as demand farming, satellite farming, precision agriculture, and site-specific crop management (SSCM), depends on sophisticated machinery, IT services, and software. In Europe, the use of precision agriculture technologies has raised agricultural output while supporting sustainable development goals. In addition to improving production and efficiency, these technologies also help with cost-cutting, water conservation, pest identification, animal health, and sustainability in general. Moreover, precision agriculture aids farmers in gaining a deeper understanding of critical factors such as water availability, topography, orientation, vegetation, and soil types.

Market Segmentation:

Segmentation 1: by Application

Field Monitoring
Crop Forecasting
Precision Planting
Precision Spraying
Precision Fertilization
Precision Irrigation
Farm Management
Others

The europe precision agriculture market in the application segment is expected to be dominated by precision irrigation applications. This is owing to the rise in awareness towards use of water efficiently and reduce the wastage of nutrients, water, and chemicals. In addition, rise in demand for advanced irrigation systems paired with soil and water sensors are expected to generate higher returns than traditional irrigation systems.

Segmentation 2: by Product

Hardware Systems
Software
Services

The hardware systems segment is estimated to capture highest market share during the period 2022 to 2027. The hardware equipment is increasingly used in the various farming operations. In addition, Hardware solutions in precision agriculture include automation and control solutions, sensing and navigation solutions, and other hardware solutions such as probes and analysers. The rising demand for hardware solutions is because of the widespread use of yield monitors, handheld computers and mobiles, and agriculture cameras.

Segmentation 3: by Function

Farm Management
Field Management
Fleet Management

The field management captures major market share due to the usage of hardware such as sensors, drones, nozzles, cameras, smartphones, and tasks such as planting, spraying, fertilizing, and irrigation, among other activities. In addition, the field management software integrates sensor data and imaging input with other data, allowing farmers to identify fields that require treatment and verify the optimum amount of water, fertilizers, and pesticides to apply.

Segmentation 4: by Farm Produce

Field Crops
Permanent Crops
Others

Field crops capture a significant market share in the Europe precision agriculture market because these crops are grown for large-scale consumption. This is followed by permanent crops, which include fruits, vegetables, and nuts, among others.

Segmentation 5: by Technology

Guidance Technology
Sensing Technology
Variable Rate Application Technology
Data Analytics and Intelligence
Others

Segmentation 6: by Country

Germany
France
Italy
Spain
Netherlands
Denmark
Rest-of-Europe

How This Report Can Add Value to End Users

Product/Innovation Strategy: The product segment helps the reader understand the different types of hardware systems, software, and services available in the precision agriculture applications. Moreover, the study provides the reader a detailed understanding of the different product types by applications (field monitoring, crop forecasting, precision planting, precision spraying, precision fertilization, precision irrigation, farm management, and others). Hardware solutions such as automation & control systems, sensing & navigation systems, and indoor farming equipment are most widely used in modern agriculture practices. Therefore, the Europe precision agriculture market is a moderate investment and high revenue generating product in the coming years owing to the rise in investment towards climate smart agriculture practices across the globe.

Growth/Marketing Strategy: The Europe precision agriculture market has seen major development by key players operating in the market, such as partnership, joint ventures, collaborations, and product developments. The favoured strategy for the companies has been partnership, joint venture, collaborations, and alliances to strengthen their positions in the precision agriculture market.

Competitive Strategy: Key players in the Europe precision agriculture market analysed and profiled in the study involve hardware systems and software manufacturers that are engaged in providing advanced precision agriculture solutions to farmers and other agriculture service companies. Moreover, a detailed competitive benchmarking of the players operating in the Europe precision agriculture market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.

Some of the prominent names established in this market are:

CLAAS Group
CNH Industrial N.V.
Accenture
AGRIVI
Amazon Web Services, Inc.
BASF SE

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