Precision Farming Market Segmented By Various Components - Precision Farming Hardware (Automation & Control Systems and Precision Farming Sensing and Monitoring Devices) | Farm Management Software (FMS) | Services (Installation and Integrations Services, Maintenance Services, Consulting Services)
Industry: Semiconductor Electronics
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP3884
The precision farming market was valued at US$ 8,996.7 Mn in 2022, The precision farming market is estimated to reach US$ 10,004.3 Mn in 2023 and is project to grow US$ 33,211.3 Mn by 2033. The market for precision farming is predicted to grow at a CAGR of 12.7% from 2023 to 2033.
Precision agriculture and farming are other names for precision farming. When it comes to growing crops and raising livestock, precision farming makes farming more precise and manageable. The utilization of information technology, including agribots, autonomous vehicles, sensors, drones, variable rate technology, GPS-based soil sampling, data science, automated hardware, telematics, and software, is the primary component of such farming.
The market is expanding due to the introduction of technologies like GPS, IoT, and remote sensing applications in farming. The internet of things (IoT) assists farmers in addressing a wide range of issues related to productive farming, such as crop monitoring and weather forecasting. Precision farming provides real-time information about the temperature and weather in the environment. As a result, the market is expanding as weather forecasting increasingly relies on it. Moreover, accuracy cultivating likewise gives data in regards to the water content present in the dirt, in view of this ranchers can work on their choices as to collecting time. Additionally, it provides information regarding soil management. As a result, the precision farming market is expanding as a result of these and other factors.
The market is expanding as a result of technological advancements like driverless tractors, GPS sensing, and guidance systems. Additionally, with the assistance of sensors, Precision farming assists in achieving a high yield with less waste. However, it is anticipated that the market will experience growth limitations due to farmers' lack of awareness of the practice and the high costs associated with its implementation. Additionally, the market is being held back from expanding in developing nations by a lack of technology-based equipment and skilled workers.
In terms of the regional market landscape, the market in North America held a leading market share of 26.8% in the global landscape in 2022 and is expected to retain its leading position throughout the forecast period. Meanwhile, demand for precision farming in the Europe region held around 21.2% of the market in 2022.
| Attributes | Key Insights |
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Market Size (2023) |
US$ 10,004.3 Mn |
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Projected Market Value (2033) |
US$ 33,211.3 Mn |
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Global Market Growth Rate (2023-2033) |
12.7% |
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Precision Farming Hardware Segment Market Share (2022) |
41.2% |
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U.S. Market Share (2022) |
16.5% |
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Soil Monitoring Segment Market Share (2022) |
18.7% |
“Analysis of Data an Important Factor for Precision Farming”
The large volume of data from variable rate seeding, yield monitoring, mapping, soil testing, and historical crop rotation precision farming success is dependent on the analysis of this data for decision-making. Thus, it needs to be stored and managed. The major challenge is to manage this large amount of data, which requires high expertise, and many users do not have this expertise to use this data for decision-making on their farms.
Global warming and climate change are important factors that could influence the agriculture sector drastically, indirectly impacting the market. Areas most susceptible to climate change could witness drastic changes in their farming practises over the forecast period.
“Technological Advancement and Adoption Helping the Precision Farming Grow in US”
US has several large scale private players in the agriculture sector, that cater to a large amount of people in US. These companies are highly profitable and can invest in precision farming technologies. Technological advancement and economic prosperity drive the demand for precision farming in US.
In 2022, the U.S. precision farming market helped the country to account for a dominant share of 16.5% in the global marketplace.
“Less Human Labour Promoting Precision Farming in Japan”
Japan is a technologically developed country, allowing the necessary infrastructure for precision farming. However, Japan is a country that has a declining population, causing the population employed in the agriculture sector to decline over time as well. Due to this reason, the use of precision farming technologies and solutions is considerable in this country and is estimated to increase over the forecast period as well.
For these reasons, the market for precision farming was estimated to amount to 9.1% for 2022.
“Numerous Challenges for the Adoption of Precision Farming Technologies in India, but Can Showcase Growth”
The Indian agriculture sector is lacking in the use of advanced technologies for farming in numerous areas of the country. Technical implementation is much behind compared to the rest of the globe. However, government initiatives are driving the implementation of technology in the agricultural sector.
Being a large country, which has a huge population employed in the agricultural sector and an environment suitable for the growth of numerous crops allows this country to be a country with great growth potential for the precision farming market.
For these reasons, India is estimated to grow at a CAGR of 11.8% for the forecast period.
Why Precision Farming Hardware has the Largest Market Share in Component?
There are numerous applications such as milking, weeding, irrigation using autonomous irrigation systems, use of UAV (Unmanned aerial vehicle) for surveying etc are the numerous applications of precision farming hardware. This technology could be implemented across a wide range of agricultural fields, depending upon the financial budget of the owners. But since the price range of this hardware is wide, even low budget farmers could afford basic precision farming technology.
For this reason, precision farming hardware held the largest market share of 41.2% for 2022.
Why Soil Monitoring Has the Largest Market Share by Application for the Precision Farming Market?
Soil monitoring uses numerous technologies such as soil moisture meters, soil testers, etc. These technologies are quite affordable and can be owned by consumers who do not have the financial liberty to spend on more expensive tools and technologies.
Studying and surveying the soil for agriculture is an important aspect for agriculture and making soil monitoring technology an important investment, for these reason soil monitoring was estimated to hold the largest market share of 18.7% for the year 2022.
Precision farming companies are either companies that are completely dedicated to the development of technologies and solutions dedicated to farming, or is one of their business segments.
Recent developments related to key players providing precision farming market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
| Attribute | Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2018-2022 |
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Market Analysis |
US$ Mn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By Component:
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In 2022, the market value of precision farming was US$ 3,014.2 Mn.
The global precision farming market is estimated to advance at a 12.7% CAGR through 2033.
The market for precision farming is forecasted to reach US$ 33,211.3 Mn by 2033 end.
Demand for precision farming market in India is projected to rise at a CAGR of 18.2% over the forecast period.
Global warming and climate change, natural disasters and social unawareness.
