The global precision farming market was valued at USD 5,223.5 million in 2018 and is expected to reach USD 12,445.1 million in 2026, growing at a CAGR of 11.36% during the forecast period.
Precision farming is also known as precision agriculture. It is a management concept specific to farming or agriculture based on the factors to estimate observing, measuring and responding to inter and intra-field variability in crops. It is primarily used in developed countries due to define a decision support system (DSS) for whole-farm management. It is used with the target to get optimized returns on inputs while preserving resources.
The growth of the precision farming market is primarily driven by the increase in demand for agriculture drones, government initiatives and favourable schemes to adopt modern agricultural techniques, and growing awareness of precision farming. Moreover, the rise in the application of telematics in agriculture is expected to create opportunities for manufacturers in the global market over the forecast period. However, the high initial capital investment and limited technical knowledge among farmers are expected to hamper the growth of the global precision farming market in the coming years.
Precision Farming Market Segmentation |
|
| By Component | Hardware |
| Software | |
| Service | |
| By Technology | Guidance Technology |
| Remote Sensing | |
| Variable-rate Technology | |
| Others | |
| By Application | Yield Monitoring |
| Field Mapping | |
| Crop Scouting | |
| Weather Tracking & Forecasting | |
| Irrigation Management | |
| Inventory Management | |
| Farm Labor Management | |
| Financial Management | |
| Others | |
| By Region | North America (US and Canada) |
| Europe (UK, Germany, France and Rest of Europe) | |
| Asia Pacific (China, Japan, India and Rest of Asia Pacific) | |
| Latin America (Brazil, Mexico and Rest of Latin America) | |
| Middle East & Africa (GCC and Rest of Middle East & Africa) | |
The hardware segment expected to dominate the market throughout the forecast period
Based on the component, the global precision farming market has been segmented into hardware, software, and service. The hardware segment accounted for more than 45% of the share in the global precision farming market in 2018.
While services accounted highest CAGR of around 14.12% in the global precision farming market during the forecast period.
Based on the technology, the guidance technology segment is expected to grow at a CAGR of around 13% throughout the forecast period
Based on the technology, the market has been segmented into guidance technology, remote sensing, variable-rate technology, and others. The guidance technology segment accounts of the largest share in the market and are expected to grow at a CAGR of around 13% during the forecast period. While the variable-rate technology is expected to hold the highest CAGR of nearly 13.5% during the forecast period.
Based on the application, the yield monitoring segment is expected to dominate the market during the forecast period
Based on the application, the market has been segmented into yield monitoring, field mapping, crop scouting, weather tracking & forecasting, irrigation management, inventory management, farm labor management, financial management, and others.
The yield monitoring application segment accounts of the largest share in the global precision farming market in 2018. While irrigation management application segment expected to lead the market in terms of the highest CAGR in the market over the forecast period.
The manufacturers Deere & Company, Trimble, AGCO Corporation are mainly investing in the research and development of the precision farming application, which expected the lead the market in the coming years.
North America to dominate the precision farming market throughout the forecast period
North America expected to dominate the market and accounted for nearly 42% share of the global precision farming market in 2018 followed by Europe and Asia-Pacific. North America accounted for the highest market share owing to the presence of the US and Canada, which are the early adopters of precision farming technologies. Additionally, the increase in the adoption of adopting advanced farming systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software across the agricultural and farming sector is expected to further enhance the demand for precision farming in the coming years.
Asia-Pacific is expected to hold the highest CAGR in the global market during the forecast period. The rapid growth in the urbanization and liberalization of foreign direct investment in the agricultural and farming sector are the major driving factor for the region in the global market. Moreover, the increasing awareness for precision farming benefits and high dependency on farming for the growth of the growth are further expected to increase the consumption of precision farming in the domestic region during the forecast period.
Company Profiles and Competitive Intelligence:
The major players operating in the global precision farming market are Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), The Climate Corporation (US), CropMetrics (US), and Agribotix (US) among others.
