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Global Precision Agriculture Market: By Technology: GNSS/GPS Systems, GIS, Remote Sensing, Variable Rate Technology (VRT), Others; By Type; By Component; By Application; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics; Value Chain Analysis; Competitive Landscape; Industry Events and Developments

Global Precision Agriculture Market Outlook

The global precision agriculture market size reached a value of about USD 6 billion in 2020. The market is further expected to grow at a CAGR of 13% in the forecast period of 2021-2026 to reach a value of approximately USD 12.7 billion by 2026.

 

Precision Agriculture Market

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The precision agriculture technology depends heavily on specialised equipment like sensing instruments, antennas, and access points, as well as automation and control systems. It also comprises of maintenance and managed services. It combines a wide range of innovations like bioengineering, robotics and automation, imagery and sensors, and big data. The Asia Pacific is anticipated to see the most rapid growth due to the availability of the most significant agricultural land, with opportunities for growth in countries including China, India, Australia, and Japan. Governments around the world have taken multiple initiatives to promote the use of modern agricultural techniques to improve crop yield and productivity. For example, in accordance with the updated European Common Agricultural Policy (2014-2021), the European Union has developed financial incentives and support schemes to encourage farmers to invest in diverse precision agricultural technologies.

GNSS/GPS systems are the leading technology sector of the market. GNSS and GPS are used for mapping and geo-positioning, yield surveillance, surveillance of soil condition, virtual fencing, and monitoring of biomass. Automation and control systems are currently the dominating segments as they help reduce labour costs, deliver reliable performance, and improve the efficiency and precision of agricultural operations. Hardware is the leading segment in components because continuous technological developments have led to the introduction of new devices with a better location as well as data processing capabilities. Yield monitoring holds the largest share in the application sector of the precision agriculture market and helps measure and collect data based on grain flow, grain humidity, and covered agricultural area. With yield control technology, farmers can compare and improve seed performance of various seed varieties across their fields.

 

Properties and Applications

Precision agriculture (PA) refers to a farm management approach that uses information technology (IT) to guarantee that crops and soils are provided with precisely what they need for optimum health as well as productivity. Precision agriculture aims to ensure competitiveness, sustainability, and environmental protection. It is also recognized as satellite agriculture, as-needed agriculture, and site-specific crop management (SSCM).

 

Precision Agriculture Market

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Based on type, the precision agriculture market is divided into:

  • Sensing and Monitoring Devices
  • Farm Management Systems
  • Automation and Control Systems

On the basis of technology, the precision agriculture market can be segmented into:

  • GNSS/GPS Systems
  • Remote Sensing
  • Variable Rate Technology (VRT)
  • GIS
  • Others

The components can be divided into software and hardware.

It finds application in the following sectors:

  • Mapping
  • Yield Monitoring
  • Soil Monitoring
  • Precision Irrigation
  • Crop Scouting
  • Others

The regional precision agriculture markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East, and Africa.

 

Precision Agriculture Market by Region

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Market Analysis

Farmers are progressively adopting the latest technologies with the rapid penetration of smartphones as well as the internet. The growth of the precision agriculture market is due to the increasing proliferation of the Internet of Things (IoT), as well as the use by farmers of advanced analytics. Advanced analytics is a part of data science, which uses various data forecasting tools and techniques to assure that crops and soils are adequately nourished. This tends to help peasants organise their activities.

Increasing environmental issues inspire peasants to concentrate on sustainable agriculture practices like natural resource conservation. This has led to the need to improve crop nutrition and protection, and this, in turn, propels the precision farming market. Technological advancements, including vertical farms with intelligent design, have unfolded many growth opportunities in order to optimize yields as well as reduce waste.

The introduction of connected technologies like low-power wide range (LPWA), Zigbee, Wi-Fi, and new wireless sensor technologies in precision agriculture has made it possible for different farming operations to be planned and carried out efficiently. The cloud-based software model is expected to gain a significant market share for precision agriculture over the forecast period as it lowers energy use and stores large quantities of data while facilitating cost savings. The market is also being driven by the rising competition between the key players in the industry. The leading companies are developing various types of systems and devices to simplify farm work, including agricultural management systems, sensing, and monitoring tools, automation, as well as control systems. These developments have driven the market growth of the global precision agricultural market. In the forecast period, the digital revolution in agriculture and government financial incentives for farms will likely drive the precision agriculture market.

 

Competitive Landscape

The report gives a detailed analysis of the following key players in the global precision agriculture market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • AGCO Corporation
  • Deere & Company
  • Raven Industries, Inc.
  • Trimble Inc.
  • Bayer AG
  • CNH Industrial America LLC.
  • Farmers Edge Inc.
  • Fairport Farm Software
  • AGCO Corporation
  • Granular, Inc.
  • Grownetics, Inc.
  • IBM
  • Proagrica
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis. The report provides a detailed analysis of the historical (2016-2020) and forecast period (2021-2026) of the markets, along with all the micro and macro aspects.

