Precision Agriculture Market growing at a CAGR of 12.9% during the forecast according to analysis by Emergen Research
Precision Agriculture Market Increasing use of advanced agricultural techniques and smartphones are major factors driving market revenue growth
VANCOUVER, BC, CANADA, August 8, 2022 /EINPresswire.com/ — The global precision agriculture market size reached USD 6.98 Billion in 2021 and is expected to register a revenue CAGR of 12.9% during the forecast period, according to latest analysis by Emergen Research.
Increasing use of advanced agricultural techniques and smartphones are major factors expected to drive market revenue growth between 2022 and 2030. Additionally, growing usage of variable rate, remote sensing, and guiding technology in precision agriculture will drive market revenue growth. Precision agriculture technologies including Variable Rate Technology (VRT), remote sensing, Global Positioning System (GPS), Geographical Information System (GIS), and guiding technology have enhanced output while lowering labor expenses. Moreover, development of cutting-edge technology-based farming machinery has facilitated most efficient use of resources. Precision farming technology based on modern technology not only contributes to bottom-line savings by cutting labor costs but also significantly improves agricultural operations. Weeding, fertilizer application, and site management are tasks performed before harvesting that account for 50–70% of farm operating costs. Drones equipped with cameras are used in precision agriculture for spraying, weeding, pruning, and harvesting. These drones generate hyperspectral pictures, allowing farmers to monitor field activity.
The study on the Global Precision Agriculture Market is the latest report covering the impact analysis of the currently ongoing COVID-19 pandemic. The pandemic has directly affected the market by causing disruptions in the global supply chains and indirectly by inducing financial difficulties. The Precision Agriculture Market has witnessed dynamic changes in trends and demands owing to the ongoing COVID-19 pandemic. The report provides a detailed outlook on how the pandemic has affected the key segments of the 5g chipset industry. The report includes an in-depth impact analysis of the COVID-19 pandemic on the overall 5g chipset industry.
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Some Key Highlights from the Report
Software segment is expected to expand at a substantially rapid revenue CAGR during the forecast period, due to growing need to analyze, monitor, and maximize agriculture production and profits while conserving natural resources
Weather tracking segment is expected to expand at a significant revenue CAGR during the forecast period as the agriculture industry is becoming more vulnerable to unfavorable weather conditions, and demand for actionable information promptly increases. Real-time weather data assist farmers in increasing productivity and lowering costs and decreasing crop damage risks
Yield monitoring segment is expected to register a rapid revenue growth rate over the forecast period as it is important for understanding field variability as well as helping farmers in maximizing farm yields
Top competitors of the Precision Agriculture Market profiled in the report include:
AG Leader Technology, Deere & Company, Trimble, AGCO Corporation, Raven Industries, AgJunction, Proagrica, Cropmetrics, Dickey-john Corporation, Topcon Positioning Systems, among others.
Key Highlights of Report
The Global Precision Agriculture Market report provides full coverage of the companies’ data, including details about their production and manufacturing capacity, product portfolio, business overview, revenue, gross profit margins, sales network and distribution channel, financial standing, and market position. The report also studies business strategies and strategic alliances undertaken by companies to gain a robust footing in the market. The report sheds light on the mergers and acquisitions, collaborations, joint ventures, brand promotions and product launches, agreements and partnerships, and corporate and government deals. The comprehensive analysis of the competitive landscape offers the readers a deeper understanding about the competitors.
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The report further offers a complete value chain analysis along with an analysis of the downstream buyers and upstream raw materials. The study focuses on global trends, regulatory frameworks, and macro- and micro-economic factors. The report also provides an extensive analysis of the segment and sub-segmented expected to dominate the market over the projected period. The report offers a forecast estimation of the market with regards to the analysis of the market segmentation, including product type, end-user industries, application spectrum, and other segments.
For the purpose of this report, Emergen Research has segmented into the global Precision Agriculture Market on the basis of component, technology, application, and region:
Component Outlook (Revenue, USD Billion; 2019–2030)
Hardware
Automation & Control Systems
Displays
Guidance & Steering
GPS & GNSS
Drones, UAVs, and Cameras
Others
Sensing and Monitoring Device
Yield Monitors
Soil Sensors
Water Sensors
Climate Sensors
Software
Services
Consulting & training
Maintenance & update
Integration
Managed Service
Other Services
Technology Outlook (Revenue, USD Billion; 2019–2030)
Guidance Technology
Remote Sensing
Variable Rate
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
Regional Analysis of the Precision Agriculture Market:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Market Overview:
The research report on the Precision Agriculture Market is formulated through extensive primary and secondary research along with qualitative and quantitative analysis of vital aspects of the market. The insightful data is further validated and verified by the industry professionals. The report strives to offer deeper insights into the overall market scenario of the 5g chipset business sphere.
Key Objectives of the Report:
Analysis and estimation of the Precision Agriculture Market size and share for the projected period of 2022-2030
Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Precision Agriculture Market
Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
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