Precision Farming Market Forecasts to 2030 – Global Analysis By Offering (Hardware, Sensing and Monitoring Devices, Services and Software), Technology (Guidance Technology, Variable Rate Technology, Remote Sensing Technology, Telematics and Connectivity S

Precision Farming Market Forecasts to 2030 – Global Analysis By Offering (Hardware, Sensing and Monitoring Devices, Services and Software), Technology (Guidance Technology, Variable Rate Technology, Remote Sensing Technology, Telematics and Connectivity Solutions, Wireless Modules, Geomapping, Big Data & Analytics, IoT, High Precision Positioning System, Integrated Electronic Communication and Other Technologies), Application and by Geography


According to Stratistics MRC, the Global Precision Farming Market is accounted for $11.13 billion in 2023 and is expected to reach $25.71 billion by 2030 growing at a CAGR of 12.7% during the forecast period. Precision farming sometimes referred to as precision agriculture or smart farming is the use of cutting-edge technologies and data-driven approaches to optimize agricultural practices, boost output, and reduce resource loss and environmental harm. Its main objective is to empower farmers and other agricultural stakeholders to make knowledgeable decisions and conduct exact actions at the appropriate times and locations.

According to ETNO, the number of IoT active connections in agriculture was expected to increase in the European Union through the years. It was recorded at 46.92 million connections in 2022 and is expected to reach 70.26 million by 2025. Some uses for IoT devices in agriculture would be drone usage for surveillance or distributing seeds.

Market Dynamics

Driver

Rising demand in precision farming

The widespread use of precision farming is being fuelled in large part by integration with farm machinery. Farmers can now easily integrate these advances into their existing equipment, including tractors, drones, and harvesters, due to the rapid progress of precision farming technologies like sensors, GPS, and data analytics through this integration, data gathering is streamlined, operational efficiency is improved, and data-driven decision-making is made possible. Additionally, modern agricultural machinery can easily collect real-time data on soil conditions, crop health, and weather patterns since it is outfitted with cutting-edge sensors and monitoring systems. During planting, spraying, and harvesting operations, GPS technology ensures that machinery follows predefined paths, resulting in maximized coverage and less overlap. These factors therefore contribute to the market's rapid growth.

Restraint

Low reliability of internet access

In many agricultural regions, particularly in rural and remote areas where farming activities are prevalent, access to reliable and high-speed internet connectivity may be limited or unavailable. The smooth integration and real-time transmission of vital data necessary for precision agriculture are hampered by this lack of connectivity. Moreover, without a reliable internet connection, farmers might have trouble getting information from sensors, drones, and other monitoring equipment in the field. Hence, it becomes difficult to transfer this data for analysis and decision-making to centralised systems or cloud-based platforms. These factors may hinder market growth.

Opportunity

New government programs & Technological advancements

Through a variety of programs, subsidies, and incentives, numerous governments all around the world are actively encouraging precision farming. In order to support the expansion of the precision farming sector, these rules encourage farmers to adopt effective and sustainable farming methods. Furthermore, the accessibility of agricultural data has significantly increased with the spread of sensors, satellite photography, and other data collection technology. Therefore, farmers can optimize their farming methods and enhance decision-making by using the analysis and usage of this data to produce insightful findings. Hence, these aspects help in propelling the markets growth.

Threat

Risks in data management

The absence of industry-wide standards and the incompatibility of data between various platforms and technologies for precision farming can be problematic. This may lead to data fragmentation, interoperability problems, and challenges with data sharing and exchange between various systems. Additionally, for some people, it may be difficult to change their mindsets and accept innovation when it comes to using new technologies and altering traditional farming practices therefore impacting the market’s size.

Covid-19 Impact

The COVID-19 epidemic has negatively impacted the global market for precision farming, resulting in the temporary closure of multiple industrial facilities in China, India, Europe, Japan, and the United States. As a result, the manufacturing of precision farming equipment has significantly decreased. Government-enforced shutdowns following the corona virus pandemic had an impact on industry and slowed consumer demand for such expensive capital goods. However, larger adoption could result from the deployment of remote sensing and farm management software technologies after COVID-19.

The hardware segment is expected to be the largest during the forecast period

The hardware segment is predicted to hold the largest share because of the extra division that this segment goes through, which results in the production of monitoring and sensing equipment as well as automation and control systems. Automation and control systems, for instance, include GPS receivers, steering and guiding mechanisms, and variable-rate technology (VRT) devices and furthermore, the considerable adoption of automation and control technologies, such as drones and unmanned aerial vehicles (UAVs), GPS and GNSS systems, irrigation controllers, guidance and steering systems, yield monitors, and agricultural sensors, within the agricultural domain can be attributed to the market sector's growth trajectory.