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Precision Agriculture Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Precision Agriculture Historical Market (2016-2020) 
    8.3    Global Precision Agriculture Market Forecast (2021-2026)
    8.4    Global Precision Agriculture Market by Technology
        8.4.1    GNSS/GPS Systems
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
        8.4.2    GIS
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
        8.4.3    Remote Sensing
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2016-2020)
            8.4.3.3    Forecast Trend (2021-2026)
        8.4.4    Variable Rate Technology (VRT)
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2016-2020)
            8.4.4.3    Forecast Trend (2021-2026)
        8.4.5    Others
    8.5    Global Precision Agriculture Market by Type
        8.5.1    Automation and Control Systems
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2016-2020)
            8.5.1.3    Forecast Trend (2021-2026)
        8.5.2    Sensing and Monitoring Devices
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2016-2020)
            8.5.2.3    Forecast Trend (2021-2026)
        8.5.3    Farm Management Systems
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2016-2020)
            8.5.3.3    Forecast Trend (2021-2026)
    8.6    Global Precision Agriculture Market by Component
        8.6.1    Hardware
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2016-2020)
            8.6.1.3    Forecast Trend (2021-2026)
        8.6.2    Software
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2016-2020)
            8.6.2.3    Forecast Trend (2021-2026)
    8.7    Global Precision Agriculture Market by Application
        8.7.1    Mapping
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2016-2020)
            8.7.1.3    Forecast Trend (2021-2026)
        8.7.2    Crop Scouting
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2016-2020)
            8.7.2.3    Forecast Trend (2021-2026)
        8.7.3    Yield Monitoring
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2016-2020)
            8.7.3.3    Forecast Trend (2021-2026)
        8.7.4    Soil Monitoring
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2016-2020)
            8.7.4.3    Forecast Trend (2021-2026)
        8.7.5    Precision Irrigation
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2016-2020)
            8.7.5.3    Forecast Trend (2021-2026)
        8.7.6    Others
    8.8    Global Precision Agriculture Market by Region
        8.8.1    Market Share
            8.8.1.1    North America
            8.8.1.2    Europe
            8.8.1.3    Asia Pacific
            8.8.1.4    Latin America
            8.8.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyers Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Key Players’ Market Share
    12.3    Company Profiles
        12.3.1    AGCO Corporation 
            12.3.1.1    Company Overview
            12.3.1.2    Product Portfolio
            12.3.1.3    Demographic Reach and Achievements
            12.3.1.4    Financial Summary
            12.3.1.5    Certifications
        12.3.2    Deere & Company 
            12.3.2.1    Company Overview
            12.3.2.2    Product Portfolio
            12.3.2.3    Demographic Reach and Achievements
            12.3.2.4    Financial Summary
            12.3.2.5    Certifications
        12.3.3    Raven Industries, Inc. 
            12.3.3.1    Company Overview
            12.3.3.2    Product Portfolio
            12.3.3.3    Demographic Reach and Achievements
            12.3.3.4    Financial Summary
            12.3.3.5    Certifications
        12.3.4    Trimble Inc. 
            12.3.4.1    Company Overview
            12.3.4.2    Product Portfolio
            12.3.4.3    Demographic Reach and Achievements
            12.3.4.4    Financial Summary
            12.3.4.5    Certifications
        12.3.5    Bayer AG 
            12.3.5.1    Company Overview
            12.3.5.2    Product Portfolio
            12.3.5.3    Demographic Reach and Achievements
            12.3.5.4    Financial Summary
            12.3.5.5    Certifications
        12.3.6    CNH Industrial America LLC.
            12.3.6.1    Company Overview
            12.3.6.2    Product Portfolio
            12.3.6.3    Demographic Reach and Achievements
            12.3.6.4    Financial Summary
            12.3.6.5    Certifications
        12.3.7    Farmers Edge Inc.
            12.3.7.1    Company Overview
            12.3.7.2    Product Portfolio
            12.3.7.3    Demographic Reach and Achievements
            12.3.7.4    Financial Summary
            12.3.7.5    Certifications
        12.3.8    Fairport Farm Software
            12.3.8.1    Company Overview
            12.3.8.2    Product Portfolio
            12.3.8.3    Demographic Reach and Achievements
            12.3.8.4    Financial Summary
            12.3.8.5    Certifications
        12.3.9    AGCO Corporation
            12.3.9.1    Company Overview
            12.3.9.2    Product Portfolio
            12.3.9.3    Demographic Reach and Achievements
            12.3.9.4    Financial Summary
            12.3.9.5    Certifications
        12.3.10    Granular, Inc.
            12.3.10.1    Company Overview
            12.3.10.2    Product Portfolio
            12.3.10.3    Demographic Reach and Achievements
            12.3.10.4    Financial Summary
            12.3.10.5    Certifications
        12.3.11    Grownetics, Inc.
            12.3.11.1    Company Overview
            12.3.11.2    Product Portfolio
            12.3.11.3    Demographic Reach and Achievements
            12.3.11.4    Financial Summary
            12.3.11.5    Certifications
        12.3.12    IBM
            12.3.12.1    Company Overview
            12.3.12.2    Product Portfolio
            12.3.12.3    Demographic Reach and Achievements
            12.3.12.4    Financial Summary
            12.3.12.5    Certifications
        12.3.12    Proagrica
            12.3.12.1    Company Overview
            12.3.12.2    Product Portfolio
            12.3.12.3    Demographic Reach and Achievements
            12.3.12.4    Financial Summary
            12.3.12.5    Certifications
        12.3.14    Others
13    Industry Events and Developments

