Precision Agriculture Market Research Report with Size, Share, Value, CAGR, Outlook, Analysis, Latest Updates, Data, and News 2021-2028

The global precision agriculture/farming market is segmented based on component (hardware, software and services), application (yield monitoring, crop scouting, field mapping, variable rate application, soil monitoring, weather tracking & forecasting and farm management system) and are the major focus areas considered while analyzing and defining the penetration of precision agriculture technology at global scale. Under the component segment, in 2018, the hardware component dominated the global precision farming market with the maximum share in terms of revenue. Based on estimation, the segment occupied 71.9% share.

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However, the strengthening agriculture attributed to surging big data software component as well as service component are anticipated to register the highest CAGR of 18.19% and 19.58% respectively.
Precision agriculture is one of the systematic approaches to farming. It is an integrated crop management system that purposes to match the amount and the kind of inputs required by the crop for small areas within a farm field. It is also known as satellite farming and site-specific crop management. The technology automates the agricultural cultivation and eliminates the need of manual efforts. Various technologies in precision agriculture support the farmers in collecting the precise information regarding planting, crop fertilizing and harvesting. In addition, uncertain & changing weather conditions accredited to surging global warming has led to the adoption of precision agriculture technology which also results in enhancing the productivity and crop yield. Real time monitoring and information sharing through mobile applications and smartphones along with growing preference for telematics technology are further expected to flourish the market potential across the globe in near future.

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Obsolete traditional methods, increasing shortage of food supply to cater the ever-growing population have substantially catalyzed the market performance of precision farming. Considerable adoption of various smart devices in agriculture ranging from agricultural drones, robotics, sensors, GPS receivers to yield monitors has proliferated the industry growth over the recent years. Moreover, increasing investments by various established players along with numerous start-ups has remarkably scaled up the potential for the industry further leading to numerous farmers adopting such advanced technologies into their crop cultivation. Moreover, in 2018, yield monitoring application in precision agriculture held a prominent share of 27.2%, followed by crop scouting. The yield monitoring market at global scale was evaluated at US$ 1,186.9 million in 2018 and is projected to witness astonishing CAGR of 15.05% during the forecast period. In addition, crop scouting held 20% market share in the respective market on account of surging demand of precision agriculture over the years. Hence, the segment garnered revenue of US$ 893.6 million in 2018.

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To conclude, precision agriculture technologies are being adopted by farmers at a very accelerating pace. It has been observed that the market size as well as adoption rates are reaching all-time highs at global scale and do not show any sign of slow down. Ranging from variable rate technologies to field monitoring, the advanced technology aims to offer end to end solutions in agriculture sector across the world. Global Precision farming derived revenue of US$ 4,355.9 million in 2018 and is expected to fetch US$ 12,649.9 million by 2025 displaying tremendous CAGR of 16.84% over the forecast period (2019-2025).
Also, for better understanding of the overall adoption rate of precision agriculture technology in different market, detailed analysis has been done for different regions/countries including North America (US, Canada), Europe (UK, Germany, France, Spain, Italy), Asia Pacific (China, India, Japan, Australia), and the rest of the world (Middle East and Latin America). Based on the estimation, North America dominated the global precision agriculture/farming market, accounting for revenue share of 41.3% in 2018. On account of strong government support to increase the agriculture production, availability of supporting infrastructure as well as gaining prominence of smart and precision farming methods have significantly fostered the regional market. Moreover, more than 25,000 farmers using IoT in US paired with 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 have tremendously boosted North America precision agriculture/farming market.
Numerous companies have earmarked their presence in the global precision agriculture/farming market with continued focus on product expansions, investments, business expansion, product launches and collaborations. They continue to offer wide range of smart farm devices that cater to farm needs and further results in enhanced crop productivity and optimum utilization of resources. With an objective to stimulate the overall adoption of precision agriculture /farming techniques across the developing and developed nations specifically in the Asia pacific, Latin America and Middle East region, these players have adopted various strategies to enhance the penetration of modern agriculture practices. Some of the major players operating in the global precision agriculture/farming market include 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 among others.

Global Precision agriculture/farming technology market generated revenue of US$ 4,355.9 million in 2018. The technology is expected to grow at a CAGR of 16.84% during the forecast period to reach a market valuation of US$ 12,649.9 million by 2025. North America dominated the global precision agriculture/farming market, accounting for revenue share of 41.3% in 2018.

