Press release
Precision Agriculture Market to Hit $27.81 Billion by 2031, Growing at a CAGR of 12.9%
This growth is mainly due to increased government support for modern farming technologies and the rising need for precision farming solutions to tackle climate change challenges. However, the market faces hurdles like poor connectivity and infrastructure in rural areas, which limit widespread use.
The industry offers significant opportunities through advances in technology and a growing shortage of agricultural workers, which encourages farmers to seek automated solutions. Still, many farmers lack awareness about precision agriculture technologies, posing a major challenge. Current market trends show a rise in the use of drones for variable rate applications and the integration of artificial intelligence and big data analytics into farming solutions, which are changing traditional farming practices.
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Market Segmentation Analysis:
Hardware components are the market leaders. They are expected to take the largest share in 2024 and maintain the highest growth rate throughout the forecast period. This leadership comes from the increased use of sensing and monitoring devices that provide real-time crop data, aiding better decision-making. Government funding also boosts hardware adoption, as seen with Jammu and Kashmir's $3.68 million "Sensor-based Smart Agriculture" project, which uses IoT technology for farm automation. Partnerships are also fueling growth, like the collaboration between Denmark's Seasony and Finland's iFarm, which integrates mobile robot platforms for automated farm transportation and monitoring tasks.
In technology segments, guidance technology currently leads the market because it helps achieve precision and automation in farming equipment. Companies are working to expand their distribution networks, such as AGCO Corporation's partnership with Hexagon AB to improve guidance system offerings across tractor brands.
Variable rate technology is expected to grow the fastest because it can optimize fertilizer, pesticide, and irrigation application. Exxact Robotics highlights this trend with their 3S Spot Spray Sensor, which analyzes crops in real-time and applies targeted treatments.
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Key Players:
Some of the key players operating in the precision agriculture market (marché de l'agriculture de précision) are Deere & Company (U.S.), AGCO Corporation (U.S.), Topcon Corporation (Japan), Trimble Inc. (U.S.), Raven Industries, Inc. (U.S.) CropX Inc. (Israel), AgEagle Aerial Systems Inc. (U.S.), Netafim Ltd. (Israel), Farmers Edge Inc. (Canada), AgJunction LLC (U.S.), AMVAC Chemical Corporation (U.S.), YANMAR HOLDINGS CO., LTD. (Japan), Ag Leader Technology (U.S.), Ecorobotix SA (Switzerland), BASF SE (Germany), Climate LLC (U.S.), TeeJet Technologies (U.S.), DICKEY-john (U.S.), XMachines (India), Naïo Technologies (France), Robotics Plus Limited (New Zealand), FieldBee (Netherlands), Agremo (Serbia), Verdant Robotics (U.S.), Agrobot (Spain), SZ DJI Technology Co., Ltd. (China), XAG Co., Ltd. (China), and Terra Drone Corporation (Japan).
Application and Geographic Insights:
Yield monitoring applications currently dominate the market, providing farmers with precise, geo-referenced field data. However, precision irrigation is projected to grow most quickly due to water scarcity issues and government programs promoting water-efficient farming, like Netafim Africa's partnership with Rwanda's government. In terms of geography, the Asia-Pacific leads the market and is expected to maintain the highest growth rate. This region's dominance comes from its urgent need to address labor shortages and pressures on the food supply chain with technological solutions. China's use of remote sensing satellite technology for monitoring winter wheat showcases the region's commitment to improving precision agriculture.
Strategic partnerships continue to shape the industry landscape, with companies like CropX teaming up with Zuari FarmHub to introduce real-time monitoring technologies that give farmers data-driven insights to boost productivity and sustainability.The precision agriculture market represents a major shift in farming practices. It combines technology with traditional agriculture to tackle modern challenges while promising improved efficiency, sustainability, and food security for the future.
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Key questions answered in the report:
Which are the high-growth market segments based on offering, technology, and application?
What was the historical market for precision agriculture?
What are the market forecasts and estimates for the period 2024-2031?
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Agriculture Equipment Market: https://www.meticulousresearch.com/product/agriculture-equipment-market-5374
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