The Guidance Technology segment is expected to have the highest CAGR during the forecast period

Guidance technology is a vital part of precision farming; it makes autonomous or remote-control devices possible and helps vehicles that use the Global Positioning System (GPS). As agricultural vehicles are the most frequent users of guidance systems, the guidance technology market is anticipated to grow profitably during the forecast period. Farmers may save money on labor, fuel, time, and soil compaction by avoiding overlapping tractor and equipment passes with GPS-based guiding devices. A GPS/GNSS receiver, antenna, controller, guidance and steering, portable devices, and display are essential components for a guiding technology-based system or device, as is the appropriate wiring harness.

Region with largest share

Asia Pacific commanded the largest market share during the extrapolated period. The growth is attributed to various factors, including growing government initiatives, expanding demand for green agriculture, and the adoption of new technologies in farming. Due to reasons like high disposable income, a growing population, and heavy reliance on agriculture in this region, companies are also taking various initiatives to penetrate there as well. Furthermore, governments in the area are also launching programmes to support precision farming techniques, which are anticipated to accelerate market growth.

Region with highest CAGR

North America is expected to witness profitable growth over the projection period, owing to the early adoption of precision farming in the Americas in nations like the United States and Canada. Precision farming will continue to grow in popularity over the coming years as increasing levels of technology are used in various aspects of agriculture to reduce labour costs. Furthermore, the use of advanced agricultural tools and systems by farmers in the North American area, such as displays, cameras, and software programmes for farm management, is expected to drive the market for precision farming.

Key players in the market

Some of the key players in the Precision Farming Market include Ag Leader Technology, AGCO Corporation, CropMetrics LLC, Dickey-john Corporation, Grownetics, Inc., Raven Industries, Inc., Trimble, Inc., Topcon Corporation, AgJunction, Inc., AgEagle Aerial Systems Inc., Deere and Company, Farmers Edge Inc., Granular, Inc., Proagrica, The Climate Corporation, TeeJet Technologies, Bayer CropScience AG, Agribotix, Case IH Agriculture and ClearAg Operations.

Key Developments

In July 2023, Deere & Company acquired Smart Apply, Inc. (US), a precision spraying equipment company. The acquisition aims to strengthen the emphasis on high-value crop customers and dealers, while also broadening the range of solutions available to assist growers in tackling their primary concerns regarding labor, input costs, and regulatory compliance.

In April 2023, AGCO Corporation revealed its partnership with Bosch BASF Smart Farming to introduce and market Smart Spraying technology on Fendt Rogator sprayers. Furthermore, both companies will collaborate to develop additional innovative features.

In December 2022, IG International collaborated with Fyllo to use precision farming with AI, ML, and IoT to produce high-quality fruits. As part of the alliance, IG International's corporate farms would be connected to """"Nero,"""" a device for managing irrigation and soil analysis.

In August 2022, Trimble Inc. entered into a definitive agreement to acquire Bilberry, a privately held French technology company known for its expertise in selective spraying systems for sustainable agriculture. Bilberry is at the forefront of using artificial intelligence (AI) technology to identify various weed species in real-time across a wide range of crops. This strategic acquisition will enhance Trimble's crop protection portfolio by incorporating green-on-green selective spraying capabilities and will further bolster their efforts in developing autonomous agricultural solutions

Offerings Covered
• Hardware
• Sensing and Monitoring Devices
• Services
• Software

Technologies Covered
• Guidance Technology
• Variable Rate Technology
• Remote Sensing Technology
• Telematics and Connectivity Solutions
• Wireless Modules
• Geomapping
• Big Data & Analytics
• Internet of Things (IoT)
• High Precision Positioning System
• Integrated Electronic Communication
• Other Technologies

Applications Covered
• Yield Monitoring
• Field Mapping
• Weather Tracking and Forecasting
• Farm Labor Management
• Crop Scouting
• Variable Rate Application
• Inventory Management
• Financial Management
• Demand Forecasting
• Irrigation Management
• Customer Management
• Soil Monitoring
• Automotive Sector
• Healthcare
• Retail Sector and Advertising Variable Rate
• Consumer and Residential
• Waste Management
• Other Applications

End Users Covered
• Oil & Gas
• Power Generation
• Water & Wastewater Management
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements


