Precision Farming Global Market Report 2024

Description

“Precision Farming Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on precision farming market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for precision farming? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The precision farming market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Offering: Hardware; Software; Services
2) By Technology: Guidance Technology; Remote Sensing Technology; Variable Rate Application
3) By Application: Yield Monitoring; Field Mapping; Crop Scouting; Weather Tracking & Forecasting; Irrigation Management; Inventory Management; Farm Labor Management; Other Applications
Companies Mentioned: Deere and Company; Trimble Inc; AGCO Corporation; AgJunction Inc; Raven Industries Inc
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Precision farming is a farm management model that revolves around observing, quantifying, and responding to various intra- and inter-field variable inputs in contemporary agriculture. The goal is to increase food production while optimizing resource use and reducing labor costs.

The main offerings in precision farming include hardware, software, and services. Hardware encompasses physical components or delivery systems that store and execute the instructions provided by software. In digital farming, hardware tools are employed to enhance resource utilization and showcase products in various forms. Examples of hardware tools extensively used in precision farming include automation and control systems, drones, application control devices, guidance systems, GPS (Global Positioning System), GIS (Geographic Information System), remote sensors, satellite sensors, driverless tractors, and mobile devices. Different technologies, such as guidance technology, remote sensing technology, and variable rate application, are applied in various precision farming activities, including yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, and others.

The precision farming market research report is one of a series of new reports from The Business Research Company that provides precision farming market statistics, including precision farming industry global market size, regional shares, competitors with a precision farming market share, detailed precision farming market segments, market trends and opportunities, and any further data you may need to thrive in the precision farming industry. This precision farming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The precision farming market size has grown rapidly in recent years. It will grow from $7. 72 billion in 2023 to $8. 93 billion in 2024 at a compound annual growth rate (CAGR) of 15. 6%. The growth observed in the historical period can be attributed to various factors, including the increasing global population, growing environmental concerns related to agriculture, government support initiatives, and the consolidation of farms for more efficient and large-scale operations.

The precision farming market size is expected to see rapid growth in the next few years. It will grow to $15. 42 billion in 2028 at a compound annual growth rate (CAGR) of 14. 6%. The anticipated growth in the forecast period can be attributed to factors such as climate change adaptation and a heightened focus on sustainability in agriculture. Key trends expected during this period include the utilization of big data and analytics, the development of digital farming platforms, the adoption of drone technology, increased integration of robotics and automation, the use of smart sensors and IoT devices, the implementation of precision livestock farming techniques, and a growing emphasis on collaboration and partnerships within the agricultural industry.

The precision farming market is poised for growth due to the increasing demand for food. Precision farming involves an advanced agricultural approach that utilizes technology to observe, measure, and analyze the specific needs of individual fields and crops, ultimately leading to higher yields. The demand for food is on the rise, as evidenced by the projected increase in world wheat production from 760. 7 million tonnes in 2019/20 to an estimated 778 million tonnes in 2022/23, as reported by the Committee for the Common Organisation of Agricultural, a European agricultural committee. This escalating demand for food production is expected to drive the growth of the precision farming market.

The precision farming market is anticipated to experience a boost from the increasing prevalence of IoT-linked devices. These devices, such as sensors and drones, connect wirelessly to networks and gather real-time data on various farming variables, allowing farmers to make informed decisions promptly. The number of broadband IoT connections, reaching 1. 3 billion in 2022, is expected to grow further, with nearly 60% of cellular IoT connections predicted to be broadband IoT connections by the end of 2028, according to a report by Ericsson, a Sweden-based telecommunication company. The widespread adoption of IoT-linked devices is a key driver for the growth of the precision farming market.

A significant trend in the precision farming market is technological advancements, particularly in precision technology innovation for sustainable agriculture. Major companies in the precision farming market are actively developing advanced technologies to enhance various aspects of agriculture, including profitability, increased production, economic efficiency, and reduced environmental impact. For instance, JCB, a UK-based equipment manufacturer, launched the Fastrac iCON tractor with integrated precision technology designed for precision farming applications. This tractor features unique capabilities such as Universal Terminal, AUX-N capabilities, and simple task control, integrating GPS and NOVATEL Smart-7 receiver for high performance.

Innovative products, such as advanced blockage and flow monitoring systems, are being developed by major companies in the precision farming market to expand their customer base and increase revenue. Precision Planting, a US-based agricultural service company, introduced Clarity, an advanced system designed to enhance the real-time performance of agricultural equipment. This system provides a detailed display of critical information, allowing farmers to monitor the flow and distribution of products in real time, ensuring consistent peak performance.

In May 2022, IDEX Corporation, a US-based manufacturer, acquired KZValve, a US-based precision farming components manufacturer, to strengthen its capability to deliver essential solutions for industrial and agricultural applications.

