Precision Agriculture Market: Current Analysis and Forecast (2019-2025)

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Emphasis on Component (Hardware, Software, Services), Application (Yield Monitoring, Crop Scouting, Field Mapping, Variable Rate Technology, Weather Forecasting and Tracking, Soil Monitoring, Farm Management Systems) and Region/Country

Published:

Jun-2019

Pages:

182

Table:

47

Figure:

106

Report ID:

UMAG19148

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Report Description
Table of content
Research Methodology

Report Description

Global Precision Agriculture market was valued at US$ 4,355.9 million in 2018 and is expected to display reasonable CAGR of 16.8% over the forecast period (2019-2025). Precision agriculture is primarily defined as IT based farm management system that helps in identifying, managing and analysing the variations within the agricultural fields to achieve optimum profitability, sustainability and protection of land resource. Precision agriculture technique focuses on the increased efficiencies that can be realized by implementing various technologies and understanding and dealing with the natural variability found within the agricultural field.

With surging world population and simultaneous increase in the food demand, the overall agricultural productivity must be increase drastically. The current world population of 7.6 billion is expected to reach 8.6 billion in 2030, 9.8 billion in 2050 and 11.2 billion in 2100, according to a new United Nations report. Agriculture in the 21st century faces multiple challenges. Firstly, it has to produce more food and fibre to feed a growing population with a smaller rural labour force. Secondly, more feedstocks for a potentially huge bioenergy market, contribute to overall development in many agriculture-dependent countries, and further, adopt more efficient and sustainable production methods and adapt to climate change. Hence, precision agriculture has come as a one-way solution of increasing the yield per acre of the land along with arable land. It is one of the modern agriculture practices that purposes to make agricultural productivity more efficient and supports the farmers to harvest their crops in a better way. In addition, precision agriculture is mainly based on observing, measuring and responding to crops with smart technology. Growing awareness as well as benefits of agricultural drones have tremendously given the new opportunities and possibilities to the farmers. The precision agriculture practices guide farmers in several crucial activities such as choosing right time to plant, right amount of fertilizer or pesticide to be used for maximizing overall yield. Moreover, growing complexities in agricultural work, proliferation of Big Data and supportive government initiatives to adopt modern agricultural techniques has significantly bolstered the market for precision agriculture in recent years. However, high capital investments coupled with low adoption rate among developing nations tend to impede the growth potential of the market.

“Hardware component is expected to dominate precision agriculture during the analyzed period.”

Global precision agriculture market is segmented based on component into hardware, software and service. The hardware component segment occupies the largest share and is expected to maintain its dominance throughout the forecast period 2019-2025. It is majorly used for guidance and steering systems, drones with software systems, water monitoring and soil monitoring.

“Amongst precision agriculture applications, yield monitoring tends to conquer the market during the forecast period.”

The study further bifurcates the precision agriculture into different applications including, variable rate application, field mapping, yield monitoring, crop scouting, soil monitoring, farm labor management systems and weather tracking and forecasting. Yield Monitoring holds the largest share in global precision agriculture market. Yield monitor is a mature technology, which allows the farmers to quantify and analyze the yield variations caused by soil properties, fertility management, weather conditions and other crop management factors.

Global Precision Agriculture Market by Applications, 2019-2025 (US$ Million)

“North America represents itself as one of the largest regions in terms of revenue sales for precision agriculture.”

For a deep dive analysis of the overall adoption of precision agriculture technology, detailed study is conducted for major regions/countries globally. Major regions/countries studied in the report include North America (US and Canada), Europe (France, Germany, Italy, Spain and UK), Asia Pacific (India, China, Japan and Australia) and the rest of the world. In 2018, North America constitute as the leading region in precision agriculture mainly accredited to widespread adoption of advanced information and communication in the agriculture sector. Furthermore, supportive government policies and well-developed infrastructure also act as catalyzing factors driving the market potential.

Competitive Landscape-Top 10 Market Players

Some of the major players operating in the Precision agriculture market include AGCO Corporation, AgJunction LLC, Monsanto Company, Deere and Company, AgEagle Aerial Systems., Deveron UAS, Trimble Inc, Syngenta AG, Yara International, American Robotics. With an objective to enhance their product portfolio, these players have adopted various strategies to increase adoption of precision agriculture technique in their farms to cater to customer’s requirement in terms of consistent and surging demand for food across the globe.