1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Precision Farming Market, By Offering
5.1 Introduction
5.2 Hardware
5.2.1 Automation & Control Systems
5.2.2 Guidance and Steering
5.2.3 Mobile Devices
5.2.4 Driverless Tractors
5.2.5 Displays
5.2.6 Global Positioning System (GPS)/Global Navigation Satellite System (GNSS)
5.3 Sensing and Monitoring Devices
5.3.1 Yield Monitors
5.3.2 Soil Sensors
5.3.2.1 Nutrient Sensor
5.3.2.2 Temperature Sensor
5.3.2.3 Moisture Sensor
5.3.3 Climate Sensors
5.3.4 Drones with Multispectral Cameras
5.3.5 Water Sensors
5.3.6 Antennas & Access Points
5.4 Services
5.4.1 Installation and Integrations Services
5.4.2 Consulting Services
5.4.3 Maintenance Services
5.4.4 Managed Services
5.4.5 Integration service
5.4.5.1 Data Services
5.4.5.2 Farm Operation Services
5.4.5.3 Analytics Services
5.4.6 Assisted Professional Services
5.4.6.1 Climate Information Services
5.4.6.2 Supply Chain Management Services
5.5 Software
5.5.1 Cloud-based Precision Farming
5.5.2 On-premise Precision Farming
6 Global Precision Farming Market, By Technology
6.1 Introduction
6.2 Guidance Technology
6.3 Variable Rate Technology
6.4 Remote Sensing Technology
6.5 Telematics and Connectivity Solutions
6.6 Wireless Modules
6.6.1 Bluetooth Technology
6.6.2 Zigbee Technology
6.6.3 Wi-Fi Technology
6.6.4 RF Technology
6.7 Geomapping
6.9 Big Data & Analytics
6.10 Internet of things
6.11 High Precision Positioning System
6.12 Integrated Electronic Communication
6.13 Other Technologies
7 Global Precision Farming Market, By Application
7.1 Introduction
7.2 Yield Monitoring
7.3 Field Mapping
7.4 Weather Tracking and Forecasting
7.5 Farm Labor Management
7.6 Crop Scouting
7.7 Variable Rate Application
7.8 Inventory Management
7.9 Financial Management
7.10 Demand Forecasting
7.11 Irrigation Management
7.12 Customer Management
7.13 Soil Monitoring
7.14 Automotive Sector
7.15 Healthcare
7.16 Retail Sector and Advertising Variable Rate
7.17 Consumer and Residential
7.18 Waste Management
7.19 Other Applications
8 Global Precision Farming Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Ag Leader Technology
10.2 AGCO Corporation
10.3 CropMetrics LLC
10.4 DICKEY-john Corporation
10.5 Grownetics, Inc.
10.6 Raven Industries, Inc.
10.7 Trimble, Inc.
10.8 Topcon Corporation
10.9 AgJunction, Inc.
10.10 AgEagle Aerial Systems Inc.
10.11 Deere and Company
10.12 Farmers Edge Inc.
10.13 Granular, Inc.
10.14 Proagrica
10.15 The Climate Corporation
10.16 TeeJet Technologies
10.17 Bayer CropScience AG
10.18 Agribotix
10.19 Case IH Agriculture
10.20 ClearAg Operations
List of Tables
Table 1 Global Precision Farming Market Outlook, By Region (2021-2030) ($MN)
Table 2 Global Precision Farming Market Outlook, By Offering (2021-2030) ($MN)
Table 3 Global Precision Farming Market Outlook, By Hardware (2021-2030) ($MN)
Table 4 Global Precision Farming Market Outlook, By Automation & Control Systems (2021-2030) ($MN)
Table 5 Global Precision Farming Market Outlook, By Guidance and Steering (2021-2030) ($MN)
Table 6 Global Precision Farming Market Outlook, By Mobile Devices (2021-2030) ($MN)
Table 7 Global Precision Farming Market Outlook, By Driverless Tractors (2021-2030) ($MN)
Table 8 Global Precision Farming Market Outlook, By Displays (2021-2030) ($MN)
Table 9 Global Precision Farming Market Outlook, By Global Positioning System (GPS)/Global Navigation Satellite System (GNSS) (2021-2030) ($MN)
Table 10 Global Precision Farming Market Outlook, By Sensing and Monitoring Devices (2021-2030) ($MN)
Table 11 Global Precision Farming Market Outlook, By Yield Monitors (2021-2030) ($MN)
Table 12 Global Precision Farming Market Outlook, By Soil Sensors (2021-2030) ($MN)
Table 13 Global Precision Farming Market Outlook, By Climate Sensors (2021-2030) ($MN)
Table 14 Global Precision Farming Market Outlook, By Drones with Multispectral Cameras (2021-2030) ($MN)
Table 15 Global Precision Farming Market Outlook, By Water Sensors (2021-2030) ($MN)
Table 16 Global Precision Farming Market Outlook, By Antennas & Access Points (2021-2030) ($MN)
Table 17 Global Precision Farming Market Outlook, By Services (2021-2030) ($MN)
