Precision Farming Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

Published Date : Dec 2020 | No. of Pages : 250 Pages | Category : ICT

The global Precision Farming market size is expected to be worth around US$ 12.10 billion by 2028, according to a new report by Vision Research Reports.

The global Precision Farming market size was valued at US$ 4.9 billion in 2020 and is anticipated to grow at a CAGR of 13.02% during forecast period 2021 to 2028.

Growth Factors

The growing number of applications for telematics in agriculture is anticipated to drive demand for precision farming over the projected period. Telematics services include tracking devices using the Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. Major manufacturers of agriculture equipment are adopting telematics services for their equipment to improve farm efficiency, thereby reducing the cost of agricultural operations and maximizing profitability. Additionally, improved management can help reduce environmental impact. Telematics technology is used to capture and transfer data from the farm equipment through sensors installed on tractors and other field monitoring equipment. The increasing adoption of telematics systems by agricultural equipment companies is expected to drive the precision agriculture market.

Furthermore, with advancements in GPS guidance and automation, drones are poised to transform the agriculture industry. The ability of drones to precisely analyze the soil at the beginning of the crop cycle and detect a plant infected with bacteria or fungus is anticipated to propel the growth of the drone segment.

Report Highlights

Based on offering, the precision farming market has been segmented into hardware, software, and services. The hardware segment led the market for precision farming in terms of revenue in 2019 and is expected to remain dominant over the forecast period. The hardware segment has been further bifurcated into automation and control systems, sensing devices, and antennas and access points. The hardware components such as automation and control systems, sensing devices, and drones play a major role in helping farmers. 

The software segment is fragmented on the basis of web-based and cloud-based precision farming. Cloud computing focuses on shared networks, servers, and storage devices, owing to which the high costs incurred in maintaining hardware and software infrastructure is eliminated. As a result, the software segment is anticipated to register a CAGR of over 15% during the forecast period. 

Based on application, the market for precision farming has been segmented into field mapping, yield monitoring, crop scouting, irrigation management, inventory management, weather tracking and forecasting, and farm labor management. The weather tracking and forecasting segment are anticipated to expand over a CAGR of 18% during the forecast period. 

The yield monitoring segment dominated the market for precision farming in 2019 and is expected to continue its dominance over the forecast period as it helps the farmers to make decisions about their fields. The segment is further segregated into on-farm yield monitoring and off-farm yield monitoring. On-farm yield monitoring enables farmers to obtain real-time information during harvest and create a historical spatial database.

North America dominated the market for precision farming in terms of revenue in 2019. The region is an early adopter of technologies. Factors such as increasing government initiatives for the adoption of modern agriculture technologies and developed infrastructure have contributed to the high revenue of the regional market. For instance, the National Institute of Food and Agriculture (NIFA)-part of the U.S. Department of Agriculture-conducts geospatial, sensor, and precision technology programs to create awareness among farmers.

The Asia Pacific is expected to witness significant growth over the forecast period. The region is expected to witness a CAGR of over 15% from 2020 to 2027. Numerous government initiatives are being undertaken in developing countries such as India, Sri Lanka, and Nigeria to encourage the implementation of modern precision farming technologies, thereby maximizing productivity. 

Key Players

Ag Leader Technology (U.S.); AgJunction, Inc. (U.S.); CropMetrics LLC (U.S.); Trimble, Inc. (U.S.); AGCO Corporation (U.S.); Raven Industries Inc. (U.S.)

Market Segmentation

  • Offering Outlook 

    • Hardware

      • Automation & Control Systems

        • Drones

        • Application Control Devices

        • Guidance System

          • GPS

          • GIS

        • Remote Sensing

          • Handheld

          • Satellite Sensing

        • Driverless Tractors

        • Mobile Devices

        • VRT

          • Map-based

          • Sensor-based

        • Wireless Modules

          • Bluetooth Technology

          • Wi-Fi Technology

          • Zigbee Technology

          • RF Technology

      • Sensing Devices

        • Soil sensor

          • Nutrient Sensor

          • Moisture Sensor

          • Temperature Sensor

        • Water Sensor

        • Climate Sensor

        • Others

      • Antennas & Access Points

    • Software

      • Web-based

      • Cloud-based

    • Services

      • System Integration & Consulting

      • Maintenance & Support

      • Managed Services

        • Data Services

        • Analytics Services

        • Farm Operation Services

      • Assisted Professional Services

        • Supply Chain Management Services

        • Climate Information Services

  • Application Outlook

    • Yield Monitoring

      • On-farm

      • Off-farm

    • Field Mapping

    • Crop Scouting

    • Weather Tracking & Forecasting

    • Irrigation Management

    • Inventory Management

    • Farm labor Management

  • Regional Outlook 

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • France

      • Russia

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

      • Singapore

    • South America

      • Brazil

    • The Middle East and Africa (MEA)

The Precision Farming market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Precision Farming market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Precision Farming market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Precision Farming market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Precision Farming market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Precision Farming capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Precision Farming by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Precision Farming market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Precision Farming market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Precision Farming market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Precision Farming industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Precision Farming market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Precision Farming market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Precision Farming market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Precision Farming market. These factors have benefited the growth of the global market for Precision Farming. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Precision Farming. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Precision Farming are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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