Reasons to buy (The research report presents):

  • Current and future market size from 2018 to 2025 in terms of value (US$)
  • Combined analysis of deep dive secondary research and input from primary research through Key Opinion Leaders of the industry
  • Country level details of the overall adoption of precision agriculture technology
  • Used case studies of the technology
  • A quick review of overall industry performance at a glance
  • An In-depth analysis of key industry players
  • Country wise detail of government and private sector initiative to encourage the adoption of precision agriculture to increase productivity
  • A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
  • Examination of industry attractiveness with the help of Porter’s Five Forces analysis
  • The study comprehensively covers the market across different segments and sub-segments of the technology
  • Region/country Covered: North America (US, Canada), Europe (UK, Germany, France, Italy, Spain), Asia-Pacific (China, India, Japan, Australia) and Rest of World

Customization Options:

UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The global precision agriculture market can be customized to regional/country level or any other market segment.

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 1.1Market Definition        
  1.2Objective of the Study        
  1.3Limitation          
  1.4Stakeholders         
  1.5Currency used in the Report       
  1.6Scope of the Global Precision Agriculture Market Study
2.1Research Methodology for Global Precision Agriculture Market Study   
   2.1.1Main objective of the Precision Agriculture Market Study
 5.1Introduction         
   5.1.1Potential Benefits and Value Addition:      
   5.1.2Investments undertaken in recent years in Precision Agriculture:   
  5.2Market Dynamics        
   5.2.1Market Trend & Drivers       
    5.2.1.1Accelerating benefits of Agricultural Drones in Precision Agriculture  
    5.2.1.2Rising Demand for Food owing to Surging Population    
    5.2.1.3Agriculture Getting Stronger with Big Data     
   5.2.2Market Challenges        
    5.2.2.1Absence of Sufficient Government Initiatives    
    5.2.2.2Lack of Internet Connectivity in Rural Areas     
   5.2.3Market Opportunities       
    5.2.3.1Growing application of Telematics in Agriculture    
    5.2.3.2Growing Scope of Precision Agriculture in Developing Countries
6.1Overview          
   6.1.1Microdosing        
    6.1.1.1Case Study 1: Herbicide Microdosing to Control Striga    
     6.1.1.1.1Problem Area       
     6.1.1.1.2Solution Implemented      
     6.1.1.1.3Results and Outcomes      
     6.1.1.1.4Testimonials       
    6.1.1.2Case Study 2: Impact of Fertiliser Microdosing on Crop Yields in Sahel  
     6.1.1.2.1Problem Area       
     6.1.1.2.2Solution Implemented      
     6.1.1.2.3Results and Outcomes      
    6.1.1.3Case Study 3: Conservation Agriculture and Microdosing in Zimbabwe  
     6.1.1.3.1Problem Area       
     6.1.1.3.2Solution Implemented      
     6.1.1.3.3Results and Outcomes      
   6.1.2Soil Testing        
    6.1.2.1Case Study 1: Daktari Wa Udongo, Kenya     
     6.1.2.1.1Problem Area       
     6.1.2.1.2Solution Implemented      
     6.1.2.1.3Results and Outcomes      
    6.1.2.2Case Study 2: Soil Testing in Rwanda     
     6.1.2.2.1Problem Area       
     6.1.2.2.2Solution Implemented      
     6.1.2.2.3Results and Outcomes      
   6.1.3Seed Spacing        
    6.1.3.1Case Study 1: Row Planting for Systems of Rice Intensification   
     6.1.3.1.1Problem Area       
     6.1.3.1.2Solution Implemented      
     6.1.3.1.3Results and Outcomes      
    6.1.3.2Case Study 2: Row Planting in Rwanda     
     6.1.3.2.1Problem Area       
     6.1.3.2.2Solution Implemented      
     6.1.3.2.3Results and Outcomes
 7.1General Overview        
   7.1.1Data Privacy Concerns in United States      
   7.1.2Legal Framework in respect to Agricultural Drones in North America   
    7.1.2.1Agricultural Drones in United States     
    7.1.2.2Agricultural Drones in Canada      
   7.1.3Legal Framework in respect to Agricultural Drones in Asia Pacific   
    7.1.3.1Agricultural Drones in China      
    7.1.3.2Agricultural Drones in Japan      
    7.1.3.3Agricultural Drones in India      
     7.1.3.3.1Specific features of Drone Policy:     
     7.1.3.3.2Classification of drones under the following categories:   
     7.1.3.3.3One Time Registrations to fly drones:     
     7.1.3.3.4General India Drone Laws      
    7.1.3.4Agricultural Drones in Australia      
     7.1.3.4.1New regulations and Penalties     
   7.1.4Legal Framework in respect to Agricultural Drones in Europe    