Table 18 Global Precision Farming Market Outlook, By Installation and Integrations Services (2021-2030) ($MN)
Table 19 Global Precision Farming Market Outlook, By Consulting Services (2021-2030) ($MN)
Table 20 Global Precision Farming Market Outlook, By Maintenance Services (2021-2030) ($MN)
Table 21 Global Precision Farming Market Outlook, By Managed Services (2021-2030) ($MN)
Table 22 Global Precision Farming Market Outlook, By Integration service (2021-2030) ($MN)
Table 23 Global Precision Farming Market Outlook, By Assisted Professional Services (2021-2030) ($MN)
Table 24 Global Precision Farming Market Outlook, By Software (2021-2030) ($MN)
Table 25 Global Precision Farming Market Outlook, By Cloud-based Precision Farming (2021-2030) ($MN)
Table 26 Global Precision Farming Market Outlook, By On-premise Precision Farming (2021-2030) ($MN)
Table 27 Global Precision Farming Market Outlook, By Technology (2021-2030) ($MN)
Table 28 Global Precision Farming Market Outlook, By Guidance Technology (2021-2030) ($MN)
Table 29 Global Precision Farming Market Outlook, By Variable Rate Technology (2021-2030) ($MN)
Table 30 Global Precision Farming Market Outlook, By Remote Sensing Technology (2021-2030) ($MN)
Table 31 Global Precision Farming Market Outlook, By Telematics and Connectivity Solutions (2021-2030) ($MN)
Table 32 Global Precision Farming Market Outlook, By Wireless Modules (2021-2030) ($MN)
Table 33 Global Precision Farming Market Outlook, By Bluetooth Technology (2021-2030) ($MN)
Table 34 Global Precision Farming Market Outlook, By Zigbee Technology (2021-2030) ($MN)
Table 35 Global Precision Farming Market Outlook, By Wi-Fi Technology (2021-2030) ($MN)
Table 36 Global Precision Farming Market Outlook, By RF Technology (2021-2030) ($MN)
Table 37 Global Precision Farming Market Outlook, By Geomapping (2021-2030) ($MN)
Table 38 Global Precision Farming Market Outlook, By Big Data & Analytics (2021-2030) ($MN)
Table 39 Global Precision Farming Market Outlook, By Internet of things (2021-2030) ($MN)
Table 40 Global Precision Farming Market Outlook, By High Precision Positioning System (2021-2030) ($MN)
Table 41 Global Precision Farming Market Outlook, By Integrated Electronic Communication (2021-2030) ($MN)
Table 42 Global Precision Farming Market Outlook, By Other Technologies (2021-2030) ($MN)
Table 43 Global Precision Farming Market Outlook, By Application (2021-2030) ($MN)
Table 44 Global Precision Farming Market Outlook, By Yield Monitoring (2021-2030) ($MN)
Table 45 Global Precision Farming Market Outlook, By Field Mapping (2021-2030) ($MN)
Table 46 Global Precision Farming Market Outlook, By Weather Tracking and Forecasting (2021-2030) ($MN)
Table 47 Global Precision Farming Market Outlook, By Farm Labor Management (2021-2030) ($MN)
Table 48 Global Precision Farming Market Outlook, By Crop Scouting (2021-2030) ($MN)
Table 49 Global Precision Farming Market Outlook, By Variable Rate Application (2021-2030) ($MN)
Table 50 Global Precision Farming Market Outlook, By Inventory Management (2021-2030) ($MN)
Table 51 Global Precision Farming Market Outlook, By Financial Management (2021-2030) ($MN)
Table 52 Global Precision Farming Market Outlook, By Demand Forecasting (2021-2030) ($MN)
Table 53 Global Precision Farming Market Outlook, By Irrigation Management (2021-2030) ($MN)
Table 54 Global Precision Farming Market Outlook, By Customer Management (2021-2030) ($MN)
Table 55 Global Precision Farming Market Outlook, By Soil Monitoring (2021-2030) ($MN)
Table 56 Global Precision Farming Market Outlook, By Automotive Sector (2021-2030) ($MN)
Table 57 Global Precision Farming Market Outlook, By Healthcare (2021-2030) ($MN)
Table 58 Global Precision Farming Market Outlook, By Retail Sector and Advertising Variable Rate (2021-2030) ($MN)
Table 59 Global Precision Farming Market Outlook, By Consumer and Residential (2021-2030) ($MN)
Table 60 Global Precision Farming Market Outlook, By Waste Management (2021-2030) ($MN)
Table 61 Global Precision Farming Market Outlook, By Other Applications (2021-2030) ($MN)
Table Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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