Precision Farming Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Description

Precision farming, or precision agriculture, stands at the forefront of revolutionizing modern agriculture practices. This innovative approach integrates cutting-edge technologies such as agribots, autonomous vehicles, sensors, drones, variable rate technology, GPS-based soil sampling, data science, automated hardware, telematics, and specialized software. The goal? To drive unprecedented levels of efficiency and productivity across crop cultivation and livestock management.

Anticipated to grow from $11.27 billion in 2024 to $28.33 billion by 2031, the precision farming market is poised for remarkable expansion, boasting a robust compound annual growth rate (CAGR) of 14.1%. This growth trajectory underscores the industry's momentum in adopting advanced technologies to address global agricultural challenges.

Technological Innovations Fueling Market Growth

The precision farming market is witnessing remarkable growth, propelled by technological advancements such as GPS, IoT, and remote sensing applications in agriculture. The Internet of Things (IoT) plays a vital role in tackling various farming challenges, including crop monitoring and weather forecasting. By providing real-time data on environmental conditions, precision farming enables farmers to make well-informed decisions, thereby driving market growth. Additionally, this technology offers valuable insights into soil water content and soil management, aiding in optimizing harvest times and overall farm management.

Regional Market Dynamics

North America leads the global precision farming market, holding a substantial market share, and is expected to maintain its dominance throughout the forecast period. Europe also commands a significant share, reflecting strong demand and adoption of precision farming technologies in the region.

Key Market Drivers

Several factors contribute to the expansion of the precision farming market. Technological advancements, such as driverless tractors and GPS sensing and guidance systems, are critical. The capability of precision farming to achieve high yields with minimal waste, facilitated by sensors, is another major driver. However, the market faces challenges, including limited awareness among farmers and the high costs of implementation. In developing countries, the lack of technology-based equipment and skilled workers further hampers market growth.

Sectoral Insights

Dominance of Precision Farming Hardware

The hardware segment, encompassing various applications like milking, weeding, irrigation using autonomous systems, and UAV-based surveying, holds the largest market share. The diverse price range of these technologies makes them accessible even to low-budget farmers, contributing to their widespread adoption.

Leading Application: Soil Monitoring

Soil monitoring technologies, such as soil moisture meters and testers, are crucial investments in precision farming. These cost-effective tools provide essential data for agricultural planning, making soil monitoring the leading application segment in the market.

Factors Influencing Market Expansion

Importance of Data Analysis

The success of precision farming heavily relies on the analysis of vast amounts of data generated from variable rate seeding, yield monitoring, mapping, soil testing, and historical crop rotation. Managing this data requires significant expertise, which many users currently lack, posing a challenge to market growth.

Impact of Climate Change

Global warming and climate change are significant factors affecting the agriculture sector and, consequently, the precision farming market. Regions most impacted by climate change may need to adapt their farming practices, driving the demand for precision farming solutions.

Global Market Developments

Collaborations and Projects

Recent collaborations and projects highlight the market's dynamic nature. For instance, IG International's partnership with Fyllo aims to utilize AI, ML, and IoT for precision farming, enhancing fruit quality. Additionally, the European Commission's funding of the AFarCloud project to develop smart tractors underscores the focus on improving agricultural operations in the EU.

U.S. Market Insights

Technological advancements and economic prosperity are key drivers of the precision farming market in the U.S. The presence of large-scale private players capable of substantial investment in precision farming technologies bolsters market growth.

Japan's Rapid Growth Potential

Japan, with its advanced technological infrastructure, is well-positioned for precision farming adoption. The declining population engaged in agriculture further necessitates the use of precision farming technologies, driving market growth.

India's Growth Potential

India presents significant potential for precision farming, despite facing numerous challenges in technology adoption. Government initiatives are crucial in driving the implementation of advanced technologies in agriculture, positioning India as a major growth market.