   7.1.5Legal Framework in respect to Agricultural Drones in Rest of World
 8.1General Overview        
   8.1.1Top Partnerships        
   8.1.2Top Mergers & Acquisitions       
   8.1.3Top Funding        
   8.1.4Top Business Expansion       
   8.1.5Top Product Launches       
   8.1.6Top Start-ups under Precision Agriculture Technology
9.1Value Chain Analysis
 10.1General Overview        
   10.1.1Hardware Components       
    10.1.1.1Agricultural Drones       
    10.1.1.2Driverless Tractors       
    10.1.1.3Agricultural Sensors       
   10.1.2Software Component       
    10.1.2.1Key Features or Characteristics of Software Component to qualify for inclusion in Precision Agriculture
   10.1.3Service Component
 11.1General Overview        
   11.1.1Yield Monitoring        
   11.1.2Crop Scouting        
   11.1.3Field Mapping        
   11.1.4Variable Rate Technology       
   11.1.5Soil Monitoring        
   11.1.6Weather Tracking and Forecasting      
    11.1.6.1Key Features of Ag Premium Weather     
   11.1.7Farm Labour Management Services
 12.1General Overview        
  12.2North America Precision Agriculture Market (2019-2025)     
   12.2.1North America Precision Agriculture Market by Components, 2019-2025   
   12.2.2North America Precision Agriculture Market by Application, 2019-2025   
   12.2.3North America Precision Agriculture Market by Country, 2019-2025   
    12.2.3.1United States Precision Agriculture Market (2019-2025)    
     12.2.3.1.1United States Precision Agriculture Market by Components, 2019-2025  
     12.2.3.1.2United States Precision Agriculture Market by Application, 2019-2025  
    12.2.3.2Canada Precision Agricultural Market (2019-2025)    
     12.2.3.2.1Agricultural Sector Investment by Canadian Government   
     12.2.3.2.2Canada Precision Agriculture Market by Components, 2019-2025  
     12.2.3.2.3Canada Precision Agriculture Market by Application, 2019-2025  
    12.2.3.3Rest of North America Precision Agriculture Market (2019-2025)   
     12.2.3.3.1Rest of NA Precision Agriculture Market by Components, 2019-2025  
     12.2.3.3.2Rest of NA Precision Agriculture Market by Application, 2019-2025  
  12.3Europe Precision Agriculture Market (2019-2025)     
   12.3.1Key Facts about Precision Farming in European Union    
   12.3.2Europe Precision Agriculture Market by Components, 2019-2025   
   12.3.3Europe Precision Agriculture Market by Application, 2019-2025   
   12.3.4Europe Precision Agriculture Market by Country, 2019-2025    
    12.3.4.1France Precision Agriculture Market (2019-2025)    
     12.3.4.1.1Key Facts about Precision Agriculture in France    
     12.3.4.1.2France Precision Agriculture Market by Components, 2019-2025  
     12.3.4.1.3France Precision Agriculture Market by Application, 2019-2025  
    12.3.4.2Germany Precision Agriculture Market (2019-2025)    
     12.3.4.2.1Key Facts about Precision Farming in Germany    
     12.3.4.2.2Germany Precision Agriculture Market by Components, 2019-2025  
     12.3.4.2.3Germany Precision Agriculture Market by Application, 2019-2025  
    12.3.4.3Spain Precision Agriculture Market (2019-2025)    
     12.3.4.3.1Key Facts about Precision Farming in Spain    
     12.3.4.3.2Spain Precision Agriculture Market by Components, 2019-2025  
     12.3.4.3.3Spain Precision Agriculture Market by Application, 2019-2025  
    12.3.4.4Italy Precision Agriculture Market (2019-2025)    
     12.3.4.4.1Facts about the Italian Precision Agriculture Market   
     12.3.4.4.2Italy Precision Agriculture Market by Components, 2019-2025  
     12.3.4.4.3Italy Precision Agriculture Market by Application, 2019-2025   
    12.3.4.5United Kingdom Precision Agriculture Market (2019-2025)   
     12.3.4.5.1United Kingdom Precision Agriculture Market by Components, 2019-2025 
     12.3.4.5.2United Kingdom Precision Agriculture Market by Application, 2019-2025 
    12.3.4.6Rest of Europe Precision Agriculture Market (2019-2025)   
     12.3.4.6.1Rest of Europe Precision Agriculture Market by Components, 2019-2025 
     12.3.4.6.2Rest of Europe Precision Agriculture Market by Application, 2019-2025  
  12.4Asia Pacific Precision Agriculture Market (2019-2025)     
   12.4.1Key Agri-Tech Innovations Changing the Game for Agriculture in Asia Pacific  
   12.4.2Asia Pacific Precision Agriculture Market by Components, 2019-2025   
   12.4.3Asia Pacific Precision Agriculture Market by Application, 2019-2025   
   12.4.4Asia Pacific Precision Agriculture Market by Country, 2019-2025   
    12.4.4.1Australia Precision Agriculture Market (2019-2025)    
     12.4.4.1.1Key Facts on Australian Agricultural Sector    
     12.4.4.1.2Australia Precision Agriculture Market by Components, 2019-2025  