Major companies operating in the in the precision farming market report are Deere and Company, Trimble Inc, AGCO Corporation, AgJunction Inc, Raven Industries Inc, AG Leader Technology, Teejet Technologies Private Limited, Topcon Positioning Systems, DICKEY-john Corporation, CropMetrics LLC, CropX Technologies Ltd, Agribotix LLC, AgEagle Aerial Systems Inc, Granular Inc, Hexagon Agriculture, Iteris Inc., AgSmarts Inc, Intelligent Agricultural Solutions LLC, Grownetics Inc, Cargill Incorporated, Precision Planting LLC, Farmers Edge Inc., The Climate Corporation, Taranis-Visual Ltd., Descartes Labs, Mavrx Inc., TerrAvion Inc., Gamaya Inc., Aerobotics, Teralytic, Arable Labs, Fieldin Inc., Agworld Pty Ltd., CropIn Technology Solutions Pvt. Ltd., AgriTask, Conservis Corporation, Farmobile LLC

North America was the largest region in the precision farming market in 2023. The regions covered in the precision farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the precision farming market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The precision farming market consists of revenues earned by entities by providing precision farming services such as hyperspectral imaging, detection and diagnostics of disease, controlling weeds and pests, preventing soil degradation, efficient use of land, soil sampling, and soil mapping. The market value includes the value of related goods sold by the service provider or included within the service offering.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r10529

1. Executive Summary

2. Precision Farming Market Characteristics

3. Precision Farming Market Trends And Strategies

4. Precision Farming Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Precision Farming Market Size and Growth

5.1. Global Precision Farming Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Precision Farming Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Precision Farming Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Precision Farming Market Segmentation

6.1. Global Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Hardware
Software
Services
6.2. Global Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Guidance Technology
Remote Sensing Technology
Variable Rate Application
6.3. Global Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Yield Monitoring
Field Mapping
Crop Scouting
Weather Tracking & Forecasting
Irrigation Management
Inventory Management
Farm Labor Management
Other Applications

7. Precision Farming Market Regional And Country Analysis

7.1. Global Precision Farming Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Precision Farming Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Precision Farming Market

8.1. Asia-Pacific Precision Farming Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. 4. Asia-Pacific Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Precision Farming Market

9.1. China Precision Farming Market Overview
9.2. China Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9. 4. China Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Precision Farming Market

10.1. India Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Precision Farming Market

11.1. Japan Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. Japan Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Precision Farming Market

12.1. Australia Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Precision Farming Market

13.1. Indonesia Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Precision Farming Market

14.1. South Korea Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. South Korea Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Precision Farming Market

15.1. Western Europe Precision Farming Market Overview
15.2. Western Europe Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. 4. Western Europe Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Precision Farming Market

16.1. UK Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Precision Farming Market

17.1. Germany Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Precision Farming Market

18. 5. France Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 6. France Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 7. France Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Precision Farming Market

19. 9. Italy Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Precision Farming Market

20.13. Spain Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Precision Farming Market

21.1. Eastern Europe Precision Farming Market Overview
21.2. Eastern Europe Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. 4. Eastern Europe Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Precision Farming Market

22.1. Russia Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Precision Farming Market

23.1. North America Precision Farming Market Overview
23.2. North America Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. 4. North America Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Precision Farming Market

24.1. USA Precision Farming Market Overview
24.2. USA Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. 4. USA Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Precision Farming Market

25.1. Canada Precision Farming Market Overview
25.2. Canada Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. 4. Canada Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Precision Farming Market

26.1. South America Precision Farming Market Overview
26.2. South America Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. 4. South America Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Precision Farming Market

27.1. Brazil Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Precision Farming Market

28.1. Middle East Precision Farming Market Overview
28.2. Middle East Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. 4. Middle East Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Precision Farming Market

29.1. Africa Precision Farming Market Overview
29.2. Africa Precision Farming Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Precision Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. 4. Africa Precision Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Precision Farming Market Competitive Landscape And Company Profiles

30.1. Precision Farming Market Competitive Landscape
30.2. Precision Farming Market Company Profiles
- 30.2.1. Deere and Company
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1. 4. Financial Performance
- 30.2.2. Trimble Inc
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2. 4. Financial Performance
- 30.2.3. AGCO Corporation
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3. 4. Financial Performance
- 30.2. 4. AgJunction Inc
  - 30.2. 4.1. Overview
  - 30.2. 4.2. Products and Services
  - 30.2. 4.3. Strategy
  - 30.2. 4. 4. Financial Performance
- 30.2. 5. Raven Industries Inc
  - 30.2. 5.1. Overview
  - 30.2. 5.2. Products and Services
  - 30.2. 5.3. Strategy
  - 30.2. 5. 4. Financial Performance

31. Global Precision Farming Market Competitive Benchmarking

32. Global Precision Farming Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Precision Farming Market

34. Precision Farming Market Future Outlook and Potential Analysis

34.1 Precision Farming Market In 2028 - Countries Offering Most New Opportunities
34.2 Precision Farming Market In 2028 - Segments Offering Most New Opportunities
34. 3 Precision Farming Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35. 4. Research Inquiries
35. 5. The Business Research Company
35. 6. Copyright And Disclaimer