Precision Farming Market size was valued at USD 8.85 billion in 2022 and is poised to grow from USD 9.80 billion in 2023 to USD 22.09 billion by 2031, growing at a CAGR of 10.7% during the forecast period (2024-2031).
The global precision farming market is constantly witnessing key changes to cater to the ever-growing demands of consumers on a global scale. These changes include precision farming, growing use of big data changing farm management, vertical agriculture, and automating farming operations among others. These modernizations ranging from regenerative agriculture and digitalization to vertical agriculture, hold major potential to change the farming approach and address the current challenges faced by the planet. Moreover, the rising proliferation of the Internet of Things in modern farming practices is another key driver impacting the precision farming market growth.
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Top Player’s Company Profiles
- Deere & Company (US)
- Trimble Inc. (US)
- AGCO Corporation (US)
- AgJunction LLC (US)
- Raven Industries, Inc. (US)
- AG Leader Technology (US)
- Teejet Technologies (US)
- Topcon (US)
- Taranis (Israel)
- AgEagle Aerial Systems Inc (US)
- ec2ce (Spain)
- Microdrones GmbH (Germany)
- PrecisionHawk (US)
- The Climate Corporation (US)
- SST Software (US)
- AgriSight, Inc. (France)
- Agribotix LLC (US)
- Granular, Inc. (US)
- Iteris, Inc. (US)
- Gamaya SA (Switzerland)
- Hexagon AB (Sweden)
- ABACO S.P.A. (Italy)
- Precision Hawk (US)
- Descartes Labs, Inc. (US)
- Cropx Inc. (Israel)
- Farmers Edge Inc. (Canada)
- Grownetics (US)
- Cropin Technology Solutions Private Limited (India)
- Gamaya (Switzerland)
- Kubota Corporation (Japan)
- CNH Industrial N.V. (UK)
- Dickey-john Corporation (US)
- Telus (Canada)
- The Yield Technology Solutions PTY Ltd. (Australia)
Data quality and variability are some barriers to adopting sustainable farming practices. To deal with this, satellite technology helps farmers to study maximum farm areas in less time and in realtime. Also, it aids growers to respond quickly to localized problems, such as irrigation and fertilization. Improved technologies like GPS and GIS allow farmers to understand the heterogeneity, topography, and production estimation of crops and for tracking livestock. Farmers are actively preferring IoT services to determine which fertilizers and pesticides can be used to reach the best efficiency, control production practices, monitoring weather for crops, and decreasing production challenges. The use of IoT sensors like RFID chips encourage farmers to enhance all the farming tasks comprising cattle tracking and crop agriculture.
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Segments covered
Offering
Hardware (Automation and Control Systems {Displays, Guidance and steering systems, GPS/GNSS devices, Drones/UAVs, Irrigation controllers, Handheld mobile devices/handheld computers, Flow and application control devices, Others}, Sensing And Monitoring Devices {Yield monitors, Soil sensors [Moisture sensors, Temperature sensors, Nutrient sensors], Water sensors, Climate sensors}), Software (Local/Web-based Software, Cloud-based Software), Service (System Integration and Consulting Services, Managed Services {Farm Operation Services, Data Services, Analytics Services}, Connectivity Services, Assisted Professional Services {Supply Chain Management Services, Climate Information Services, Others}, Maintenance And Support Services)
Technology
Guidance Technology (GPS/GNSS-Based Guidance Technology, GIS-Based Guidance Technology), Remote Sensing Technology (Handheld or Ground-based Sensing, Satellite or Aerial Sensing), Variable Rate Technology (Map-based, Sensor-based)
Application
Yield Monitoring (On-farm Yield Monitoring, Off-farm Yield Monitoring), Crop Scouting (Pre-seeding Crop Scouting, Post-seeding Crop Scouting, Crop Monitoring), Field Mapping (Boundary Mapping, Drainage Mapping), Variable Rate Application (Precision Irrigation, Precision Seeding, Precision Fertilization {Nitrogen VRA, Phosphorous VRA, Lime VRA}, Others), Weather Tracking and Forecasting, Inventory Management, Farm Labor Management, Financial Management, Others (Demand Forecasting, Customer Management, Payables and Receivables)
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GIS & GPS, and Drone Technology will Fuel Modern Agriculture
Precision farming makes use of Geographic Information Systems and Global Positioning Systems to help the growers with nearly every procedure like planning of farm, mapping field, tractor guidance, soil sampling, crop scouting, yield mapping, and variate rate applications. They also help in charting crop problems like irrigation systems, roads, diseases or weeds, and field boundaries. The rising use of UAVs, popularly known as drones, is a game-changer in modern agriculture. Drones are piloted aircraft with no human pilot and operated remotely. This can efficiently improve the geographical data collection and aid evidence-enabled planning in farming. These technologies and tools can deliver helpful drones and assist with thehealth examination of crops, variable rate management of liquid pesticides, herbicides, fertilizers, and drainage and soil studies.
In April 2024, AGCO Corporation, a forerunner in design, production, and distribution of precision agriculture technology and farming machinery declared the introduction of PTx, a novel solution demonstrating its accurate agricultural portfolio.
In January 2024, Deere & Company pronounced as it signed contract with SpaceX to offer superior SATCOM (satellite communications) solutions to the growers. By using the improved Starlink system, the service will help rural farmers to leverage precision ag technologies.
In June 2024, Raven Industries, a CNH and a precision agriculture technology leader, presented its modern automation tool at 2024 Agrishow. These modernized services efficiently simplify farming operations and enhance profitability and productivity.
In November 2023, Topcon Agriculture will present recent modern innovations at Leading event, ‘Agritechnica 2023’. The grand event will experience Topcon’s dedication to increase precision solutions for a broader range of industry applications and segments.
Use of Modernized Technology to Offer More Sustainable Farming and Productivity in Future
Precision farming is an advanced agriculture practice that uses improved technologies to develop crop production and reduce wastage. The modern-age technology holds abundant potential to aid farming that could be highly sustainable, delivering food to the growing population and taking care of the earth. It can be greatly advantageous in growing crop production, reducing wastage, and making agriculture more sustainable by raising awareness on precision farming. It can notably expand sustainability and productivity of farming to a great extent.
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