A recently revamped Fact.MR report states that the global precision farming market is poised to register an impressive 13% CAGR from 2022 to 2032, reaching US$ 20.36 Bn by the end of the aforementioned assessment period. Farmers are transitioning from traditional farming practices to precision farming due to the significant cost advantages afforded by mechanical agricultural technologies.
From 2017 to 2021, the industry experienced an uptick at a CAGR of 12%. Precision farming services, with significant backing from the scientific community, will replace traditional agricultural practices in a variety of nations and capabilities.
For More Insights Into The Market, Request a Sample of this Report – https://www.factmr.com/connectus/sample?flag=S&rep_id=217
Key Takeaways of Precision Farming Market Study
- North America will lead global sales with a majority market share and a stellar 11?GR during the forecast period. Industrialized farmers in countries such as the US, Canada are increasingly adopting precision farming technologies for enhanced production yield.
- Hardware offerings such as variability detectors account for over 70% of total market revenues. Farmers are showing preference for new machines over cloud enabled advanced software.
- Precision farming services such as weather forecasts, and soil assessment that increases product yield offers the most remunerative growth opportunities with a stupendous 16?GR through 2029. Service goods growth will quadruple in total market value during the projection period.
- Guidance systems that facilitate farm vigilance such as security, maintenance, and preventive care account for a majority share of over 41% of the total market revenues.
- Variable rate technology is exhibiting the highest growth potential with more than 16?GR from 2019 to 2029. Disproportionate soil fertility impels demand from this segment.
- Yield Monitoring will gain over 3X growth during the forecast period. The prevalence of preventive maintenance among industrialized farmers is a central driver of demand for yield monitoring applications.
Leading players are active in awareness campaigns that address the pressing issue of soil degradation and educate farmers on the benefits of precision farming. Industrialized farms use automated machinery to assure a consistent level of output yield. Farmers are investing in farm digitization to improve security.
- In January 2022, John Deere & Co. introduced its line of autonomous tractors at the Consumer Electronics Show organized in the first week of the month, as a part and parcel of its endeavor to expand its footprint in the precision agriculture domain
- In April 2021, Trimble Inc. forged a collaborative agreement with HORSCH- one of the leading manufacturers of agricultural technology globally- to establish a future for autonomous machines and workflows in the agricultural industry. The companies are currently implementing a high level of automation and driver support with steering systems, which allows a driver to perform additional in-cab tasks during active field work.
Key Segments Covered in Precision Farming Industry Survey
- Precision Farming for Yield Monitoring
- Precision Farming for Field Mapping
- Precision Farming for Crop Scouting
- Precision Farming for Weather Tracking & Forecasting
- Precision Farming for Irrigation Management
- Precision Farming for Inventory Management
- Precision Farming for Farm Labor Management
- Precision Farming for Other Applications
- Precision Farming Guidance System
- Remote Sensing Precision Farming
- Variable-Rate Technology Precision Farming
- Precision Farming Hardware
- Precision Farming Software
- Precision Farming Services