Ask for free product review call with the author
Share your specific research requirements for a customized report
Request for due diligence and consumer centric studies
Request for study updates, segment specific and country level reports
Chapter 1 Executive Summary
1.1. Market Summary
1.1.1. Global Precision Farming Market, 2016-2026, (USD Million)
1.2. Market Snapshot: Global Precision Farming Market
1.3. Market Dynamics
1.4. Global Precision Farming Market, by Segment, 2018
1.4.1. Global Precision Farming Market, by Component, 2018, (USD Million)
1.4.2. Global Precision Farming Market, by Technology, 2018, (USD Million)
1.4.3. Global Precision Farming Market, by Application, 2018, (USD Million)
1.4.4. Global Precision Farming Market, by Region, 2018 (USD Million)
1.5. Premium Insights
1.5.1. Precision Farming Market In Developed Vs. Developing Economies, 2018 vs 2026
1.5.2. Global Precision Farming Market: Regional Life Cycle Analysis
Chapter 2 Market Dynamics
2.1. Market Overview
2.2. Market Drivers
2.2.1. Increase in demand for agriculture drones
2.2.2. Government initiatives and favorable schemes to adopt modern agricultural techniques
2.2.3. Growing awareness of precision farming
2.3. Market Restraints
2.3.1. High initial capital investment
2.3.2. Limited technical knowledge among farmers
2.4. Market Opportunities
2.4.1. Rise in application of telematics in agriculture
2.5. Industry Value Chain Analysis
2.6. Pricing Analysis
2.7. Porter’s Five Forces Analysis
Chapter 3 Global Precision Farming Market, by Component
3.1. Market Overview, by Component
3.1.1. Global Precision Farming Market, by Component, 2016-2026 (USD Million)
3.1.2. Incremental Opportunity, by Component, 2018
3.2. Hardware
3.2.1. Global Precision Farming Market, by Hardware, 2016-2026, (USD Million)
3.3. Software
3.3.1. Global Precision Farming Market, by Software, 2016-2026, (USD Million)
3.4. Services
3.4.1. Global Precision Farming Market, by Services, 2016-2026, (USD Million)
Chapter 4 Global Precision Farming Market, by Technology
4.1. Market Overview, by Technology
4.1.1. Global Precision Farming Market, by Technology, 2016-2026 (USD Million)
4.1.2. Incremental Opportunity, by Technology, 2018
4.2. Guidance Technology
4.2.1. Global Precision Farming Market, by Guidance Technology, 2016-2026, (USD Million)
4.3. Remote Sensing
4.3.1. Global Precision Farming Market, by Remote Sensing, 2016-2026, (USD Million)
4.4. Variable-Rate Technology
4.4.1. Global Precision Farming Market, by Variable-Rate Technology, 2016-2026, (USD Million)
4.5. Others
4.5.1. Global Precision Farming Market, by Others, 2016-2026, (USD Million)
Chapter 5 Global Precision Farming Market, by Application
5.1. Market Overview, by Application
5.1.1. Global Precision Farming Market, by Application, 2016-2026 (USD Million)
5.1.2. Incremental Opportunity, by Application, 2018
5.2. Yield Monitoring
5.2.1. Global Precision Farming Market, by Yield Monitoring, 2016-2026, (USD Million)
5.3. Field Mapping
5.3.1. Global Precision Farming Market, by Field Mapping, 2016-2026, (USD Million)
5.4. Crop Scouting
5.4.1. Global Precision Farming Market, by Crop Scouting, 2016-2026, (USD Million)
5.5. Weather Tracking & Forecasting
5.5.1. Global Precision Farming Market, by Weather Tracking & Forecasting, 2016-2026, (USD Million)
5.6. Irrigation Management
5.6.1. Global Precision Farming Market, by Irrigation Management, 2016-2026, (USD Million)
5.7. Inventory Management
5.7.1. Global Precision Farming Market, by Inventory Management, 2016-2026, (USD Million)
5.8. Farm Labor Management
5.8.1. Global Precision Farming Market, by Farm Labor Management, 2016-2026, (USD Million)
5.9. Financial Management
5.9.1. Global Precision Farming Market, by Financial Management, 2016-2026, (USD Million)
5.10. Others
5.10.1. Global Precision Farming Market, by Others, 2016-2026, (USD Million)
Chapter 6 Global Precision Farming Market, by Region
6.1. Market Overview, by Region
6.1.1. Global Precision Farming Market, by Region, 2016-2026, (USD Million)
6.2. Attractive Investment Opportunity, by Region, 2018
6.3. North America Precision Farming Market
6.3.1. North America Precision Farming Market, by Component, 2016-2026 (USD Million)
6.3.2. North America Precision Farming Market, by Technology, 2016-2026 (USD Million)
6.3.3. North America Precision Farming Market, by Application, 2016-2026 (USD Million)
6.3.4. United States Precision Farming Market, 2016-2026 (USD Million)
6.3.5. Canada Precision Farming Market, 2016-2026 (USD Million)
6.4. Europe Precision Farming Market
