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Guidance And Steering System For Agriculture Market 2024 Analysis By Size, Share, Growth, Trends Up To 2033
Guidance And Steering System For Agriculture Global Market Report 2024
According to The Business Research Company's, The guidance and steering system for agriculture market size has grown strongly in recent years. It will grow from $2.23 billion in 2023 to $2.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to cost reduction strategies, farm size and scale, market competition, regulatory changes, industry collaboration, productivity and efficiency demands.
The guidance and steering system for agriculture market size is expected to see strong growth in the next few years. It will grow to $3.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to emerging market trends, precision farming demand, precision agriculture adoption, market expansion, environmental sustainability. Major trends in the forecast period include advancements in precision agriculture, integration of ai and machine learning, data connectivity and iot, autonomous farming trends, customization and adaptability.
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Market Drivers and Trends:
The increasing adoption of precision farming is expected to propel the growth of guidance and steering systems for the agriculture market over the coming years. Precision farming, also known as precision agriculture, is an agricultural management strategy that uses advanced technology to optimize crop yields and reduce waste. Guidance and steering systems are essential components of precision farming. These systems use GPS and other technologies to guide agricultural machinery, such as tractors, combines, and sprayers, with pinpoint accuracy. This helps to optimize the use of inputs such as fertilizer, pesticides, and water, reducing waste and improving crop yields. Therefore, this factor boosts the guidance and steering system for the agriculture market. For instance, in August 2022, according to reports shared by the U.S. Wheat Associates Inc., a US-based export market development organization, farmers that used precision farming technology observed a 4% gain in crop yield, a 7% improvement in the effectiveness of fertilizer placement, a 9% decrease in the use of herbicides and pesticides, and a 6 percent decrease in the usage of fossil fuels. Thus, the increasing adoption of precision farming is expected to boost the guidance and steering system for the agriculture market.
Product innovation is a key trend gaining popularity in guidance and steering systems for the agriculture market. Major companies operating in the guidance and steering system for the agriculture market are developing innovative technological products to sustain their position in the market. For instance, in March 2023, SingularXYZ Intelligent Technology Ltd., a China-based manufacturing company, launched the upgrade of the SAgro100 automated steering system. This innovative technology uses GPS technology and precision mapping to provide farmers with accurate and efficient guidance and steering of their agricultural equipment. Additionally, it contains unique features such as 5 cm of auto-steering, which is 2.5 cm of auto-steering accuracy, improving your farming efficiency and quality while freeing your hands, numerous work modes such as straight line, curve, U-turn, and pivot, a higher yield at a lower cost, high compatibility, multiple task types, farm management, and system components that are allowing farmers to more effectively plant, cultivate, and harvest their crops.
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Major Key Players of the Market:
ABB Ltd.; Agriculture Solutions Inc.; Coromandel International Limited; Fujitsu Limited; Green Peak Technologies Inc.; Hafia Groups; Honeywell International Inc.; ICL Israel Chemicals Ltd.; Koch AG & Energy Solutions LLC; Kugler Company; Levant Power Corporation; Sapec Agro S.A.; STMicroelectronics N.V.; Texas Instruments Incorporated; CNH Industrial N.V.; Deere & Company; Klöckner-Humboldt-Deutz AG; New Holland Agriculture; Shanghai AllyNav Technology Co. Ltd.; Trimble Inc.; Headsight Inc.; AvMap Srl; SatconSystem; MachineryGuide AG; Farmnavigator; Geometer International LLC; Hexagon Agriculture; AgJunction Inc.; Green Business Systems; Topcon Positioning Systems Inc.; Leica Geosystems AG; Hemisphere GNSS
Guidance And Steering System For Agriculture Market 2024 Key Insights:
• The guidance and steering system for agriculture market will grow to $3.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Precision Farming Revolution Is Driving Growth In Guidance And Steering Systems For Agriculture
• Revolutionizing Agriculture Through The Surge Of Innovative Guidance And Steering Systems In Farming Technology
• North America was the largest region in the guidance and steering system for agriculture market in 2023
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