Competitive Analysis

AgJunction Inc
CNH Industrial N.V.
Deere & Company
Trimble Inc
Iteris Inc
Topcon Corporation
Precision Hawk
Sense Fly
Dickey John
SST Development Group Inc
Agribotix LLC
Ag Leader Technology

Key Segments of Precision Farming Industry Research

By Component:

Precision Farming Hardware
- oAutomation & Control Systems
Display
Guidance and Steering
GPS/GNSS
Mobile Devices
- oPrecision Farming Sensing and Monitoring Devices
Yield Monitors
Drones with Multispectral Cameras
Soil Sensors
Water Sensors
Climate Sensors
Farm Management Software (FMS)
- oOn-premise Precision Farming
- oCloud-based Precision Farming
Services
- oInstallation and Integrations Services
- oMaintenance Services
- oConsulting Services

By Application:

Field Mapping
Yield Monitoring
Crop Scouting
Soil Monitoring
Farm Management Systems
Weather Tracking and Forecasting
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East and Africa

1. Executive Summary

1.1. Global Precision Farming Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Economic Overview
- 2.6.1. World Economic Projections
2.7. PESTLE Analysis

3. Global Precision Farming Market Outlook, 2018 - 2031

3.1. Global Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 - 2031
- 3.1.1. Key Highlights
  - 3.1.1.1. Precision Farming Hardware
    - 3.1.1.1.1. Automation & Control Systems
      - 3.1.1.1.1.1. Display
      - 3.1.1.1.1.2. Guidance and Steering
      - 3.1.1.1.1.3. GPS/GNSS
      - 3.1.1.1.1.4. Mobile Devices
    - 3.1.1.1.2. Precision Farming Sensing and Monitoring Devices
      - 3.1.1.1.2.1. Yield Monitors
      - 3.1.1.1.2.2. Drones with Multispectral Cameras
      - 3.1.1.1.2.3. Soil Sensors
      - 3.1.1.1.2.4. Water Sensors
      - 3.1.1.1.2.5. Climate Sensors
  - 3.1.1.2. Farm Management Software (FMS)
    - 3.1.1.2.1. On-premise Precision Farming
    - 3.1.1.2.2. Cloud-based Precision Farming
  - 3.1.1.3. Services
3.2. Global Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 3.2.1. Key Highlights
  - 3.2.1.1. Field Mapping
  - 3.2.1.2. Yield Monitoring
  - 3.2.1.3. Crop Scouting
  - 3.2.1.4. Soil Monitoring
  - 3.2.1.5. Farm Management Systems
  - 3.2.1.6. Weather Tracking and Forecasting
  - 3.2.1.7. Others
3.3. Global Precision Farming Market Outlook, by Region, Value (US$ Bn), 2018 - 2031
- 3.3.1. Key Highlights
  - 3.3.1.1. North America
  - 3.3.1.2. Europe
  - 3.3.1.3. Asia Pacific
  - 3.3.1.4. Latin America
  - 3.3.1.5. Middle East & Africa

4. North America Precision Farming Market Outlook, 2018 - 2031

4.1. North America Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Precision Farming Hardware
    - 4.1.1.1.1. Automation & Control Systems
      - 4.1.1.1.1.1. Display
      - 4.1.1.1.1.2. Guidance and Steering
      - 4.1.1.1.1.3. GPS/GNSS
      - 4.1.1.1.1.4. Mobile Devices
    - 4.1.1.1.2. Precision Farming Sensing and Monitoring Devices
      - 4.1.1.1.2.1. Yield Monitors
      - 4.1.1.1.2.2. Drones with Multispectral Cameras
      - 4.1.1.1.2.3. Soil Sensors
      - 4.1.1.1.2.4. Water Sensors
      - 4.1.1.1.2.5. Climate Sensors
  - 4.1.1.2. Farm Management Software (FMS)
    - 4.1.1.2.1. On-premise Precision Farming
    - 4.1.1.2.2. Cloud-based Precision Farming
  - 4.1.1.3. Services
4.2. North America Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Field Mapping
  - 4.2.1.2. Yield Monitoring
  - 4.2.1.3. Crop Scouting
  - 4.2.1.4. Soil Monitoring
  - 4.2.1.5. Farm Management Systems
  - 4.2.1.6. Weather Tracking and Forecasting
  - 4.2.1.7. Others
4.3. North America Precision Farming Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S. Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 4.3.1.2. U.S. Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 4.3.1.3. Canada Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 4.3.1.4. Canada Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
- 4.3.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Precision Farming Market Outlook, 2018 - 2031

