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Precision Farming Market - Forecasts from 2021 to 2026

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    Report

  • 120 Pages
  • December 2021
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5547611
The precision farming market is projected to witness a CAGR of 16.34% during the forecast period to reach a 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 in 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.

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
  • Canada
  • 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 about the Global Precision Farming Market

What is the estimated value of the Global Precision Farming Market?

The Global Precision Farming Market was estimated to be valued at $3.83 Billion in 2019.

What is the growth rate of the Global Precision Farming Market?

The growth rate of the Global Precision Farming Market is 16.3%, with an estimated value of $11.04 Billion by 2026.

What is the forecasted size of the Global Precision Farming Market?

The Global Precision Farming Market is estimated to be worth $11.04 Billion by 2026.

Who are the key companies in the Global Precision Farming Market?

Key companies in the Global Precision Farming Market include Topcon Positioning Systems Inc, Deere & Company, TeeJet Technologies, Trimble Inc., AGCO Corporation, Raven Industries, Inc., AgJunction, Ag Leader Technology and Proagrica.

Table of Contents

1. INTRODUCTION
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. PRECISION FARMING MARKET BY SOLUTION
5.1. Hardware
5.2. Software
5.3. Service
6. PRECISION FARMING MARKET BY TECHNOLOGY
6.1. Guidance System
6.2. Variable Rate Technology
6.3. Remote Sensing
7. PRECISION FARMING MARKET BY APPLICATION
7.1. Yield Monitoring
7.2. Field Monitoring
7.3. Crop Scouting
7.4. Weather Tracking & Forecasting
7.5. Irrigation Management
7.6. Inventory Management
7.7. Farm Labor Management
8. PRECISION FARMING MARKET BY GEOGRAPHY
8.1. North America
8.1.1. USA
8.1.2. Canada
8.1.3. Mexico
8.1.4. Others
8.2. South America
8.2.1. Brazil
8.2.2. Argentina
8.2.3. Others
8.3. Europe
8.3.1. Germany
8.3.2. France
8.3.3. United Kingdom
8.3.4. Spain
8.3.5. Others
8.4. Middle East and Africa
8.4.1. Saudi Arabia
8.4.2. Israel
8.4.3. Others
8.5. Asia Pacific
8.5.1. China
8.5.2. Japan
8.5.3. South Korea
8.5.4. India
8.5.5. Thailand
8.5.6. Taiwan
8.5.7. Indonesia
8.5.8. Others
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Topcon Positioning Group
10.2. Deere & Company
10.3. TeeJet Technologies
10.4. Trimble Inc.
10.5. AGCO Corporation
10.6. Raven Industries, Inc.
10.7. AgJunction
10.8. Ag Leader Technology
10.9. Proagrica

Companies Mentioned

  • Topcon Positioning Systems Inc
  • Deere & Company
  • TeeJet Technologies
  • Trimble Inc.
  • AGCO Corporation
  • Raven Industries, Inc.
  • AgJunction
  • Ag Leader Technology
  • Proagrica

Methodology

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