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.
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.
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.
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.
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.
|Market size value in 2019||US$3.827 billion|
|Market size value in 2026||US$11.039 billion|
|Growth Rate||CAGR of 16.34% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Solution, Technology, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Topcon Positioning Systems Inc, Deere & Company, TeeJet Technologies, Trimble Inc., AGCO Corporation, Raven Industries, Inc., AgJunction, Ag Leader Technology, Proagrica|
|Customization scope||Free report customization with purchase|
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.
Topcon Positioning Systems Inc
Deere & Company
Raven Industries, Inc.
Ag Leader Technology
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.