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Guidance And Steering System For Agriculture Industry Outlook 2025-2029: Market Set to Cross $3.27 Billion Milestone
Guidance And Steering System For Agriculture
How Large Will the Guidance And Steering System For Agriculture Market Size By 2025?
The market size for the agricultural guidance and steering system has demonstrated significant growth in the past few 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 such as cost reduction strategies, the size and scale of farms, market competition, changes in regulations, industrial collaborations, along with demands for productivity and efficiency have contributed to the growth experienced in the historical period.
How Big Is the Guidance And Steering System For Agriculture Market Size Expected to Grow by 2029?
The agriculture guidance and steering system market is projected to experience robust growth in the imminent years, with the value anticipated to reach "$3.27 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 6.9%. This growth during the forecast duration can be traced back to evolving market trends, the need for precision farming, the acceptance of precision agriculture, market development, and environmental sustainability. Key trends during the forecast period encompass enhancements in precision agriculture, the incorporation of AI and machine learning, data connectivity and IoT, trends in autonomous farming, customization, and versatility.
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Which Key Market Drivers Powering Guidance And Steering System For Agriculture Market Expansion and Growth?
The growth of guidance and steering systems for the agricultural market is anticipated to be driven by the rising implementation of precision farming in the forthcoming years. Known also as precision agriculture, precision farming employs high-tech methods to enhance crop yields and minimize waste, making guidance and steering systems a critical part of the process. By utilizing GPS and other technologies, these systems can accurately direct farm equipment like combines, tractors, and sprayers. Consequently, resources like water, pesticides, and fertilizers are used more efficiently, which not only decreases waste but also elevates crop yields. This aspect, therefore, amplifies the market for agricultural guidance and steering systems. For instance, U.S. Wheat Associates Inc., a US-based export market development organization, reported in August 2022, that farmers employing precision farming technology noticed a 4% increase in crop yield, a 7% advance in fertilizer placement efficacy, a 9% reduction in herbicides and pesticides use, and a 6% decline in fossil fuels usage. Hence, the growing implementation of precision farming is predicted to enhance the market for agricultural guidance and steering systems.
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Which Fast-Growing Trends Are Poised to Disrupt the Guidance And Steering System For Agriculture Market?
The guidance and steering system for the agriculture market is experiencing technological innovation. In March 2023, China-based SingularXYZ Intelligent Technology Ltd. introduced an upgraded SAgro100 system. It features 5 cm auto-steering, multiple work modes, farm management functions, and high compatibility for precise farming operations.
What Are the Emerging Segments in the Guidance And Steering System For Agriculture Market?
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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Guidance And Steering System For Agriculture Industry?
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
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