What is the Future Scope of Precision Farming Market amidst COVID-19?
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The report "Precision
Farming Market by Technology (Guidance, VRT, Remote Sensing), Application
(Crop Scouting, Field Mapping, Variable Rate Application), Offering
(Hardware—Sensors, GPS, Yield Monitors; Software; Services) and Geography -
Global Forecast to 2025", is expected to grow from USD 7.0 billion in
2020 to USD 12.8 billion by 2025, at a CAGR of 12.7%. The high demand for
agricultural products due to population growth; increased adoption of VRT,
remote sensing technology, and guidance technologies by worldwide farmers;
strong government support for promoting the use of precision farming techniques
are the major factors fueling the growth of the precision farming market. Also,
government initiatives in many countries such as UK, US, and Indiaenable
farmers to make use of optimized agricultural and technological tools to
improve their production levels. Further, the changing weather patterns due to
increasing global warming have impelled the adoption of advanced farming
technologies to enhance farm productivity and crop yield.
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Guidance technology expected to hold largest market share
in 2019
Guidance technology helps reduce operator fatigue and
pinpoint precise field locations. Field operators can use GPS-based guidance
technology to auto-steer combines and tractors—and access timely.Guidance
technology also saves money by reducing over- and under-application of sprays
and improving the seeding of field crop rows. Guidance technologies were
adopted on more than 80% of planted acres for several major crops in 2019 in
North America. The ease-of-use and advanced functionality of these systems are
major factors for the higher adoption of this technology on farms across the
world.
Hardware segment expected to continue to hold largest
market share throughout forecast period
The hardware segment is expected to continue to hold the
largest share of the precision farming market from 2020 to 2025. The growth of
the market for hardware is attributed to the increasing adoption of automation
and control devices such as drones/unmanned aerial vehicles (UAV), GPS,
irrigation controllers, guidance and steering systems, yield monitors, and
sensors. In the yield monitoring process, hardware components, such as sensors
and GPS devices, play a vital role in measuring various yield parameters.
GPS-based auto-guidance technology is used in agricultural vehicles to reduce
the overlapping during the field mapping process, thereby saving fuel, labor,
and time and leading to soil compaction with an environmental benefit. The
increasing adoption of new technologies and advanced devices in precision
farming is expected to drive the growth of the precision farming market for
hardware. The precision farming market for software is expected to grow at the
highest CAGR from 2020 to 2025. Increasing demand for AI-based data analytics
is the major factor contributing to the highest CAGR of the market for
software.
Yield monitoring application to account for largest share
of precision farming market in 2020
The precision farming market has been segmented on the basis
of application into yield monitoring, field mapping, crop scouting, weather
tracking and forecasting, irrigation management, inventory management, farm
labor management, financial management, and others. Yield monitors mounted on
combines can collect GPS coordinates that the operator can color code and map
to show changes in crop yield across the field. Yield monitors may also store
data so that operators can compare yields over the years. Yield maps have grown
in popularity in recent years as mapping programs on computer tablets have
become easier to use. Yield monitoring is the most widely used application in
precision farming as it plays a vital role in understanding field variability
and helps farmers in maximizing their yields.
Americas expected to hold largest size of precision
farming market during forecast period
The presence of large-sized farms in the US, Canada, and
Brazil provides ideal environment for the adoption of agriculture technology.
Countries such as the US and Canada in the Americas are the early adopters of
precision farming technologies, which is the major reason for the high share of
this region in the precision farming market. Farmers or growers in this region
are increasingly adopting advanced farming systems and equipment such as
steering and guidance systems, sensors, display devices, and farm management
software.
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