6.4.1. Europe Precision Farming Market, by Component, 2016-2026 (USD Million)
6.4.2. Europe Precision Farming Market, by Technology, 2016-2026 (USD Million)
6.4.3. Europe Precision Farming Market, by Application, 2016-2026 (USD Million)
6.4.4. United Kingdom Precision Farming Market, 2016-2026 (USD Million)
6.4.5. Germany Precision Farming Market, 2016-2026 (USD Million)
6.4.6. France Precision Farming Market, 2016-2026 (USD Million)
6.4.7. Rest of Europe Precision Farming Market, 2016-2026 (USD Million)
6.5. Asia Pacific Precision Farming Market
6.5.1. Asia Pacific Precision Farming Market, by Component, 2016-2026 (USD Million)
6.5.2. Asia Pacific Precision Farming Market, by Technology, 2016-2026 (USD Million)
6.5.3. Asia Pacific Precision Farming Market, by Application, 2016-2026 (USD Million)
6.5.4. China Precision Farming Market, 2016-2026 (USD Million)
6.5.5. Japan Precision Farming Market, 2016-2026 (USD Million)
6.5.6. India Precision Farming Market, 2016-2026 (USD Million)
6.5.7. Rest of Asia Pacific Precision Farming Market, 2016-2026 (USD Million)
6.6. Latin America Precision Farming Market
6.6.1. Latin America Precision Farming Market, by Component, 2016-2026 (USD Million)
6.6.2. Latin America Precision Farming Market, by Technology, 2016-2026 (USD Million)
6.6.3. Latin America Precision Farming Market, by Application, 2016-2026 (USD Million)
6.6.4. Brazil Precision Farming Market, 2016-2026 (USD Million)
6.6.5. Mexico Precision Farming Market, 2016-2026 (USD Million)
6.6.6. Rest of Latin America Precision Farming Market, 2016-2026 (USD Million)
6.7. Middle East & Africa Precision Farming Market
6.7.1. Middle East & Africa Precision Farming Market, by Component, 2016-2026 (USD Million)
6.7.2. Middle East & Africa Precision Farming Market, by Technology, 2016-2026 (USD Million)
6.7.3. Middle East & Africa Precision Farming Market, by Application, 2016-2026 (USD Million)
6.7.4. GCC Precision Farming Market, 2016-2026 (USD Million)
6.7.5. Rest of Middle East & Africa Precision Farming Market, 2016-2026 (USD Million)
Chapter 7 Competitive Intelligence
7.1. Top 5 Players Comparison
7.2. Market Positioning of Key Players, 2018
7.3. Market Players Mapping
7.3.1. By Component
7.3.2. By Technology
7.3.3. By Application
7.3.4. By Region
7.4. Strategies Adopted by Key Market Players
7.5. Recent Developments in the Market
7.5.1. Mergers & Acquisitions, Partnership, New Product Developments
Chapter 8 Company Profiles
8.1. Deere & Company
8.1.1. Deere & Company Overview
8.1.2. Deere & Company Products Portfolio
8.1.3. Deere & Company Financial Overview
8.1.4. Deere & Company News/Recent Developments
8.2. Trimble
8.2.1. Trimble Overview
8.2.2. Trimble Products Portfolio
8.2.3. Trimble Financial Overview
8.2.4. Trimble News/Recent Developments
8.3. AGCO Corporation
8.3.1. AGCO Corporation Overview
8.3.2. AGCO Corporation Products Portfolio
8.3.3. AGCO Corporation Financial Overview
8.3.4. AGCO Corporation News/Recent Developments
8.4. AgJunction
8.4.1. AgJunction Overview
8.4.2. AgJunction Products Portfolio
8.4.3. AgJunction Financial Overview
8.4.4. AgJunction News/Recent Developments
8.5. Raven Industries
8.5.1. Raven Industries Overview
8.5.2. Raven Industries Products Portfolio
8.5.3. Raven Industries Financial Overview
8.5.4. Raven Industries News/Recent Developments
8.6. AG Leader
8.6.1. AG Leader Overview
8.6.2. AG Leader Products Portfolio
8.6.3. AG Leader Financial Overview
8.6.4. AG Leader News/Recent Developments
8.7. Precision Planting
8.7.1. Precision Planting Overview
8.7.2. Precision Planting Products Portfolio
8.7.3. Precision Planting Financial Overview
8.7.4. Precision Planting News/Recent Developments
8.8. The Climate Corporation
8.8.1. The Climate Corporation Overview
8.8.2. The Climate Corporation Products Portfolio
8.8.3. The Climate Corporation Financial Overview
8.8.4. The Climate Corporation News/Recent Developments
8.9. CropMetrics
8.9.1. CropMetrics Overview
8.9.2. CropMetrics Products Portfolio
8.9.3. CropMetrics Financial Overview
8.9.4. CropMetrics News/Recent Developments
8.10. Agribotix
8.10.1. Agribotix Overview
8.10.2. Agribotix Products Portfolio
8.10.3. Agribotix Financial Overview
8.10.4. Agribotix News/Recent Developments
Chapter 9 Preface
9.1. Data Triangulation
9.2. Research Methodology
9.2.1. Phase I – Secondary Research
9.2.2. Phase II – Primary Research
9.2.3. Phase III – Expert Panel Review
9.2.4. Approach Adopted
9.2.4.1. Top-Down Approach
9.2.4.2. Bottom-Up Approach
9.2.5. Supply- Demand side
9.2.6. Breakup of the Primary Profiles
Log in / Register
