U.S (New York) – New research study titled “Precision Agriculture Market ” for the year 2023, encompassing various aspects such as industry size, market share, growth analysis, segmentation, leading manufacturers and innovations, key trends, market drivers, restraints, regulatory framework, distribution methods, opportunities, strategies, potential roadmap, and annual forecasts until 2031. The primary objective of this market research study is to thoroughly examine the industry, enabling businesses to gain comprehensive insights into the sector and its economic potential. By leveraging accurate statistical research data provided by Report Ocean 2023 to 2031, your business can experience accelerated growth. This report also delves into PESTLE & SWOT analysis, Porter’s Five Forces Analysis, and provides crucial information including expenditure, costs, revenue, and end-users. With over 150+ pages, the document offers a comprehensive table of contents, 180+ figures, tables, charts, and insightful analysis.
Precision agriculture also known as site specific crop management (SSCM) and satellite farming is an advanced farming technique that utilizes several technologies such as GPS, GIS and remote sensing to collect crucial field related information, which is further analyzed to support grower’s decisions with regard to crop fertilizing, planting, and harvesting. In addition, sensors are placed throughout the field that measure temperature, nutrition level and humidity of the soil. Therefore, the technology eliminates manual human efforts by automating crucial processes including real-time farm monitoring and information sharing.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
KEY PLAYERS, Deere & Company, CropMetrics LLC, Trimble Navigation Limited, CropX, AgSmarts Inc, AgSense LLC, AGCO Corporation, Dickey-John Corporation, Monsanto Company, Ag Leader Technology
Precision agriculture is swiftly gaining popularity among farmers due to the increasing need of optimum production with the given resources. Further, the changing weather patterns due to increasing global warming, have necessitated the adoption of advanced technologies to enhance the productivity and crop yield. By offering technologies such as real-time farm monitoring, weather forecasting, optimal field requirements and similar others, precision agriculture enables the farmers to increase the yield with minimum human efforts and wastage. Moreover, the technology enables the farmers to manage their resources as well as access real time information through their smartphones, thereby offering greater mobility and ease of operation. However, major restraints of the market are affordability of the technology and lack of awareness about the benefits of precision agriculture among farmers, particularly in the developing countries.
Segmentation Overview
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The report also presents a complete analysis of the world precision agriculture market based on technology, component, and geography. GIS, telematics, VRT, GPS, and remote sensing are some of the key technologies covered in the technology segment. Among these, GPS is the most popular technology. The world precision agriculture market is further bifurcated into two key components: hardware and software. Hardware includes sensors, drones, ASS, radar, GPS, and others (display, satellite, and mobiles). Software includes GIS, crop management software, weather tracking and forecasting software, inventory management software, people management software, and financial management software. The market is further analyzed across four different geographies: North America, Europe, Asia-Pacific, and LAMEA. North America includes the U.S., Mexico, and Canada, whereas Europe covers U.K., Russia, Germany, Italy, France, and rest of Europe. The countries covered under Asia-Pacific are Australia, China, India, Japan, South Korea, Taiwan, and rest of Asia-Pacific. LAMEA is bifurcated into Latin America, the Middle East, and Africa.
Source: Report OceanAnalysis
Based on various technologies used in precision agriculture, GPS is the highest revenue-generating segment owing to its wide application in agriculture equipment to track location and crops when required. However, GIS is expected to exhibit the highest CAGR to attain significant market value by 2022, owing to the increasing adoption of GIS in agriculture to collect, store, and analyze data for farming.
TOP FACTORS IMPACTING WORLD PRECISION AGRICULTURE MARKET
The top impacting factors of the world precision agriculture market are the growing adoption of smartphones, aggrandized use of cloud technology, booming population, technological advancement, lack of awareness, and high initial investment. Some of the factors such as lack of awareness about precision agriculture products and huge investment act as restraints for the market growth.
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Growing Adoption of Smartphones
Smartphone adoption has been one of the most prominent factors in the proliferation of the precision agriculture technology. A smartphone acts as a bridge between the end user and advanced agriculture technology equipment. Integration of smartphones with agriculture equipment and field devices delivers easy access to agriculture mobile applications, which allows farmers to monitor their fields remotely. Therefore, it helps the farmers in keeping pace with the rapidly changing demands of the consumers.
Aggrandized use of cloud technology
Cloud is a centralized, virtualized, automated, and shared infrastructure. Cloud allows storage of crop-related information, which can be further accessed by growers using smartphones. Currently, integrated GPS is available in most of the new agriculture equipment; thus, weather conditions can also be sourced from various cloud-based applications and service providers. Therefore, inclusion of cloud technology in precision agriculture is one of the major drivers for the growth of the world precision agriculture market.
Booming population
The high population growth ratio is the major driving factor of the precision agriculture market, which encourages farmers to implement efficient and advanced agriculture techniques to improve crop yield. In addition, as per the recent survey report, around 80% of the world’s population is projected to live in urban areas by 2050, thereby fostering the demand for housing and food. Hence, farmers are increasingly adopting precision agriculture technique owing to its superior benefits, such as prime output in limited resources and improved crop quality.
Source: Report OceanAnalysis
The graph below represents the potential of various precision agriculture technologies that are used for monitoring crops. Currently, GPS leads the world precision agriculture market growth, followed by VRT and GIS. GPS market is primarily driven by factors, such as accurate location tracking, minimal fuel consumption, increased productivity, and lower operational costs.
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Top investment pockets
Top investment pockets
Source: Report Ocean Analysis
The study provides an in-depth analysis of the world precision agriculture market to elucidate the prominent investment pockets in the market.
KEY BENEFITS
The report provides a comprehensive analysis of the world precision agriculture market with current trends and future growth opportunities, challenges, and competitive scenario.
The current market trends are quantitatively analyzed and estimated for the period 2015-2022, which have been provided to highlight the financial competency of the market.
Porter’s five forces analysis provides inputs on the potential of buyers and suppliers and highlights the competitive structure of the market, which is likely to enable market players to devise effective growth strategies and facilitate better decision-making.
Value chain analysis provides key inputs on the role of different stakeholders involved at various stages.
SWOT analysis of the key market players highlights the essential strengths and potential opportunities in the market.\
PRECISION AGRICULTURE MARKET KEY SEGMENTS:
BY TECHNOLOGY
Geographic information system (GIS)
Telematics
Variable rate technology (VRT)
Global positioning system (GPS)
Remote Sensing
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BY COMPONENT
Hardware
Sensors
Drones
Automated Steering System
Radar
Global positioning system (GPS)
Others
Software
Geographic information system (GIS)
Crop Management Software
Weather Tracking and Forecasting Software
Inventory Management Software
People Management Software
Financial Management Software
BY GEOGRAPHY
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Russia
Rest of Europe
Asia-Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Market Dynamics:
Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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