Precision Farming Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Solution (Hardware, Software, Service), By Technology (Guidance System, Variable Rate Technology, Remote Sensing), By Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, Farm Labor Management), And By Geography - Forecasts From 2021 To 2026

The precision farming market is projected to witness a CAGR of 16.34% during the forecast period to reach a total market size of US$11.039 billion by 2026, increasing from US$3.827 billion in 2019. A modern farm management system identifies analyses and manages variability in fields by conducting crop production practices at the right place and time and in the right way, for optimum profitability, sustainability, and protection of the land resource.

Market Drivers

By application, weather tracking and forecasting, and irrigation management hold significant market share due to the importance of climate information and irrigation facilities to maximize productivity. Geographically, North America has the highest share in the market because of advanced farming technologies and the commercial viability of agriculture in the region.

Growth Factors

• Productivity and resource trade-off

The world population stands at 7.8 billion in 2021 with a growth rate of 1.1% according to the United Nations Population Fund and this number is expected to rise in the coming years but the land resources remain constant. The opportunity cost of increasing agricultural productivity is very high given the scarce resources. The use of modern farming techniques will aid to reach an optimal level of output coupled with mechanization, and substantial savings. The mounting demand for food globally propels the usage of precision farming techniques.

Impact of COVID-19 on the Precision Farming Market

Due to the COVID-19 pandemic, the precision farming market will witness a marginal downturn in 2020, since government restrictions and lockdowns have resulted in supply chain issues and equipment shortage. The companies are placing a greater emphasis on allowing real-time decision-making in yield monitoring, crop health monitoring, field mapping, irrigation scheduling, and harvest management among other farming sectors.

Competitive Insights

The market leaders for the Precision Farming Market are Topcon Positioning Systems Inc, Deere & Company, TeeJet Technologies, Trimble Inc., AGCO Corporation, Raven Industries, Inc., AgJunction, Ag Leader Technology, and Proagrica. 

• In 2020, Deere & Company has completed its acquisition of Unimil, a Brazilian company in the aftermarket service parts business for sugarcane harvesters.
• In 2020, TeeJet Technologies launched the AccuPulse TwinJet spray tip designed specifically for use with PWM sprayer controls, offering drift control.
• In 2020, AGCO made a private offering of $150 million of convertible senior subordinated notes subject to market and other customary conditions.
• In 2021, CNH Industrial N.V. has acquired 100% of the capital stock of Raven Industries, Inc., a US-based leader in precision agriculture technology for US$58 per share.
• In 2019, AgJunction secured three new patent allowances in the U.S. and Europe.
• In 2021, Proagrica, part of RELX acquired CDMS, a provider of compliance data and solutions to support agronomic recommendations and crop production decisions, and in 2018 acquired US-based precision agriculture solutions company, SST Software.

Precision Farming Market Scope:

Segmentation:

• By Solution
  • Hardware
  • Software
  • Service
• By Technology
  • Guidance System
  • Variable Rate Technology
  • Remote Sensing
• By Application
  • Yield Monitoring
  • Field Mapping
  • Crop Scouting
  • Weather tracking & Forecasting
  • Irrigation Management
  • Inventory Management
  • Farm Labor Management
• By Geography
  • North America
    • USA
    • Canadá
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • Indonesia
    • Taiwan
    • Thailand
    • South Korea
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the precision farming market size by 2026?
A1. The precision farming market is projected to reach a market size of US$11.039 billion by 2026.

Q2. What is the size of the global precision farming market?
A2. Precision Farming Market was valued at US$3.827 billion in 2019.

Q3. What are the growth prospects for the precision farming market?
A3. The global precision farming market is projected to witness a CAGR of 16.34% during the forecast period.

Q4. What factors are anticipated to drive the precision farming market growth?
A4. The mounting demand for food globally propels the usage of precision farming techniques.

Q5. Which region holds the maximum market share of the precision farming market?
A5. Geographically, North America has the highest share in the market because of advanced farming technologies and the commercial viability of agriculture in the region.