5.1. Europe Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Precision Farming Hardware
    - 5.1.1.1.1. Automation & Control Systems
      - 5.1.1.1.1.1. Display
      - 5.1.1.1.1.2. Guidance and Steering
      - 5.1.1.1.1.3. GPS/GNSS
      - 5.1.1.1.1.4. Mobile Devices
    - 5.1.1.1.2. Precision Farming Sensing and Monitoring Devices
      - 5.1.1.1.2.1. Yield Monitors
      - 5.1.1.1.2.2. Drones with Multispectral Cameras
      - 5.1.1.1.2.3. Soil Sensors
      - 5.1.1.1.2.4. Water Sensors
      - 5.1.1.1.2.5. Climate Sensors
  - 5.1.1.2. Farm Management Software (FMS)
    - 5.1.1.2.1. On-premise Precision Farming
    - 5.1.1.2.2. Cloud-based Precision Farming
  - 5.1.1.3. Services
5.2. Europe Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Field Mapping
  - 5.2.1.2. Yield Monitoring
  - 5.2.1.3. Crop Scouting
  - 5.2.1.4. Soil Monitoring
  - 5.2.1.5. Farm Management Systems
  - 5.2.1.6. Weather Tracking and Forecasting
  - 5.2.1.7. Others
5.3. Europe Precision Farming Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Germany Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 5.3.1.2. Germany Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.3.1.3. U.K. Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 5.3.1.4. U.K. Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.3.1.5. France Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 5.3.1.6. France Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.3.1.7. Italy Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 5.3.1.8. Italy Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.3.1.9. Turkey Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 5.3.1.10. Turkey Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.3.1.11. Russia Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 5.3.1.12. Russia Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 5.3.1.13. Rest of Europe Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 5.3.1.14. Rest of Europe Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Precision Farming Market Outlook, 2018 - 2031

6.1. Asia Pacific Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Precision Farming Hardware
    - 6.1.1.1.1. Automation & Control Systems
      - 6.1.1.1.1.1. Display
      - 6.1.1.1.1.2. Guidance and Steering
      - 6.1.1.1.1.3. GPS/GNSS
      - 6.1.1.1.1.4. Mobile Devices
    - 6.1.1.1.2. Precision Farming Sensing and Monitoring Devices
      - 6.1.1.1.2.1. Yield Monitors
      - 6.1.1.1.2.2. Drones with Multispectral Cameras
      - 6.1.1.1.2.3. Soil Sensors
      - 6.1.1.1.2.4. Water Sensors
      - 6.1.1.1.2.5. Climate Sensors
  - 6.1.1.2. Farm Management Software (FMS)
    - 6.1.1.2.1. On-premise Precision Farming
    - 6.1.1.2.2. Cloud-based Precision Farming
  - 6.1.1.3. Services
6.2. Asia Pacific Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Field Mapping
  - 6.2.1.2. Yield Monitoring
  - 6.2.1.3. Crop Scouting
  - 6.2.1.4. Soil Monitoring
  - 6.2.1.5. Farm Management Systems
  - 6.2.1.6. Weather Tracking and Forecasting
  - 6.2.1.7. Others
- 6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Precision Farming Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. China Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 6.3.1.2. China Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 6.3.1.3. Japan Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 6.3.1.4. Japan Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 6.3.1.5. South Korea Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 6.3.1.6. South Korea Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 6.3.1.7. India Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 6.3.1.8. India Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 6.3.1.9. Southeast Asia Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 6.3.1.10. Southeast Asia Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 6.3.1.11. Rest of Asia Pacific Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 6.3.1.12. Rest of Asia Pacific Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Precision Farming Market Outlook, 2018 - 2031

7.1. Latin America Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Precision Farming Hardware
    - 7.1.1.1.1. Automation & Control Systems
      - 7.1.1.1.1.1. Display
      - 7.1.1.1.1.2. Guidance and Steering
      - 7.1.1.1.1.3. GPS/GNSS
      - 7.1.1.1.1.4. Mobile Devices
    - 7.1.1.1.2. Precision Farming Sensing and Monitoring Devices
      - 7.1.1.1.2.1. Yield Monitors
      - 7.1.1.1.2.2. Drones with Multispectral Cameras
      - 7.1.1.1.2.3. Soil Sensors
      - 7.1.1.1.2.4. Water Sensors
      - 7.1.1.1.2.5. Climate Sensors
  - 7.1.1.2. Farm Management Software (FMS)
    - 7.1.1.2.1. On-premise Precision Farming
    - 7.1.1.2.2. Cloud-based Precision Farming
  - 7.1.1.3. Services
7.2. Latin America Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Precision Farming Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Brazil Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 7.3.1.2. Brazil Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 7.3.1.3. Mexico Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 7.3.1.4. Mexico Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 7.3.1.5. Argentina Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 7.3.1.6. Argentina Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 7.3.1.7. Rest of Latin America Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 7.3.1.8. Rest of Latin America Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Precision Farming Market Outlook, 2018 - 2031

