Global Precision Agriculture Market (2021–2027) To Attain Market Value Of Us$ 12,649.9 Million By 2025, Growing At An Ex

Global Precision Agriculture market is anticipated to reach the market valuation of US$ 12,649.9 million by 2025 expanding at astonishing CAGR of 16.84% in the course of forecast period (2019-2025). Agriculture began as a site- specific activity years ago, and farmers used to nurture the individual plants and gardeners used to sought microclimates and patches of soil. But over the course of time, farmers have gradually acquired scientific knowledge and mechanical expertise. Owing to such trend, more uniform practices known as precision agriculture has witnessed a rapid adoption in the recent years. With booming big data analytics and information technology, farmers can collect precise data about their fields and use the acquired knowledge to customize how they cultivate each square foot of the farm field. Precision agriculture has allowed the farmers to increase their productivity to match the growing demand from global population of 9.6 billion by 2050.

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With surging world population and simultaneous increase in the food demand, the overall agricultural productivity must be increased drastically. The current world population of 7.6 billion is expected to reach 8.6 billion in 2030, 9.8 billion in 2050 and 11.2 billion in 2100, according to a new United Nations report. Agriculture in the 21st century faces multiple challenges, firstly it has to produce more food and fiber to feed a growing population with a smaller rural labor force. Secondly, more feedstocks for a potentially huge bioenergy market, contribute to overall development in many agriculture-dependent countries. Hence, precision agriculture has come as a one-way solution of increasing the yield per acre of the land along with arable land. Precision agriculture purposes to minimize the environmental impact of farming by reducing the waste and utilizing less energy. Attributed to severe climatic conditions in the form of droughts and floods, favorable government regulations in term of agriculture drones, increasing use of cloud technology, burgeoning population, surging of adoption of smartphones and various product launches such as smart farm devices such as sensors and robots for agriculture have significantly influenced the growth of precision agriculture at the global scale.

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Tremendous amount of value has been added to the production process due to increasing yields owing to the integration of various agricultural technologies. For instance, recently, researchers have developed insect arm inspired drones that are used in flight adjustment technology, which enables the drones to function in windy conditions and makes it more energy efficient. Additionally, surging investments in Agri start-ups at global scale have further driven the market potential. For instance, from analyzing satellite images to soil monitoring and field mapping, agricultural start-ups have been successful in raising around US$ 800 million funds in the past 5 years. However, lack of internet access in rural areas especially in the developing regions of Asia-Pacific and Europe, data privacy issues in United States, initial capital requirements and low adoption of smart farming practices in developing nations are some of the bottlenecks restraining the growth process of precision agriculture at the global scale.

The benefits of smart farming practices, as well as the demand of agriculture drones, remote sensing and agriculture robots can be witnessed extensively globally in terms of efficient utilization of inputs such as chemicals, fertilizers, water, fuel etc. Improved quality produced, higher crop yield and reduction in environmental footprint such as global warming and carbon emissions and risk mitigation constitute as additional benefits that can be derived via precision agriculture. Hence, in 2018, hardware component held the major share in global precision agriculture market and is anticipated to generate revenue of US$ 3,341.8 million by 2025. Under various applications of precision agriculture, yield monitoring is projected to enjoy the swiftest expansion throughout the reviewed period, accredited to drastic surge in demand for smart farm devices, with focus on automation, standardization and mechanization of farm field which further increases the crop yield. Yield monitor is a mature technology, which allows the farmers to quantify and analyze the yield variations caused by soil properties, fertility management, weather conditions and other crop management factors. The application is projected to register tremendous CAGR of 13.84% over the forecast period.

Additionally, for better investigation and penetration of global precision agriculture market, detailed regional/country level analysis has been conducted to gain knowledge about the overall adoption of precision agriculture technology globally. Major markets covered in the report include the North America (US and Canada), Europe (France, Germany, Italy, Spain and UK), Asia Pacific (India, China, Japan and Australia) and the rest of the world. In 2018, North America constitute as the leading region in adopting precision agriculture technology, mainly accredited to widespread adoption of advanced information and communication technology in the agriculture sector. In the same year, more than 25,000 farmers used IoT in US. Furthermore, increased deployment of advance agriculture solutions both in US and Canada along with small farms steadily increasing investment in precision and smart farming methods to raise farm productivity has tremendously boosted North America precision agriculture market. Furthermore, Europe and Asia Pacific are also poised to register drastic growth in precision agriculture market throughout the forecast time period accredited to surging demand for smart farm devices and growing need to cater to spurring food demand in the region, owing to increasing population.

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Some of the major companies profiled in the Global Precision Agriculture Market are AGCO Corporation, AgJunction LLC, Trimble Inc., Deere and Company, AgEagle Aerial Systems Inc, Monsanto Company, Syngenta AG, Yara International ASA, Deveron UAS Corp and American Robotics. These players consistently aim to focus on product launches as well as mergers and acquisitions to enhance the penetration of precision agriculture techniques among the farm community around the world, thereby strengthening their market position.

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