NEW YORK, Feb. 15, 2022 /PRNewswire/ — As per Fact.MR, the global precision farming market is estimated to exceed US$ 20.36 Bn by the end of 2032.

Precision farming is gaining popularity among modern farmers, as it enables them to use crop inputs including tillage, pesticides, fertilizers, and irrigation water more efficiently. Hence, with growing inclination towards sustainable agriculture and development, it is extensively being used for efficient use of water, reduction of chemicals use in crop production, and preventing soil degradation.

The surging application of precision farming in field mapping, weather tracking & forecasting, yield monitoring, and irrigation management among others is projected to assist the market to top US$ 6 Bn through 2022.

In addition to this, increasing adoption of innovative farming technologies such as remote sensing, variable-rate technology, global positioning systems (GPS), and drones among others for weeding, spraying, trimming, and harvesting is favoring the growth in the market.

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Driven by this, the sales in the precision farming market are estimated to rise at a staggering CAGR of 13% over the assessment period.

Based on technology, precision farming guidance system is forecast to outrank other segments, accounting for revenue share of more than 41% between 2022 and 2032. Growing usage of these systems for agriculture vigilance such as security, preventive care, and maintenance is facilitating the sales across the segment.

“Surging adoption of cloud platforms for climate services and introduction of novel agricultural technologies with integrated internet of things (IoT) for better agricultural decision-making is expected to accelerate the sales in the market,” says a Fact.MR analyst.

Key Takeaways from the Precision Farming Market Study

• The U.S. is estimated to register robust growth in North America market, assisting the region to account for over 42% of the global share by 2022.
• Demand in the U.K. is expected to surge at a rapid pace owing to the increasing utilization of guidance systems for increasing agriculture productivity.
• China is anticipated account for leading share in East Asia market on the back of growing adoption of innovative farming technologies in the country.
• On the basis of offering, the hardware segment is forecast to dominate the market, accounting for more than 70% of the revenue share by the end of 2022.
• The precision farming solutions for the yield monitoring segment is projected to outpace other segments, projecting growth by 3x over the assessment period.

Key Drivers

• Increasing penetration of automated technologies to address the need for increasing agricultural crop productivity to mitigate concerns pertaining to limited resources is expected to favor the growth in the precision farming market.
• Rising demand for innovative solutions for reducing negative effects of chemically loaded agricultural systems and resolving soil fertility imbalance is bolstering the sales of variable-rate technology precision farming.

Key Restraints

• High initial cost and cost of maintenance of precision farming hardware are primary factors hampering the sales in the market.
• Need for a proper understanding of precision farming technologies and efficient management of data for proper decision-making are restraining the growth in the market.

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Competitive Landscape

Leading players operating in the global precision farming market are aiming at adopting strategies such as new production launch, collaboration, merger, and acquisition to expand their portfolio and global footprint. For instance,

• In January 2022, John Deere & Co., an American manufacturer of agricultural machinery announced launching its new line of autonomous tractors integrated with innovative artificial intelligence technology, 8RX Tractor. This will assist the company to expand its footprint in the precision agriculture domain.
• In December 2019, CropMetrics, a precision agriculture software and analytic company announced entering into a partnership with a digital agriculture company, the Climate Corporation to enable optimized data connectivity for farm precision irrigation management.

Some of the key players in the market profiled by Fact.MR are:

• Ag Leader Technology
• AgJunction, Inc.
• CropMetrics LLC
• Trimble, Inc.
• AGCO Corporation
• Raven Industries Inc.
• Deere and Company
• Topcon Corporation
• Dickey-John Corporation
• CropX Inc.
• Boumatic LLC.
• AgSmarts Inc.

More Valuable Insights on Precision Farming Market

An exhaustive study published by Fact.MR offers a detailed analysis on the global precision farming market, analyzing forecast statistics for the assessment period 2022-2032. The study offers refines sales projections in precision farming market with detailed segmentation:

• By Offering

• By Technology

• By Application

• Precision Farming Hardware
• Precision Farming Software
• Precision Farming Services

• Precision Farming Guidance System
• Remote Sensing Precision Farming
• Variable-Rate Technology Precision Farming

• Precision Farming for Yield Monitoring
• Precision Farming for Field Mapping
• Precision Farming for Crop Scouting
• Precision Farming for Weather Tracking & Forecasting
• Precision Farming for Irrigation Management
• Precision Farming for Inventory Management
• Precision Farming for Farm Labor Management
• Precision Farming for Other Applications

•  By Region
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East & Africa

Key Questions Covered in the Precision Farming Market Report 

• The market survey also highlights projected sales growth of the precision farming market between 2022 and 2032
• The report offers insight into precision farming demand outlook for 2022-2032
• Precision farming market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
• Precision farming market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

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SOURCE Fact.MR