How big is the precision farming market?
Global precision agriculture market size is expected to value at $12.18 B in 2025 and will grow at a CAGR of 12% over the forecast period of 2020-2025. The major factors driving the growth of the precision farming market include increasing farm mechanization in developing countries, rising labour cost owing to shortage of skilled labour, increasing strain on the global food supply owing to increasing population.
Higher agriculture yield to meet demands of ever-growing populations is driving agriculture market size. According to Farming Forecast, farmers, all around the globe, will have to produce 70% more food by 2050, as per the UN Food and Agriculture Organization (FAO). Increasing the adoption of smart technologies in the global agriculture sector, such as Variable-rate technologies (VRTs) have allowed farmers to make more customized land management decisions, enabling more efficient use of inputs such as seeds, fertilizers, and pesticides under variable field conditions.
Precision agriculture relies upon specialized equipment, software and IT services. The approach includes accessing real-time data about the farming conditions. Raw data offer information about the crops, soil and ambient air, along with other relevant information such as hyper-local weather predictions, labour costs and equipment availability.
What are the factors driving the precision farming market?
Agriculture 4.0 & Upcoming Agriculture 5.0: Future agriculture will use sophisticated technologies such as robots, temperature and moisture sensors, aerial images, and GPS technology
Robotics and Automation: Autonomous operations in agro-technology are enabled by automated steering technology and high precision positioning systems as well as integrated electronic communication systems
Vision and Machine Learning Technology: The increasing use of drones, with many companies investing in this technology. In the agricultural sector, drones are widely used for monitoring, field analysis, livestock management, irrigation mapping, and crop spraying. Furthermore, development of scouting robots is another emerging trend in the market. For instance, American Robotics, an industrial drone developer specializing in agricultural automation, unveiled its flagship product Scout, which is a self-charging, self-managing drone system capable of autonomously carrying out daily scouting missions.
Irrigation Management as a New Market Front: Irrigation management is expected to witness an attractive rate of growth during the forecast period. Irrigation management involves the use of technologies such as weather-based controllers, rain sensors, temperature sensors, network elements, water meters, and sensor-based controllers.
Who are the key players in the precision farming market?
The key precision agriculture companies are include Ag Leader Technology Inc., Plenty Inc., CropX Corp., Trimble Navigation Inc., AGCO Corp., and Raven Precision Inc.