     12.4.4.1.3Australia Precision Agriculture Market by Application, 2019-2025  
    12.4.4.2Japan Precision Agriculture Market (2019-2025)    
     12.4.4.2.1Key Facts on Precision Farming in Japan    
     12.4.4.2.2Foreign Smart Agriculture Related Services Company, in Japan  
     12.4.4.2.3Japan Precision Agriculture Market by Components, 2019-2025  
     12.4.4.2.4Japan Precision Agriculture Market by Application, 2019-2025  
    12.4.4.3China Precision Agriculture Market (2019-2025)    
     12.4.4.3.1Key Facts on Precision Farming in China    
     12.4.4.3.2China Precision Agriculture Market by Components, 2019-2025  
     12.4.4.3.3China Precision Agriculture Market by Application, 2019-2025  
    12.4.4.4India Precision Agriculture Market (2019-2025)    
     12.4.4.4.1Key Facts about Precision Agriculture in India    
     12.4.4.4.2Used Case Study of use of Precision Agriculture in India   
     12.4.4.4.3List of Major Agritech Start-up in India     
     12.4.4.4.4India Precision Agriculture Market by Components, 2019-2025  
     12.4.4.4.5India Precision Agriculture Market by Application, 2019-2025  
    12.4.4.5Rest of Asia Pacific Precision Agriculture Market (2019-2025)   
     12.4.4.5.1Rest of APAC Precision Agriculture Market by Components, 2019-2025  
     12.4.4.5.2Rest of APAC Precision Agriculture Market by Application, 2019-2025  
  12.5Rest of World Precision Agriculture Market (2019-2025)     
   12.5.1Rest of World Precision Agriculture Market by Components, 2019-2025   
   12.5.2Rest of World Precision Agriculture Market by Application, 2019-2025
 13.1Porter’s Five forces analysis       
   13.1.1Bargaining power of Supplier       
   13.1.2Bargaining power of Buyer       
   13.1.3Industry Rivalry        
   13.1.4Availability of Substitute       
   13.1.5Threat of new Entrants       
  13.2Competitive Landscape        
   13.2.1Strategic Acquisitions of Deere and Company, 2018-2019    
    13.2.1.1Some Major acquisitions of Deere and Company    
   13.2.2Market Share of Key Players in Precision Agriculture, 2018
  14.1Agco Corporation        
   14.1.1Key Facts         
   14.1.2Business Description       
   14.1.3Key Product/Services Offerings      
   14.1.4SWOT Analysis        
   14.1.5Key Financials        
    14.1.5.1Revenue Split       
   14.1.6Recent Developments       
  14.2AgJunction Inc.         
   14.2.1Key Facts         
   14.2.2Business Description       
   14.2.3Key Product/Services Offerings      
   14.2.4SWOT Analysis        
   14.2.5Key Financials        
    14.2.5.1Revenue Split       
   14.2.6Recent Developments       
  14.3Trimble Inc.         
   14.3.1Key Facts         
   14.3.2Business Description       
   14.3.3Key Product/Services Offerings      
   14.3.4SWOT Analysis        
   14.3.5Key Financials        
    14.3.5.1Revenue Split       
   14.3.6Recent Developments       
  14.4Deere and Company        
   14.4.1Key Facts         
   14.4.2Business Description       
   14.4.3Key Product/Services Offerings      
   14.4.4SWOT Analysis        
   14.4.5Key Financials        
    14.4.5.1Revenue Split       
   14.4.6Recent Developments       
  14.5Monsanto Company        
   14.5.1Key Facts         
   14.5.2Business Description       
   14.5.3Key Product/Services Offerings      
   14.5.4SWOT Analysis        
   14.5.5Key Financials        
    14.5.5.1Revenue Split       
   14.5.6Recent Developments       
  14.6AgEagle Aerial Systems, Inc       
   14.6.1Key Facts         
   14.6.2Business Description       
   14.6.3Key Product/Services Offerings      
   14.6.4SWOT Analysis        
   14.6.5Key Financials        
    14.6.5.1Revenue Split       
   14.6.6Recent Developments       
  14.7Syngenta AG         
   14.7.1Key Facts         
   14.7.2Business Description       
   14.7.3Key Product/Services Offerings      
   14.7.4SWOT Analysis        
   14.7.5Key Financials        
    14.7.5.1Revenue Split       
   14.7.6Recent Developments       
  14.8Yara International ASA        
   14.8.1Key Facts         
   14.8.2Business Description       
   14.8.3Key Product/Services Offerings      
   14.8.4SWOT Analysis        
   14.8.5Key Financials        
    14.8.5.1Revenue Split       
   14.8.6Recent Developments       
  14.9Deveron UAS Corp        
   14.9.1Key Facts         
   14.9.2Business Description       
   14.9.3Key Product/Services Offerings      
   14.9.4Key Financials        
    14.9.4.1Revenue Split       
   14.9.5Recent Developments       
  14.1American Robotics        
   14.10.1Key Facts         
   14.10.2Business Description       
   14.10.3Key Product/Services Offerings      
   14.10.4Recent Developments

