Precision Farming/Agriculture Market Report

Precision Farming/Agriculture Market Analysis By Component (Hardware, Software, Services), By Technology (Variable Rate Technology, Remote sensing, Guidance Systems), By Application, By Region & Segment Forecasts, 2014 - 2025

Published: January 2017  |  95 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-376-8

Industry Insight

The global precision farming/agriculture market was valued at USD 3.09 billion in 2015. The increasing adoption of the new technologies for enhancing the farm efficiency and reduction in the production cost is anticipated to drive the market growth over the projected period. The growing need for monitoring crop health for yield production has also contributed the growth of the technology in the industry.

Precision farming is one of the farming techniques associated with the management of the nutrients, crop, soil, water and environmental factors. The agriculture is also known as satellite farming and site specific crop management (SSCM). The technology utilizes various technologies which include geographical information system (GIS), global positioning system (GPS), and remote sensing for collecting the critical information in regards to planting, crop fertilizing, and harvesting.

U.S. precision farming market by component, 2014 - 2025 (USD Billion)

U.S. precision farming market

Additionally, sensors are placed throughout the field for measuring the nutrition level, temperature and humidity of the soil. The technology automates the crucial processes eliminating the need for manual efforts which include real-time farm monitoring and information sharing. Furthermore, gradually changing weather condition owing to global warming, has also led to the adoption of technologies for enhancing the productivity and crop yield.

The precision agriculture enables the farmers to enhance the yield with minimum wastage owing to the technologies offered which include weather forecasting and real-time monitoring through the mobile phones thereby offering ease of operation and greater mobility. The increasing penetration of telematics technologies is also anticipated to further drive the industry growth over the forecast period. The telematics technology provides the information about the fuel usage, location, and speed of the machinery, improving the efficiency and yield.

Component Insight

Based on the component, the market is segregated into hardware, software & services. The hardware component is further segregated into automation & control, and sensing & monitoring control and the software & services is segmented into farm management software and managed services. Hardware component market has contributed majorly, in terms of revenue in 2015 and is anticipated to maintain the dominance over the forecast period owing to the extensive application in precision agriculture.

Global positioning system (GPS) provides the precise information about the soil and crop measurements to be mapped which further enhances the traditional agriculture techniques. Growing adoption of the smartphones and growing awareness for new technologies for maximum yield is anticipated to be the prominent factors for the industry growth.

Technology Insight

The technology segment is segregated into guidance systems, remote sensing and variable rate technology (VRT). The VRT is anticipated to witness a significant growth over the projected period owing to high adoption rate as the technology help in applying the appropriate amount of fertilizers, hence reducing the waste and increases the productivity of land.

Remote sensing is involved in gathering the information through devices that detects visible light, electromagnetic radiation and infrared light. The sensing devices are installed on equipments which include unmanned aerial vehicles (UAV’s), and global positioning satellites. The segment is anticipated to grow steadily from 2016 to 2025.

Application Insight

Based on application, the market is segmented into yield monitoring, variable rate application, field mapping, and crop scouting. The banking & finance application sector is anticipated to witness significant growth over the forecast period, owing to the increased implementation of smart cards including debit or credit cards.

Further, the yield monitoring segment is projected to remain the key revenue generating application segment from 2016 to 2025. The increasing security concerns and the need for easy, simplified technology have increased the demand for the technology across various application areas.

Precision farming market by technology, 2015

Precision farming market

Regional Insight

The North American market is projected to contribute majorly in the regional industry and is expected to be the major revenue generating segment in 2015. The increasing demand for advanced agricultural solutions is anticipated to fuel the growth across the region. Farmers across the regions are proactively adopting the advanced farming techniques and systems which include sensors, display systems, guidance systems, and farm management software.

The Asia Pacific market is projected to witness enormous growth with a CAGR of over 20% from 2016 to 2025. The growing adoption of technologies such as drones and VRT majorly in Japan and China is anticipated to drive the growth over the forecast period.

Competitive Insight

The leading players in the market include AG Leader Technology, AGCO Corporation, Agjunction, Inc., Deere & Company and Trimble Inc. Acquisitions, partnerships and product launch are observed to be the strategies adopted by the companies to maintain their dominance and strengthen the position in the industry.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historic data

2014 - 2015

Forecast period

2016 - 2025

Market representation

Revenue in USD Billion & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, South America, and MEA

Country scope

U.S., Canada, UK, Germany, Spain, France, Italy, Japan, China, India, South Korea, Brazil, and Mexico

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the precision farming/agriculture market based on component, technology, application, and region:

  • Component Outlook (Revenue, USD Billion; 2014 - 2025)

    • Hardware

    • Software

    • Services

  • Technology Outlook (Revenue, USD Billion; 2014 - 2025)

    • Guidance Systems

    • Remote Sensing

    • Variable Rate Technology (VRT)

  • Application Outlook (Revenue, USD Billion; 2014 - 2025)

    • Yield Monitoring

    • Variable Rate Application

    • Field Monitoring

    • Crop Scouting

    • Others

  • Region Outlook (Revenue, USD Billion; 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

      • Spain

      • Italy

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

    • South America

      • Brazil

    • The Middle East and Africa

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