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Table of Contents

1. MARKET INTRODUCTION
1.1 Market Definition 17
1.2 Objective of the Study 17
1.3 Limitation 17
1.4 Stakeholders 18
1.5 Currency used in the Report 18
1.6 Scope of the Global Precision Agriculture Market Study 18
2. RESEARCH METHODOLOGY OR ASSUMPTION 19
2.1 Research Methodology for Global Precision Agriculture Market Study 19
2.1.1 Main objective of the Precision Agriculture Market Study 20
3. INDUSTRY PERFORMANCE 21
4. EXECUTIVE SUMMARY 22
5. MARKET OVERVIEW 25
5.1 Introduction 25
5.1.1 Potential Benefits and Value Addition: 26
5.1.2 Investments undertaken in recent years in Precision Agriculture: 27
5.2 Market Dynamics 28
5.2.1 Market Trend & Drivers 28
5.2.1.1 Accelerating benefits of Agricultural Drones in Precision Agriculture 28
5.2.1.2 Rising Demand for Food owing to Surging Population 30
5.2.1.2.1 Key facts about nutrition, farming, and crop varieties around the world 30
5.2.1.3 Agriculture Getting Stronger with Big Data 32
5.2.2 Market Challenges 33
5.2.2.1 Absence of Sufficient Government Initiatives 33
5.2.2.2 Lack of Internet Connectivity in Rural Areas 35
5.2.3 Market Opportunities 36
5.2.3.1 Growing application of Telematics in Agriculture 36
5.2.3.2 Growing Scope of Precision Agriculture in Developing Countries 37
6. Used Case Study of Precision Agriculture 40
6.1 Overview 40
6.1.1 Microdosing 40
6.1.1.1 Case Study: Herbicide Microdosing to Control Striga 40
6.1.1.2 Case Study: Impact of Fertiliser Microdosing on Crop Yields in Sahel 41
6.1.1.3 Case Study: Conservation Agriculture and Microdosing in Zimbabwe 41
6.1.2 Soil Testing 42
6.1.2.1 Case Study: Daktari Wa Udongo, Kenya 42
6.1.2.2 Case Study: Soil Testing in Rwanda 43
6.1.2.3 Case Study: Row Planting for Systems of Rice Intensification 43
6.1.2.4 Case Study: Row Planting in Rwanda 44
7. LEGAL & REGULATORY FRAMEWORK 45
7.1 General Overview 45
7.1.1 Data Privacy Concerns in United States 46

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7.1.2 Legal Framework in respect to Agricultural Drones in North America 47
7.1.2.1 Agricultural Drones in United States 47
7.1.2.2 Agricultural Drones in Canada 47
7.1.3 Legal Framework in respect to Agricultural Drones in Asia Pacific 47
7.1.3.1 Agricultural Drones in China 47
7.1.3.2 Agricultural Drones in Japan 48
7.1.3.3 Agricultural Drones in India 48
7.1.3.3.1 Specific features of Drone Policy: 49
7.1.3.3.2 Classification of drones under the following categories: 49
7.1.3.3.3 One Time Registrations to fly drones: 50
7.1.3.3.4 General India Drone Laws 50
7.1.3.4 Agricultural Drones in Australia 51
7.1.3.4.1 New regulations and Penalties 51
7.1.4 Legal Framework in respect to Agricultural Drones in Europe 51
7.1.5 Legal Framework in respect to Agricultural Drones in Rest of World 52
8. DEMAND AND SUPPLY SIDE ANALYSIS 53
8.1 Demand Side Analysis 53
8.2 Supply Side Analysis 57
8.2.1 Top Partnerships 58
8.2.2 Top Mergers & Acquisitions 58
8.2.3 Top Funding 60
8.2.4 Top Business Expansion 62
8.2.5 Top Product Launches 63
8.2.6 Top Start-ups under Precision Agriculture Technology 64
9. VALUE CHAIN ANALYSIS 67
9.1 Value Chain Analysis 67
10. MARKET INSIGHTS BY COMPONENTS 70
10.1 General Overview 70
10.1.1 Hardware Components 71
10.1.1.1 Agricultural Drones 72
10.1.1.2 Driverless Tractors 73
10.1.1.3 Agricultural Sensors 74
10.1.2 Software Component 75
10.1.2.1 Key Features or Characteristics of Software Component to qualify for inclusion in Precision Agriculture: 75
10.1.3 Service Component 77
11. MARKET INSIGHTS BY APPLICATION 79
11.1 General Overview 79
11.1.1 Yield Monitoring 80
11.1.2 Crop Scouting 82

…continued

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Source – HeraldKeeper
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