Precision Farming Market To Reach USD 28.2 Billion By 2032, Says DataHorizzon Research

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The precision farming market size was valued at USD 11.3 Billion in 2023 and is anticipated to grow at USD 28.2 Billion by 2032 at a CAGR of 10.7%.

Fort Collins, Colorado, April 07, 2024 (GLOBE NEWSWIRE) —

Growing Demand for Food and Sustainable Agriculture to Drive Precision Farming Industry Growth

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The precision farming market is poised for expansion, driven by the increasing global demand for food and the growing emphasis on sustainable agricultural resource management. Additionally, the rising use of drones for field scouting and the documentation harvesting and planting processes through video surveillance is expected to bolster its purpose.

Technological advancements, particularly in global positioning systems (GPS) and geographic information systems (GIS), are projected to play a significant role in driving the growth of the precision farming market. Furthermore, this system integrates various monitors, controllers, and sensors into agricultural equipment to enhance agricultural practices. A key driver for continued adoption is government support in the form of subsidies and grants to encourage the adoption of modern agricultural techniques, thus fueling the demand for precision farming.

By implementing various precision agriculture techniques to gather data on soil, crops, and weather conditions, farmers can make informed decisions regarding fertilizer usage, crop selection, and harvesting practices. Large agricultural enterprises are investing heavily in precision agriculture technologies, leveraging their resources and IT infrastructure for effective monitoring and management.

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Segmentation Overview:

The global precision farming market has been segmented into offering, technology, application, and region.

Hardware Accounted for a Remarkable Position in 2023

Based on offering, the precision farming market segmentation includes hardware, software, and services. Hardware holds a substantial share of the offering segment of the precision farming market. Hardware includes tools like drones, mobile devices for managing the instrument, sensors, driverless tractors and appliances, and other devices that help the farmers control, monitor, and check the crop and farm condition from a distance. 

Yield Monitoring to Dominate in the Forecast Period

The precision farming market segmentation, based on application, includes yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, and others. Yield monitoring holds a significant share of the application segment of the precision farming market. It provides various benefits to farmers, such as measuring grain yield, understanding the soil condition and moisture content, and other such benefits during crop harvesting.

North America is projected to Exert Influence on the Global Market

North America holds a significant share of the precision farming market, while the United States has a considerable share. According to the Government Accountability Office in the United States, 27% of farmers follow precision farming techniques to monitor their crop and livestock activities. 

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Precision Farming Market Report Highlights:

  • The global precision farming market growth is anticipated at a CAGR of 10.7% by 2032.
  • Precision agriculture techniques, a key driver of the precision farming market, are widely used in soil, crop, and weather data collection. These techniques enable farmers to make informed decisions about the use of fertilizers, the selection of plant types, and the timing of crop harvesting, leading to increased productivity and reduced environmental impact.
  • While the precision farming market is poised for significant growth, challenges such as high initial costs and connectivity issues, particularly in regions with low internet penetration and limited technological awareness, can hinder the widespread adoption of precision farming technologies. Additionally, the use of agriculture-specific software for robots used in agricultural operations can lead to increased costs.
  • Some prominent players in the precision farming market report include AgJunction Inc., Farmers Edge, Raven Industries Inc., Topcon Corporation, The Climate Corporation, Trimble Inc., TeeJet Technologies Pvt. Ltd., AGCO Corporation, Taranis, Hexagon AB, and others. 

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About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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Website: https://datahorizzonresearch.com/

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