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Precision Farming Global Market Report 2024 - By Size, Growth, Share, Industry Analysis, Forecast To 2033
Precision Farming Market
As per the report, the precision farming market size has grown rapidly in recent years. It will grow from $7.72 billion in 2023 to $8.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The precision farming market size is expected to see rapid growth in the next few years. It will grow to $15.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%.
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Rising Global Food Demand Drives Precision Farming Market Growth
The growing demand for food is expected to propel the growth of the precision farming market going forward. Food refers to the substance comprising all essential nutrients such as protein, carbohydrates, fat, and others used in the body of an organism to sustain growth. Precision farming is the advanced method of agriculture that observes, measures, and analyzes the needs of individual fields and crops through the use of technology, thereby producing a much higher yield. For instance, in August 2022, according to a report published by the Committee for the Common Organisation of Agricultural, a European-based commission agricultural committee, the world wheat production in the year 2019/20 was 760.7 million tonnes which were projected to reach 778 million tonnes in 2022/23. Therefore, increasing demand for food and its production will drive the growth of the precision farming market.
Technological Advancements Drive Precision Farming Market Evolution
Technological advancements are a key trend gaining popularity in the precision farming market. Advanced precision technology innovation is cantered on sustainable agriculture and healthy food production, and it includes profitability, increased production, economic efficiency, and reduced environmental adverse effects. Major companies operating in the precision farming market are focused on developing advanced technologies to sustain their position in the market. For instance, in April 2022, JCB, a UK-based equipment manufacturer for construction, agriculture, waste handling, and demolition, launched their new Fastrac iCON tractor with integrated precision technology to be used in the precision farming applications. The unique features include Universal Terminal, AUX-N capabilities, and simple task control (TC-BAS). Integrated GPS uses the JCB interface and NOVATEL Smart-7 receiver and comes equipped with hardware-controlled DAB radio and Bluetooth connectivity. Additionally, it includes iCONFIGURE, iCONNECT, and iCONTROL for high performance and unprecedented operator choice.
The precision farming market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Technology: Guidance Technology, Remote Sensing Technology, Variable Rate Application
3) By Application: Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, Farm Labor Management, Other Applications
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Major companies operating in the precision farming market report are Deere and Company, Trimble Inc, AGCO Corporation, AgJunction Inc, Raven Industries Inc, AG Leader Technology, Teejet Technologies Private Limited, Topcon Positioning Systems, DICKEY-john Corporation, CropMetrics LLC, CropX Technologies Ltd, Agribotix LLC, AgEagle Aerial Systems Inc, Granular Inc, Hexagon Agriculture, Iteris Inc., AgSmarts Inc, Intelligent Agricultural Solutions LLC, Grownetics Inc, Cargill Incorporated, Precision Planting LLC, Farmers Edge Inc., The Climate Corporation, Taranis-Visual Ltd., Descartes Labs, Mavrx Inc., TerrAvion Inc., Gamaya Inc., Aerobotics, Teralytic, Arable Labs, Fieldin Inc., Agworld Pty Ltd., CropIn Technology Solutions Pvt. Ltd., AgriTask, Conservis Corporation, Farmobile LLC
Contents of the report:
1. Executive Summary
2. Precision Farming Market Report Structure
3. Precision Farming Market Trends And Strategies
4. Precision Farming Market - Macro Economic Scenario
5. Precision Farming Market Size And Growth
…..
27. Precision Farming Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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