Increasing usage of IoT in the agriculture sector is contributing to the growth of the precision Farming/Agriculture market. Farm managers & producers are leveraging the capabilities of the IoT devices, such as sensors, GPS & GNSS systems, and automated steering systems, for soil sampling, temperature monitoring, filed mapping, irrigation management, and several other applications
Market Size – USD 5.3 Billion in 2018, Market Growth - CAGR of 12.7%, Market Trends – New product launches and increasing usage of IoT in Farming/Agriculture practices
NEW YORK, April 17, 2019 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global precision Farming/Agriculture market was valued at USD 5.3 Billion in 2018 and is expected to reach USD 14.1 Billion by the year 2026, at a CAGR of 12.7%. This high growth is mainly attributable to an increasing usage of GPS & GIS systems to monitor agricultural parameters. These field mapping systems help to gather real-time data and enable the analysis of a huge geospatial data set. These systems facilitate field mapping, soil sampling, and farm planning and help farmers to adopt effective soil or plant treatment strategies, increasing farm production. In addition, sensors are placed throughout the field that measure temperature, nutrition level and humidity of the soil. Therefore, the technology eliminates manual human efforts by automating crucial processes including real-time farm monitoring and information sharing.
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Precision Farming/Agriculture is swiftly gaining popularity among farmers due to the increasing need for optimum production with the given resources. Further, the changing weather patterns due to increasing global warming have necessitated the adoption of advanced technologies to enhance the productivity and crop yield. Another factor contributing to the precision Farming/Agriculture market growth is the huge use of drones and aircrafts for precision Farming/Agriculture operations. Drones have emerged as an excellent alternative to the traditional surveying & data gathering methods in agricultural operations. By using drones for crop monitoring, farm owners can significantly lower their production costs and reduce required the man-hours and work-load. The players operating in the market are developing modern agriculture-focused drones with sophisticated precision & accuracy to increase productivity.
The major factors driving the precision Farming/Agriculture technology is the growing use of cloud-based technology, rising use of smart phones and the increasing application of technology in Farming/Agriculture with the aim of minimizing the human efforts and losses. Additionally, the need to maximize food production by the optimum use of resources is spurring the market growth globally. Further, the government incentives and subsidies towards increasing the productivity and conserving the environment is expected to catalyze the demand for precision Farming/Agriculture. Some of the other factors affecting the overall growth of the market are changing climatic conditions, rapid urbanization and the expanding application of navigation systems
The major restraints of the market are affordability of the technology and lack of awareness about the benefits of precision Farming/Agriculture among farmers, particularly in the developing countries of India, Pakistan, Bangladesh, Indonesia, and Thailand among others.
Further key findings from the report suggest
- Precision Farming/Agriculture market in North America was the largest with a share of 2% in 2018. The market here is projected to grow at a CAGR of 11.0% during the forecast period.
- The increasing adoption of efficient and sustainable Farming/Agriculture practices to ensure food security is one of the primary factors contributing to the use of precision Farming/Agriculture techniques in the agriculture sector.
- In 2018, the U.S. precision Farming/Agriculture market sales grew to USD 1.3 billion, at a CAGR of 9.3% during the forecast period.
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- The Asia-Pacific region is projected to be the fastest growing market during the forecast period, growing at a CAGR of 18.7%. Presence of countries with the largest population, rising demands for food products, and the need to enhance farm output drive the demand for precision Farming/Agriculture techniques in the region.
- The hardware segment dominated the market in terms of revenue in 2018 and is expected to remain dominant over the forecast period. The hardware segment was valued at USD 3.7 billion in 2018.
- The software segment is anticipated to witness a high growth rate of 17.6% over the forecast period. The software segment includes a detailed analysis of web-based and cloud-based precision agriculture.
- Although maintenance and consulting services are lesser than the integration and installation services in the market for precision Farming/Agriculture, they are anticipated to observe greater CAGR of 15% during the forecast period.
- Yield monitoring is the most widely used application in precision Farming/Agriculture as it plays a vital role in understanding field variability and helps farmers in maximizing their farm yields.
- With the growing population and climate change, farms of all sizes are facing challenges to increase the crop yield. Such challenges can be addressed using IoT sensors such as field sensors. Field sensors encompass soil moisture, thermal, nutrition, and growth monitoring, as well as weed detection.
- The emergence of Geographical Information System (GIS), agricultural Global Positioning System (GPS) systems, electronics miniaturization, and the emergence of drones have made remote sensing technology affordable in the agriculture industry. The images captured using remote sensing technology can be used for the classification of crop species, mapping of soil properties and crop yield, detection of crop water stress, and monitoring of weeds and crop diseases.
- Weather monitoring applications in the precision Farming/Agriculture market is projected to grow at a CAGR of over 16% from 2019 to 2026. As the agricultural sector is vulnerable to disruptive weather events, the demand for actionable & timely information increases. The real-time data regarding weather conditions help farmers to increase their yield and reduce costs while minimizing crop damage risks.
- Key participants include Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), The Climate Corporation (US), Descartes Labs (US), ec2ce (Spain), Gamaya (Switzerland), Decisive Farming/Agriculture (Canada).
For the purpose of this report, Reports and Data has segmented the precision Farming/Agriculture market on the basis of component, technology, application, and region:
Component (Revenue, USD Million; 2016–2026)
- Automation & Control Systems
- Guidance & Steering
- GPS & GNSS
- Drones, UAV & Cameras
- Sensing and Monitoring Device
- Yield Monitors
- Soil Sensors
- Water Sensors
- Climate Sensors
- Consulting & training
- Maintenance & update
- Managed Service
- Other Services
- Automation & Control Systems
Technology (Revenue, USD Million; 2016–2026)
- Guidance Technology
- Remote Sensing
- Variable-Rate Technology
Application (Revenue, USD Million; 2016–2026)
- Yield Monitoring
- Field Mapping
- Crop Scouting
- Weather Tracking & Forecasting
- Irrigation Management
- Inventory Management
- Farm Labor Management
- Financial Management
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America