Precision Agriculture Market Revenue To Register Robust Growth Rate During 2021-2030
Predictive analytics software uses the data to provide farmers with guidance about crop rotation, optimal planting times, harvesting times, and soil management.
PORTLAND, PORTLAND, OR, UNITED STATE, February 8, 2022 /EINPresswire.com/ — 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.
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.
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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 developed countries such as the U.S. and Canada.
Moreover, the 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 farms without visiting the farm.
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 an increase in the adoption of precision agriculture software in modern farming techniques.
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.
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 the implementation of lockdown by governments in a majority of the countries and the shutdown of the cities to prevent the transmission of the virus.
• Nevertheless, the global situation is expected to come on the normal track from mid-2021.
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Related Reports:
1. Precision Farming Software & Services Market
2. Farm Management Software Market
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