Precision Agriculture Market | Global Industry Projected To Grow At A Significant CAGR of 13.4% By 2030

According to the report, the global precision agriculture industry generated $6.45 billion in 2020, and is anticipated to generate $23.05 billion by 2030, witnessing a CAGR of 13.4% from 2021 to 2030.

Precision agriculture is a site-specific crop management (SSCM) technique implemented by farmers in their field to improve crop yield and quality. It utilizes several advanced technologies, such as GPS, GIS, telematics, and remote sensing. Precision agriculture is a more effective way of farming than conventional farming methods. The increase in food demand and rapid development in the agriculture industry have made farmers switch to precision agriculture.

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Moreover, the market growth is further supported by its unmatched benefits, for instance, weather forecasting, soil analysis, and collection & analysis of crop yield. Using various components including sensors, drone, agriculture software, and GPS, farmers can get real-time updates related to crops. However, high initial investment and lack of awareness are observed as the major restraints in the precision agriculture market. Moreover, some of the nonprofit organizations are promoting precision agriculture techniques and increasing awareness about precision agriculture techniques among farmers. This is expected to create lucrative opportunities during the forecast period.

Rise in adoption of smartphones in agriculture, surge in growth rate of population, and increase in adoption of emerging technologies drive the growth of the global precision agriculture market. However, lack of awareness about precision agriculture products and huge investment required for precision agriculture equipment restrain the market to some extent. On the other hand, increase in government initiative in the precision agriculture technology and rise in investments in technologies such as driverless tractors, guidance systems, and GPS sensing systems advancements present new opportunities in the coming years.

Based on technology, the guidance technology segment accounted for the largest share in 2020, contributing to nearly half of the global precision agriculture market, and is projected to maintain its lead position during the forecast period. This growth is attributed to increase in use of global positioning and geospatial information system for tracking activity in the crop field to generate more revenue in the developed countries such as the U.S. and Canada. Moreover, variable-rate technology segment is expected to portray the largest CAGR of 15.5% from 2021 to 2030, owing to its core benefits of obtaining all real-time information and data about agriculture farm without visiting the farm.

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As per precision agriculture market trends on the basis of component, the hardware segment dominated the overall precision agriculture industry in 2020, and is expected to remain dominant during the forecast period as there has been an increase in the adoption of hardware among the developing countries, as it ensures effective functioning of precision agriculture Industry. However, the service segment is expected to witness the highest growth in the upcoming years. This is attributed to increase in adoption of precision agriculture software in modern farming technique. This increases the need for various services such as system integration and managed services. Most of the countries have started adopting these services to align all agriculture and farming tool together. This includes yield monitoring, field mapping, and weather forecasting which improves the overall productivity of farming and drives the precision agriculture market growth.

Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global precision agriculture market. This is attributed due to the increasing inclination of the farmer's towards the use of digital technology for yield management. Moreover, Asia-Pacific region is expected to witness the fastest CAGR of 15.7% during the forecast period, owing to strong economic growth along with the ongoing development in the agriculture sector.

Asia-Pacific is expected to exhibit highest growth during the forecast period, owing to strong economic growth along with the ongoing development in the agriculture sector, which drives organizations to invest heavily in precision agriculture market to sustain growth and improve productivity. In addition, factors such as major shift toward digital transformation, rise in cloud deployment and technological advancement among farming operations and ongoing modernization of agriculture business drive heavy investment in precision agriculture market in emerging economies.

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This report gives an in-depth profile of some key market players in the precision agriculture market are Deere & Company, CropMetrics LLC, Trimble Navigation Limited, CropX, AgSmarts Inc, AgSense LLC, AGCO Corporation, Dickey-John Corporation, Monsanto Company, and Ag Leader Technology. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.

Covid-19 scenario

• Due to the outbreak of the COVID-19 pandemic, the market has witnessed a slight decline in hardware revenue in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and the shutdown of the cities to prevent the transmission of virus.

• Nevertheless, the global situation is expected to come on normal track from mid-2021.

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