Precision Farming Market Growth, Analysis, Latest Trends and Forecast till 2030
The precision farming market is expected to grow from USD 8.5 billion in 2022 to USD 15.6 billion by 2030; it is expected to grow at a CAGR 7.9% from 2022 to 2030. The most significant factors driving the growth of the precision farming market is the Rapid adoption of advanced technologies in precision farming to reduce labor cost, Increased adoption of Internet of Things (IoT) devices in agricultural fields, Substantial cost savings associated with precision farming, Climate change and need to meet rising demand for food and Increasing promotion of precision farming techniques by governments worldwide.
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Precision farming has the potential to transform the
agriculture industry by integration of smartphone applications with precision
farming equipment. Rising use of A-I based solutions and growing adoption of
technologically advanced equipment and tools in agriculture industry.
The Americas region is expected to dominate the overall
precision farming market. The growth of the precision farming market in the
Americas can be attributed to the higher adoption of advanced technology,
increase in R&D activities, and high per-capita disposable income.
Increasing labor shortages and high labor costs in the region have led to the
adoption of robots and automation to boost productivity and maintain quality
standards. Besides, the growing requirement for increasing the productivity
from the existing farm areas to meet the demand is fueling the demand for
precision farming in the region. The market players in this region are heavily
investing in R&D to develop cost-efficient and highly productive precision
farming technologies. Such factors have led to the growth of the precision
farming market in the Americas region.
The precision farming market for hardware is estimated to
hold the largest market share in 2030. The growth of the market can be
attributed to high adoption of automation and control devices such as
drones/UAVs, GPS/GNSS, irrigation controllers, guidance and steering systems,
yield monitors, and sensors in the agriculture industry. When control devices
are integrated with sensing and monitoring devices, including various types of
sensors and yield monitors, a complete precision farming system is formed.
Remote sensing plays a significant role in gathering and monitoring
farm-related information, facilitating decision-making and optimal usage of
resources. Farm management software (software systems) is used to interpret and
analyze the gathered data and create a pictorial representation of the
information
The precision farming market for guidance technology is
expected to hold the highest market share in 2030. The growth of the market can
be attributed to the early adoption of this technology by farmers. GPS-based
auto-guidance technology allows growers to reduce the overlapping of equipment
and tractor passes, saving fuel, labor, time, and soil compaction An automated
steering system is a navigation device that uses GPS to guide agricultural
equipment such as tractors and automated robots. It helps reduce energy
consumption, lower fuel bills, and enhance driving accuracy. Currently, most
farmers use guidance technology or auto-steering devices as part of their
precision farming techniques. Guidance and steering systems exhibit several
benefits, such as reduction in machinery costs and wastage of land area. These
advantages are influencing producers to use guidance and steering systems in
their farm operations.
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APAC is expected to
be the fastest-growing regional market. The region has witnessed a high demand
for automation since farming is one of the important sectors in Asian
countries, including China, Japan, India, Vietnam, and South Korea. The
adoption of precision farming technologies, especially drones, is expected to
grow at a high rate in APAC as this region comprises technologically advanced
countries such as China, South Korea, and Thailand. Developed countries in
APAC, for instance, Japan, are focusing more on using driverless tractors. The
rapidly increasing population, availability of arable farms, and government
support through subsidies are the major factors fueling the adoption of
precision farming in APAC. Government initiatives to support the adoption of
automation in agriculture has fueled the growth of the precision farming market
in the region.
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