 

List of Figures and Tables

1.    Global Precision Agriculture Market: Key Industry Highlights, 2016 and 2026
2.    Global Precision Agriculture Historical Market: Breakup by Technology (USD Billion), 2016-2020
3.    Global Precision Agriculture Market Forecast: Breakup by Technology (USD Billion), 2021-2026
4.    Global Precision Agriculture Historical Market: Breakup by Type (USD Billion), 2016-2020
5.    Global Precision Agriculture Market Forecast: Breakup by Type (USD Billion), 2021-2026
6.    Global Precision Agriculture Historical Market: Breakup by Component (USD Billion), 2016-2020
7.    Global Precision Agriculture Market Forecast: Breakup by Component (USD Billion), 2021-2026
8.    Global Precision Agriculture Historical Market: Breakup by Application (USD Billion), 2016-2020
9.    Global Precision Agriculture Market Forecast: Breakup by Application (USD Billion), 2021-2026
10.    Global Precision Agriculture Historical Market: Breakup by Region (USD Billion), 2016-2020
11.    Global Precision Agriculture Market Forecast: Breakup by Region (USD Billion), 2021-2026
12.    North America Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2016-2020
13.    North America Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2021-2026
14.    Europe Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2016-2020
15.    Europe Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2021-2026
16.    Asia Pacific Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2016-2020
17.    Asia Pacific Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2021-2026
18.    Latin America Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2016-2020
19.    Latin America Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2021-2026
20.    Middle East and Africa Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2016-2020
21.    Middle East and Africa Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2021-2026
22.    Global Precision Agriculture Market Structure

Key Questions Answered in the Report

In 2020, the global precision agriculture market attained a value of nearly USD 6 billion.

The market is projected to grow at a CAGR of 13% between 2021 and 2026.

The market is estimated to witness a healthy growth in the forecast period of 2021-2026 to reach about USD 12.7 billion by 2026.

The major drivers of the industry, such as growing technological advancements, increasing need to enhance farm productivity, advent of the Internet of Things (IoT), and increased government initiatives to assist farmers and promote sustainability, are expected to aid the market growth.

The key trends guiding the growth of the precision agriculture market include the launch of connected technologies like low-power wide range (LPWA), Zigbee, Wi-Fi, and new wireless sensor technologies coupled with the growing popularity of cloud-based software model.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The automation and control systems represent the leading precision agriculture type in the industry.

GNSS/GPS systems are the leading technology in the industry.

The hardware segment is the leading component of precision agriculture.

Yield monitoring is the leading application of precision agriculture.

The major players in the industry are AGCO Corporation, Deere & Company, Raven Industries, Inc., Trimble Inc., Bayer AG, CNH Industrial America LLC., Farmers Edge Inc., Fairport Farm Software, AGCO Corporation, Granular, Inc., Grownetics, Inc., IBM, and Proagrica, among others.

Analyst Review

The global precision agriculture market attained a value of USD 6 billion in 2020, driven by the rising growing technological advancements and implementation of favourable government policies to assist farmers with modern agricultural techniques. Aided by the development of connected technologies and increasing preference for cloud-based software model, the market is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 13%. The precision agriculture market is projected to reach USD 12.7 billion by 2026.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the industry can be segmented into sensing and monitoring devices, automation and control systems, and farm management systems, where automation and control systems dominate the total industry share. On the basis of technology, the industry is divided into GNSS/GPS systems, remote sensing, variable rate technology (VRT), and GIS, among others, with GNSS/GPS systems accounting for the largest market share. By components, the industry is bifurcated into hardware and software, where hardware exhibits a clear dominance in the industry. On the basis of application, the industry is categorised into mapping, yield monitoring, soil monitoring, precision irrigation, and crop scouting, among others, with yield monitoring accounting for the majority of the market share. The major regional markets for precision agriculture are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include AGCO Corporation, Deere & Company, Raven Industries, Inc., Trimble Inc., Bayer AG, CNH Industrial America LLC., Farmers Edge Inc., Fairport Farm Software, AGCO Corporation, Granular, Inc., Grownetics, Inc., IBM, and Proagrica, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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