Growing implementation of smart devices in agriculture is expected to proliferate the precision agriculture market

NOIDA, India, October 13, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights, the Precision Agriculture Market was valued at more than $8 billion in 2020 and is expected to grow at a CAGR of approximately 11% from 2022 to 2028. The analysis was segmented into supply (hardware, software and services); technology (guidance, remote sensing and variable rate application); Application (yield monitoring, weather tracking, field mapping, crop scouting and others); Region/Country.

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The Precision Agriculture Market report has been aggregated by collecting informative data about various dynamics such as market drivers, restraints, and opportunities. This innovative report uses multiple analyzes to get a more accurate view of the precision agriculture market. The Precision Agriculture Market report offers a detailed analysis of the latest industry developments and market trending factors that influence market growth. Additionally, this statistical market research repository examines and estimates the Precision Agriculture market globally and regionally.

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Market overview

The precision agriculture market demand is growing at a significant rate over the years and is also expected to witness influential growth over the forecast period. Factors that positively accentuate its market size include the need to mitigate greenhouse gases to minimize climate change, rapid adoption of advanced technologies in precision agriculture to reduce labor costs implementation and growing implementation of smart devices in agriculture.

Click here to view the report description and table of contents

https://univdatos.com/report/precision-farming-market/

The global Precision Agriculture market report is studied thoroughly with several aspects which would help the stakeholders to make their decisions more carefully.

  • Based on technology, the market is categorized into guidance, remote sensing and variable rate application. Among these, the variable rate application segment is expected to witness a substantial growth rate over the forecast period. The growth of the market is due to the early adoption of this technology by farmers. Variable rate application includes variable rate pesticides, variable rate fertilizers and variable rate crops. The application of variable rate application in precision agriculture not only focuses on fertilizer application, but many other areas as well.
  • Based on application, the market is divided into yield monitoring, weather tracking, field mapping, crop scouting, etc. Among these, the yield monitoring segment held a commendable share of the global precision agriculture market in 2020 and is expected to witness robust growth over the forecast period. The growth of this segment can be attributed to the benefits of climate change mitigation initiatives that enable farmers to effectively manage climate-related disasters and improve food security and agricultural decision-making. Performance monitoring includes off-farm field monitoring and on-farm performance monitoring.

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Geographical segmentation of precision agriculture market includes:

  • North America (United States, Canadaand Rest of North America)
  • Europe (Germany, UK, Spain, Franceand the rest of Europe)
  • Asia Pacific (China, Japan, India, South Koreaand the rest of Asia Pacific)
  • Rest of the world

North America is expected to grow at a strong CAGR. Advances in the modernization of agribusiness in the region are a major factor in the growth of the regional precision agriculture market. Population growth is putting pressure on the agriculture industry to increase productivity, thereby increasing the adoption of advanced technologies like precision agriculture.

Key players targeting the market include

  • Deere & Company
  • Trimble Inc.
  • AGCO Company
  • AgJunction Inc.
  • Raven Industries Inc.
  • Teejet Technologies
  • AG Technology Leader
  • AgEagle Aerial Systems Inc.
  • Granular Inc.
  • CropX Inc.

Competitive landscape

The degree of competition between major global companies has been worked out by analyzing several key players operating across the globe. The specialized team of research analysts sheds light on various traits such as global market competition, market share, latest industry advancements, innovative product launches, partnerships, mergers or acquisitions by leading companies in the Precision Agriculture Market. Major players have been analyzed using research methodologies to get an overview of the global competition.

Key questions answered through this analytical market research report include:

  • What are the latest trends, patterns, and technological advancements in the Precision Agriculture market?
  • What factors are influencing the Precision Agriculture Market during the forecast period?
  • What are the global challenges, threats, and risks in the Precision Agriculture market?
  • What factors are driving and restraining the Precision Agriculture market?
  • Which are the demanding global regions of Precision Agriculture Market?
  • What will be the size of the global market in the coming years?
  • What are the crucial market acquisition strategies and policies applied by global companies?

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Precision Agriculture Market Report cover

Report attributee

Details

base year

2020

Forecast period

2021-2027

Growth dynamics

Accelerate at a CAGR of over 11%

Market size 2020

USD 8 billion

Regional analysis

North America, Europe, APAC, Rest of the World

Major contributing region

North America to dominate the Global Precision Agriculture Market

Main countries covered

United States, Canada, Germany, United Kingdom, Spain, France, China, Japan, India and South Korea

Profiled companies

Deere & Company, Trimble Inc., AGCO Corporation, AgJunction Inc., Raven Industries Inc., Teejet Technologies, AG Leader Technology, AgEagle Aerial Systems Inc., Granular Inc., CropX Inc.

Report scope

Market trends, drivers and restraints; Revenue estimation and forecasting; segmentation analysis; impact of COVID-19; Analysis of supply and demand; Legal and regulatory framework; VScompetitive landscape; Company profiling

Segments Covered

By offering; By Technology; By application; By region/country

About UnivDatos Market Insights (UMI)

UnivDatos Market Insights (UMI) is a passionate market research company and a subsidiary of Universal Data Solutions. We believe in providing information through market intelligence reports, custom business research and primary research. Our research studies are spread across topics across the globe, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis and custom reports that help shape winning business strategies for our clients.

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