Rise in adoption of smartphones in agriculture, surge in growth rate of population, and increase in adoption of emerging technologies drive the growth of the global precision agriculture market.
PORTLAND, Ore., Oct. 11, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Precision Agriculture Market by Component (Hardware, Software, and Service), Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, Farm Labor Management, and Others), Technology (Guidance Technology, Remote Sensing Technology, and Variable-rate Technology): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global precision agriculture industry generated $6.45 billion in 2020, and is anticipated to generate $23.05 billion by 2030, witnessing a CAGR of 13.4% from 2021 to 2030.
Prime determinants of growth
Rise in adoption of smartphones in agriculture, surge in growth rate of population, and increase in adoption of emerging technologies drive the growth of the global precision agriculture market. However, lack of awareness about precision agriculture products and huge investment required for precision agriculture equipment restrain the market to some extent. On the other hand, increase in government initiative in the precision agriculture technology and rise in investments in technologies such as driverless tractors, guidance systems, and GPS sensing systems advancements present new opportunities in the coming years.
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Covid-19 scenario
- Due to the outbreak of the COVID-19 pandemic, the market has witnessed a slight decline in hardware revenue in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and the shutdown of the cities to prevent the transmission of virus.
- Nevertheless, the global situation is expected to come on normal track from mid-2021.
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The hardware segment to maintain its leadership status throughout the forecast period
Based on component, the hardware segment held the highest market share in 2020, accounting nearly two-thirds of the global precision agriculture market, and is estimated to maintain its leadership status throughout the forecast period, owing to an increase in the adoption of hardware among the developing countries. However, the services segment is projected to manifest the highest CAGR of 16.5% from 2021 to 2030. This is attributed to increase in adoption of precision agriculture software in modern farming technique.
The guidance technology segment to maintain its lead position during the forecast period
Based on technology, the guidance technology segment accounted for the largest share in 2020, contributing to nearly half of the global precision agriculture market, and is projected to maintain its lead position during the forecast period. This growth is attributed to increase in use of global positioning and geospatial information system for tracking activity in the crop field to generate more revenue in the developed countries such as the U.S. and Canada. Moreover, variable-rate technology segment is expected to portray the largest CAGR of 15.5% from 2021 to 2030, owing to its core benefits of obtaining all real-time information and data about agriculture farm without visiting the farm.
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North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global precision agriculture market. This is attributed due to the increasing inclination of the farmer's towards the use of digital technology for yield management. Moreover, Asia-Pacific region is expected to witness the fastest CAGR of 15.7% during the forecast period, owing to strong economic growth along with the ongoing development in the agriculture sector.
Leading Market Players:-
- Deere & Company
- CropMetrics LLC
- Trimble Navigation Limited
- CropX
- AgSmarts Inc
- AgSense, LLC
- AGCO Corporation
- DICKEY-john
- Monsanto Company
- Ag Leader Technology
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