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Guidance And Steering System For Agriculture Market Poised for 7 % Growth, Set to Hit $3.27 Billion by 2029
Guidance And Steering System For Agriculture Market
The burgeoning uptake of precision farming is anticipated to drive the growth of the agriculture market's guidance and steering systems in the foreseeable future. Precision farming, also referred to as precision agriculture, utilizes cutting-edge technology to maximize crop output and minimize waste, a strategy rooted in agricultural management. Guidance and steering systems, which incorporate GPS and other modern technologies, play a critical role in precision farming. They provide precise guidance for agricultural machinery, including tractors, combines, and sprayers. This precision aids in maximizing the use of resources like pesticides, fertilizers, and water, preventing wastage and enhancing crop yields. As a result, the market for agricultural guidance and steering systems is likely to get a significant boost. For example, in August 2022, the U.S. Wheat Associates Inc., a US-based organization focused on export market development, reported that farmers who utilized precision farming technology saw a 4% increase in crop yield, an enhancement of 7% in fertilizer placement effectiveness, a reduction of 9% in herbicide and pesticide usage, and a 6% decrease in fossil fuel usage. Hence, the growing adoption of precision farming is predicted to further fuel the growth of the guidance and steering system in the agriculture market.
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What growth opportunities are expected to drive the guidance and steering system for agriculture market's CAGR through 2034?
The market size for the agricultural guidance and steering system has experienced robust growth in the past years. It is projected to increase from $2.36 billion in 2024 to $2.51 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. Factors contributing to the growth during the historical period include strategies for cost reduction, farm scale and size, market competition, changes in regulation, collaboration within the industry, as well as demands for productivity and efficiency.
Anticipated robust expansion is in the pipeline for the guidance and steering system for the agriculture market in the upcoming years, with the market size predicted to rise to "$3.27 billion by 2029 , charting a compound annual growth rate (CAGR) of 6.9%. Factors contributing to this growth during the forecast period include the evolution of market trends, acceleration in demand for precision farming, embracement of precision agriculture, market proliferation, and prioritization of environmental sustainability. Key trends that will shape the forecast period encompass enhancements in precision agricultural techniques, AI and machine learning incorporation, proliferation of data connectivity and IoT, trends in autonomous farming, customization, and adaptability.
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What are the emerging trends shaping the future of the guidance and steering system for agriculture market?
Advancements in product design is an emerging trend in the agriculture's guidance and steering system industry. Leading corporations in this market are coming up with technical product innovation to maintain their market standing. In March 2023, SingularXYZ Intelligent Technology Ltd., a manufacturing firm based in China, introduced an upgraded version of the SAgro100 automated steering system. This advanced technology employs GPS systems and detailed mapping to supply farmers with precise and effective guidance and steering for their farming machinery. It also offers special features such as auto-steering of 5 cm, with accuracy up to 2.5 cm, which can enhance agricultural efficiency and quality, while also offering hands-free operation. It provides several work modes including a straight line, curve, U-turn, and pivot. It promises increased yield with lower costs, broad compatibility, a range of task types, farm management, and system components that aid farmers in planting, cultivating, and reaping their crops more competently.
Which growth-oriented segments of the guidance and steering system for agriculture market are leading the industry's development?
The guidance and steering system for agriculture market covered in this report is segmented -
1) By Components: Hardware, Software, Services
2) By Type: BeiDou Navigation Satellite System (BDS), Global Positioning System ( GPS), Globalnaya Navigazionnaya Sputnikovaya Sistema (GLONASS), Global Navigation Satellite System (GALILEO)
3) By Application: Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking And Forecasting, Irrigation Management, Inventory Management, Farm Labor Management, Other Applications
Subsegments:
1) By Hardware: GPS Receivers, Sensors, Control Displays, Actuators and Steering Mechanisms, Antennas
2) By Software: Guidance Software, Mapping and Data Analysis Software, Fleet Management Software, Integration Software
3) By Services: Installation Services, Maintenance and Support Services, Training and Consulting Services, Data Management Services
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What regions are leading the charge in the guidance and steering system for agriculture market?
North America was the largest region in the guidance and steering system for agriculture market in 2024. The regions covered in the guidance and steering system for agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the guidance and steering system for agriculture market?
Major companies operating in the guidance and steering system for agriculture market include ABB Ltd., Agriculture Solutions Inc., Green Peak Technologies Inc., Honeywell International Inc., Koch AG & Energy Solutions LLC, Kugler Company, Levant Power Corporation, 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
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What Is Covered In The Guidance And Steering System For Agriculture Global Market Report?
• Market Size Forecast: Examine the guidance and steering system for agriculture market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the guidance and steering system for agriculture market for a structured understanding.
• Key Players Overview: Analyze major players in the guidance and steering system for agriculture market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the guidance and steering system for agriculture market.
• Segment Contributions: Evaluate how different segments drive overall growth in the guidance and steering system for agriculture market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the guidance and steering system for agriculture market.
• Industry Challenges: Identify potential risks and obstacles affecting the guidance and steering system for agriculture market.
• Competitive Landscape: Review strategic developments in the guidance and steering system for agriculture market, including expansions, agreements, and new product launches.
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