Precision Agriculture market size
The high cost of precision farming equipment is one of the most significant factors inhibiting precision agriculture market expansion.
PORTLAND , PORTLAND, OR, UNITED STATE, September 13, 2022 /EINPresswire.com/ — With a rise in the adoption of emerging technologies and the increase in the adoption of smartphones in agriculture, the surge in the growth rate of the population drives the growth of the global precision agriculture market size.
However, lack of awareness about precision agriculture products and the huge investment required for precision agriculture equipment restrain the market to some extent.
On the other hand, an increase in government initiative in precision agriculture technology and the rise in investments in technologies such as driverless tractors, guidance systems, and GPS sensing systems advancements present new opportunities in the coming years.
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Covid-19 scenario
• Due to the outbreak of the COVID-19 pandemic, the market witnessed a slight decline in hardware revenue in 2020. This is attributed to the implementation of lockdowns by governments in the 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 normal track from mid-2021.
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 the increasing 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.
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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 components, the hardware segment held the highest market share in 2020, accounting for 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 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.
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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 toward the use of digital technology for yield management.
Moreover, the 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.
The key market players analyzed in the global precision agriculture market report include Trimble Navigation Limited, Deere & Company, Monsanto Company, and AGCO Corporation. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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