Powered Agriculture Industry : A Deep Dive into the Industry’s Key Applications and Technologies
Increasing need for cost-effective farming and rising demand for better quality and advanced farming equipment and products are key factors driving market
VANCOUVER, BC, CANADA, February 6, 2023 /EINPresswire.com/ — The Global Powered Agriculture Market size reached USD 52.87 Billion in 2021 and is expected to register a revenue CAGR of 5.1% during the forecast period, according to latest analysis by Emergen Research. Increasing need for cost-effective farming and demand for better quality farming products and equipment are some key factors expected to support market revenue growth between 2022 and 2030. In addition, increasing need to conduct real-time analysis of data will boost revenue growth of the market. GIS software for agriculture allows farmers to access geospatial data, aerial imagery, and online map data remotely. Unplanned cultivation and poor soil quality are major issues in agriculture that make the process more costly and time consuming. Thus, powered agriculture with GIS software can provide a cost-effective and time-efficient solution to the problem. Additionally, increasing government incentives to encourage smart farming techniques and stringent regulations to minimize pollution, avoid deforestation, and develop ways to absorb carbon from the atmosphere are factors expected to drive market revenue growth over the forecast period.
However, lack of technical expertise is expected to hamper market revenue growth to some extent during the forecast period. Sensors, robots, and drones used in the implementation of Internet of Things (IoT) solutions in powered agriculture processes are expensive and require high maintenance. This requires technically trained personnel. Encouragement to deploy Artificial Intelligence (AI), Internet of Things (IoT) solutions, and Machine Learning (ML) among others, and awareness among farmers are expected to support market growth going ahead.
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The key companies studied in the report are:
John Deere & Co., CNH Industrial N.V., Kubota Corporation, AGCO Corporation, Yanmar Power Technology Co., Ltd., CLAAS Tractor SAS, Iseki & Co., Ltd., SDF S.P.A., Alamo Group, Inc., and Zetor UK Ltd.
Some Key Highlights from the Report
Software segment is expected to register a substantially rapid revenue CAGR during the forecast period due to increasing need for tracking, managing, and maximizing crop yield and revenues while preserving resources.
Remote sensing segment is expected to register a significantly robust revenue growth rate over the forecast period owing to increasing need for detection of crop pests and diseases, thereby limiting adverse environmental impact.
Asia Pacific market is expected to account for largest revenue share due to increasing government incentives and subsidies promoting adoption of powered agriculture processes in countries in the region. In India for instance, the Rashtriya Krishi Vikas Yojana – Remunerative Approaches for Agriculture and Allied Sectors Rejuvenation (RKVY-RAFTAAR), is a government scheme that supports farmers to purchase powered agricultural equipment, including tractors at subsidized rates.
In January 2022, John Deere & Co. unveiled an autonomous tractor combined with the company’s standard 8R model, GPS guidance system and six pairs of cameras that enable 360-degree obstacle detection. The high-tech machines and other automated gear help growers meet increasing demand for food produced on fewer resources. The tractor is aimed to reduce farmers struggle to find labor and seek equipment for more efficient farming to maximize yield.
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Emergen Research has segmented global powered agriculture market on the basis of component, technology, equipment, application, and region:
Component Outlook (Revenue, USD Billion; 2019–2030)
Hardware
Software
Services
Technology Outlook (Revenue, USD Billion; 2019–2030)
Guidance Technology
Remote Sensing
Variable Rate
Equipment Outlook (Revenue, USD Billion; 2019–2030)
Agricultural Unmanned Aerial Vehicles
Tractors (Driverless, Electric)
Combine Harvesters
Planters
Sprayers
Others
Application Outlook (Revenue, USD Billion; 2019–2030)
Crop Scouting
Field Mapping
Variable Rate Application
Yield Monitoring
Weather Tracking & Forecasting
Irrigation Management
Inventory Management
Farm Labor Management
Others
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Regional Outlook (Revenue, USD Billion; 2019–2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Radical Highlights of the Powered Agriculture Market Report:
Comprehensive overview of the Powered Agriculture market along with analysis of the changing dynamics of the market
Growth Assessment of various market segments throughout the forecast period
Regional and global analysis of the market players, including their market share and global position
Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
Impact of the technological developments and R&D advancements on the Powered Agriculture market
Information about profit-making strategies and developmental strategies of major companies and manufacturers
Insightful information for the new entrants willing to enter the market
Details and insights about business expansion strategies, product launches, and other collaborations
The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
Thank you for reading the report. The report can be customized as per the requirements of the clients. For further information or query about customization, please reach out to us, and we will offer you the report best suited for your needs.
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Emergen Research
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