Precision Farming Industry Overview
The global precision farming market size is anticipated to reach USD 24.09 billion by 2030, registering a CAGR of 12.8% from 2024 to 2030. Precision farming, also known as site-specific crop management or satellite farming, is a farm management concept that uses information technology to ensure optimum health and productivity of crops.
The precision farming technique largely depends on specialized equipment such as sensing devices, antennas and access points, and automation and control systems. It also includes maintenance and managed services. The process also incorporates a broad range of technologies such as bio-engineering, robotics and automation, imagery and sensors, and big data.
The growing number of applications for telematics in agriculture is anticipated to supplement the growth of the market. Telematics services include tracking devices that deploy the Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. Major agriculture equipment manufacturers are adopting telematics services for their equipment to improve farm efficiency, thereby reducing the cost of agricultural operations and maximizing profitability. Improved management can also help reduce environmental impact.
Gather more insights about the market drivers, restrains and growth of the Precision Farming Market
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 growth of the market during the forecast period.
Furthermore, with GPS guidance and automation advancements, drones are poised to transform the agriculture industry in the forthcoming years. 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.
However, the low rate of technology adoption among farmers is likely to hamper market growth during the study period. This may be due to factors such as the absence of stringent standards and limitations on the exchange of data. Furthermore, farmers lack independent consulting and advisory services owing to the absence of validated agronomic models for Variable Rate Technology (VRT) to make decisions on investments. In addition, independent services are not linked to co-operatives, government bodies, and farmer associations where farmers can get additional information to make better decisions.
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Precision Farming Market Segmentation
Grand View Research has segmented the global precision farming market report based on offering, application, and region
Precision Farming Offering Outlook (Revenue, USD Million; 2017 - 2030)
- 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 Sensors
- Climate Sensors
- Others
- Soil Sensor
- Antennas Access Points
- Software
- Web-based
- Cloud-based
- Services
- System Integration Consulting
- Maintenance Support
- Managed Types
- Data Types
- Analytics Types
- Farm Operation Types
- Assisted Professional Types
- Supply Chain Management Types
- Climate Information Types
- Automation Control Systems
Precision Farming Application Outlook (Revenue, USD Million; 2017 - 2030)
- Yield Monitoring
- On-Farm
- Off-Farm
- Field Mapping
- Crop Scouting
- Weather Tracking Forecasting
- Irrigation Management
- Inventory Management
- Farm Labor Management
Precision Farming Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Italy
- Asia Pacific
- China
- Japan
- India
- Australia
- Singapore
- South America
- Brazil
- Middle East and Africa (MEA)
Key Companies profiled:
- Ag Leader Technology
- AgJunction, Inc.
- CropMetrics LLC
- Trimble, Inc.,
- AGCO Corporation
- Raven Industries Inc.
- Deere and Company
- Topcon Corporation
- AgEagle Aerial Systems Inc. (Agribotix LLC)
- DICKEY-john Corporation
- Farmers Edge Inc.
- Grownetics, Inc.
- Proagrica (SST Development Group, Inc.)
- The Climate Corporation
Key Precision Farming Market Company Insights
Some of the key players operating in the market include Ag Leader Technology; AgJunction, Inc.; CropMetrics LLC; Trimble, Inc.; AGCO Corporation; Raven Industries Inc.; Deere and Company; Topcon Corporation; AgEagle Aerial Systems Inc. (Agribotix LLC); DICKEY-john Corporation; Farmers Edge Inc.; Grownetics, Inc.; Proagrica (SST Development Group, Inc.); The Climate Corporation among others.
- Deere Company is engaged in the manufacturing construction of agricultural and forestry machinery; drivetrains and diesel engines for heavy equipment; and lawn care machinery. Additionally, the company also manufactures and provides other heavy manufacturing equipment. The company serves diverse industries such as agriculture, forestry, construction, landscaping grounds care, engines drivetrain, government and military, and sports turf.
- AGCO Corporation is a U.S.-based agriculture equipment manufacturer. The company develops and sells products and solutions such as tractors, combines, foragers, hay tools, self-propelled sprayers, smart farming technologies, seeding equipment, and tillage equipment.
- Prospera Technologies and Agrible, Inc. are some of the emerging market participants in the target market.
- Porspera Technologies is a global service provider of agriculture technology for managing and optimizing irrigation and crop health. The company provides AI-based sensors and cameras that aid farmers in crop monitoring.
- Agrible is a U.S.- based agriculture solution provider. The company helps customers in more than 30 countries optimize water use, crop protection, fertilization, fieldwork, research trials, food supply chains, and sustainability initiatives
Recent Developments
- In July 2023, Deere Company, a global agriculture and construction equipment manufacturer announced the acquisition of Smart Apply Inc. an agriculture technology solution provider. Deere Company is focused on using Smart Apply’s precision spraying solution to assist growers in addressing the challenges related to regulatory requirements, input costs, labor, etc. The acquisition is expected to help the company attract new customers.
- In April 2023 AGCO Corporation, a global agriculture equipment provider, and Hexagon, an industrial technology solution provider declared their strategic collaboration. The collaboration is focused on the expansion of AGCO’s factory-fit and aftermarket guidance offerings.
- In May 2023, AgEagle Aerial Systems Inc., a global agriculture technology solution provider announced its establishment of a new supply agreement with Wingtra AG. The 2-year supply agreement is expected to securely supply RedEdge-P sensor kits for incorporation with WingtraOne VTOL drones.
- In May 2021, AGCO announced a targeted spraying solutions strategic collaboration with Raven Industries Inc., BASF Digital, and Robert Bosch GmbH. The objective of this deal was to assess the targeted spraying technology for enhancing crop protection product applications by limiting crop input costs and addressing environmental sustainability.
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