Global Precision Farming Market Size, Scope and Forecast 2028


 

The Global Precision Farming Market was valued at USD 6.89 Billion in 2021, and it is expected to reach a value of USD 16.01 Billion by 2028, at a CAGR of 12.80% over the forecast period (2022-2028).

Precision farming largely relies on special equipment like sensors, antennas, and access points, as well as automation and control systems. It also includes maintenance and managed services. Bioengineering, robotics and automation, imagery and sensors, and big data are a few of the technologies used in the process. The growing number of agricultural telematics applications is expected to support Precision Farming Market growth. Tracking devices that use the Global Navigation Satellite System (GNSS) to show the location of the equipment for management purposes are examples of telematics services. Major agricultural equipment manufacturers are implementing telematics services for their equipment to improve farm efficiency, lowering agricultural operating costs, and increase profitability. Improved management can also aid in the reduction of environmental impact.

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Top Player's Company Profiles

  • Deere & Company (US)
  • Trimble Inc. (US)
  • Raven Industries Inc. (US)
  • AgJunction Inc. (US)
  • and AGCO Corporation (US)
  • Farmeron Inc. (US)
  • Airinov (France)
  • Microdrones GmbH (Germany)
  • OnFarm Systems (US)
  • PrecisionHawk (US)

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Global Precision Farming Key Market Trends

  • Labour costs, climate change, and growing food demand are ushering in an era of machine modernization across the global agricultural landscape. In the face of labour issues, there was always a dire need for greater efficiency in agronomy. The number of people working as farmers, ranchers, and other agricultural professionals is expected to drop 6% by 2029, according to the Bureau of Labour Statistics. Thus, these falling labour statistics are likely to accelerate the adoption of technology in the farming ecology.
  • The growing number of agricultural telematics applications is expected to support Precision Farming Market growth. Tracking devices that use the Global Navigation Satellite System (GNSS) to show the location of the equipment for management purposes are examples of telematics services. Major agricultural equipment manufacturers are implementing telematics services for their equipment to improve farm efficiency, lowering agricultural operating costs, and increase profitability. Improved management can also aid in the reduction of environmental impact.

Recent Developments

  • In May 2022, With the completion of the KZValve acquisition, IDEX Corporation adds Precision Farming Solutions for Agriculture and Industrial Applications.
  • In January 2022, Appareo Systems, LLC, a leader in software engineering, hardware development, and electronic manufacturing, has been acquired by AGCO, Agriculture Company, a global manufacturer and marketer of agricultural machinery and precision agriculture technologies.

 

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1.       Global Blockchain Market

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