Emphasis on Offering (Hardware, Software, and Services); Technology (Guidance, Remote Sensing, and Variable Rate Application); Application (Yield Monitoring, Weather Tracking, Field Mapping, Crop Scouting, and Others); and Region/Country
The global precision farming market is expected to register a CAGR of around 11% over the period of 2021-2027. The market is uplifting on account of the rapid adoption of advanced technologies in precision farming to reduce labor costs along with climate change and the need to meet the rising demand for food. Moreover, the increasing implementation of smart devices in agriculture followed by the need to mitigate greenhouse gases to limit climate change will positively stimulate the industry landscape. Moreover, the growing greenhouse gas emissions are also influencing the adoption of precision farming. For instance, the world generated 47.41 Bn tonnes of greenhouse gases in 2016 which increased to 48.94 Bn tonnes in 2018. Precision agriculture is a state-of-the-art approach to farms and farm management that uses information technology to ensure that plants and soils receive exactly what they need for optimal health and productivity. The purpose of precision agriculture is to ensure profitability, sustainability, and environmental protection.
Deere & Company, Trimble Inc., AGCO Corporation, AgJunction Inc., Raven Industries Inc., Teejet Technologies, AG Leader Technology, AgEagle Aerial Systems Inc., Granular Inc., CropX Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst offering, the hardware segment held a prominent share in the market in 2020”
Based on offering, the market is divided into hardware, software, and services. Among these, the hardware segment captured a significant share of the global precision farming market in 2020 and is anticipated to witness robust growth during the forecast period. This is mainly due to the high adoption of smart devices such as drones, GPS, irrigation controllers, guidance and control systems, yield monitors, and sensors in agriculture. Hardware components such as automation and control systems, sensor devices, and drones play an important role in supporting farmers.
“Amongst technology, variable rate application held a prominent share in the market in 2020”
Based on the technology, the market is classified into guidance, remote sensing, and variable rate application. The variable rate application segment is anticipated to witness a substantial growth rate during the forecast period. The market growth is due to the early adoption of this technology by farmers. Variable rate application includes variable rate pesticides, variable rate fertilizers, and variable rate crops. The application of variable rate application in precision agriculture focuses not only on fertilizer application but also on many other areas.
“North America to witness significant growth during the forecast period”
North America held a prominent share of the global precision farming market in 2020 and is expected to showcase a substantial growth rate during the forecast period. This can be attributed to the progress of modernization of agribusiness in regional countries. In countries such as the US and Canada, there are numerous government initiatives to encourage the adoption of modern precision farming techniques to maximize productivity. The region is focused on expanding its operations and improving overall efficiency to remain competitive in the market and is expected to provide lucrative opportunities in the precision agriculture market during the forecast period. Moreover, the agriculture sector significantly contributes to the GDP of major countries in the region. For instance, Agriculture, food, and related industries contributed $1.055 trillion (5% share of the total US economy) to the US gross domestic product (GDP) in 2020.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Precision Farming Market Covid-19 Impact
6. Precision Farming Market Revenue (usd Bn), 2019-2027f
7. Market Insights By Offering
8. Market Insights By Technology
9. Market Insights By Application
10. Market Insights By Region
11. Precision Farming Market Dynamics
12. Precision Farming Market Opportunities
13. Precision Farming Market Trends
14. Legal & Regulatory Framework
15. Demand And Supply Side Analysis
16. Value Chain Analysis
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for the Precision Farming Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global precision farming market were the three major steps undertaken to create and analyze the adoption of precision farming in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global precision farming market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the precision farming market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the precision farming market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as offering, technology, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the precision farming market. Further, we conducted factor analysis using dependent and independent variables such as various offering, technology, and application of precision farming. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the precision farming market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global precision farming market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global precision farming market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of offering, technology, and application in the global precision farming market.
The main objective of the Global Precision Farming Market Study
The current & future market trends of the global precision farming market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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