Research Methodology

Analysing historical market, estimation of the current market and forecasting the future market for precision agriculture technique were the three major steps undertaken to create and analyse the adoption trend of precision agriculture technologies in different regions/countries globally. Exhaustive secondary research was done to collect the historical market numbers to estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across value chain of the precision agriculture market. After all the assumption, market sizing and validation of market numbers through primary interviews, bottom-up approach was employed to forecast the complete market size of precision agriculture market at regional/country level. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyse the market size of segments and sub-segments 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 agriculture technique through company internal sources such as annual report & financial statements of top players, performance presentations, press releases, inventory records, sales figures etc., and external sources including trade journals, news & articles, government publications, economic data, competitor publications, sector reports, regulatory bodies publications, safety standard organizations, third-party database and other creditable publications. For economic data collection, sources such as Trading Economics and Trade Map, World Bank, IMF, FAO among others were used.

Step 2: Market Segmentation:

After obtaining historical market size of the precision agriculture technology, detailed secondary analysis was conducted to gather historical market insights and share for different segments & sub-segments for the regional/country level precision agriculture market. Major segments included in the report are components, and applications. Further analysis was also done for different region/countries to analyze the overall adoption of the technique in that particular market.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, detailed factor analysis was conducted to estimate the current market size of the precision agriculture market at regional/country level globally. Factor analysis was conducted using dependent and independent variable such as purchasing power and consumer behavior, towards the adoption of precision agriculture technologies. Demand and supply side scenario was also thoroughly studied by considering top partnerships, top merger and acquisition, top business expansion, top product launches and analyzing the list of start-ups in the precision agriculture industry.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at current market size, key players in precision agriculture market and market shares of these players. All the required percentage shares, splits, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available in the industry. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up approach was applied to arrive at the market forecast pertaining to 2025 for different segment and sub-segments in major region/country globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and penetration rate of precision agriculture technique in major region/country
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in precision agriculture industry in terms of their product portfolio, technologies offered as well as market share analysis. Also, the growth strategies adopted by these players to compete in the ever-growing global market was thoroughly analysed

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, and Regional Head, Country Head etc.) in major regions/countries. Primary research findings were 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 of each segment and sub-segment pertaining to the precision agriculture market globally. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of components and applications of precision agriculture.

Main objective of the Global Precision Agriculture Market Study

The current & future market trends of precision agriculture technique are 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 would determine the overall attractiveness of the market not only at regional but also at country level, providing a platform for the industrial participant to exploit the untapped market to benefit as first mover advantage. Other quantitative goals of the studies include:

  • Analyse the current and forecast market size of precision agriculture technology in terms of value (US$). Also analyse the current and forecast market size of different segments and sub-segments of the technology
  • Segments in the study include components and applications
  • Analyse the value chain involved with the presence of various intermediaries, along with analysing customer and competitor behaviours pertaining to the industry
  • Define and analysis of the government regulations for precision agriculture in different region/countries
  • Detailed analysis of used case study of the precision agriculture technology
  • Analyse the current and forecast market size of the technology for major regions/countries globally. Major regions studied in the report include North America, Europe, Asia-Pacific and the rest of the world. Further country level analysis is also conducted in the report
  • Define and analyse the competitive landscape of the precision agriculture technique and the growth strategies adopted by the market players to sustain in the ever-growing market in major regions/countries globally