8.1. Middle East & Africa Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Precision Farming Hardware
    - 8.1.1.1.1. Automation & Control Systems
      - 8.1.1.1.1.1. Display
      - 8.1.1.1.1.2. Guidance and Steering
      - 8.1.1.1.1.3. GPS/GNSS
      - 8.1.1.1.1.4. Mobile Devices
    - 8.1.1.1.2. Precision Farming Sensing and Monitoring Devices
      - 8.1.1.1.2.1. Yield Monitors
      - 8.1.1.1.2.2. Drones with Multispectral Cameras
      - 8.1.1.1.2.3. Soil Sensors
      - 8.1.1.1.2.4. Water Sensors
      - 8.1.1.1.2.5. Climate Sensors
  - 8.1.1.2. Farm Management Software (FMS)
    - 8.1.1.2.1. On-premise Precision Farming
    - 8.1.1.2.2. Cloud-based Precision Farming
  - 8.1.1.3. Services
8.2. Middle East & Africa Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Field Mapping
  - 8.2.1.2. Yield Monitoring
  - 8.2.1.3. Crop Scouting
  - 8.2.1.4. Soil Monitoring
  - 8.2.1.5. Farm Management Systems
  - 8.2.1.6. Weather Tracking and Forecasting
  - 8.2.1.7. Others
- 8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Precision Farming Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. GCC Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 8.3.1.2. GCC Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 8.3.1.3. South Africa Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 8.3.1.4. South Africa Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 8.3.1.5. Egypt Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 8.3.1.6. Egypt Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 8.3.1.7. Nigeria Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 8.3.1.8. Nigeria Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
  - 8.3.1.9. Rest of Middle East & Africa Precision Farming Market by Component, Value (US$ Bn), 2018 - 2031
  - 8.3.1.10. Rest of Middle East & Africa Precision Farming Market by Application, Value (US$ Bn), 2018 - 2031
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Company Market Share Analysis, 2023
9.2. Competitive Dashboard
9.3. Company Profiles
- 9.3.1. AgJunction Inc.
  - 9.3.1.1. Company Overview
  - 9.3.1.2. Therapy Portfolio
  - 9.3.1.3. Financial Overview
  - 9.3.1.4. Business Strategies and Development
- 9.3.2. Raven Industries Inc.
  - 9.3.2.1. Company Overview
  - 9.3.2.2. Therapy Portfolio
  - 9.3.2.3. Financial Overview
  - 9.3.2.4. Business Strategies and Development
- 9.3.3. CNH Industrial N.V.
  - 9.3.3.1. Company Overview
  - 9.3.3.2. Therapy Portfolio
  - 9.3.3.3. Financial Overview
  - 9.3.3.4. Business Strategies and Development
- 9.3.4. Deere & Company
  - 9.3.4.1. Company Overview
  - 9.3.4.2. Therapy Portfolio
  - 9.3.4.3. Financial Overview
  - 9.3.4.4. Business Strategies and Development
- 9.3.5. Trimble Inc.
  - 9.3.5.1. Company Overview
  - 9.3.5.2. Therapy Portfolio
  - 9.3.5.3. Financial Overview
  - 9.3.5.4. Business Strategies and Development
- 9.3.6. Iteris Inc.
  - 9.3.6.1. Company Overview
  - 9.3.6.2. Therapy Portfolio
  - 9.3.6.3. Financial Overview
  - 9.3.6.4. Business Strategies and Development
- 9.3.7. Topcon Corporation
  - 9.3.7.1. Company Overview
  - 9.3.7.2. Therapy Portfolio
  - 9.3.7.3. Financial Overview
  - 9.3.7.4. Business Strategies and Development
- 9.3.8. PrecisionHawk
  - 9.3.8.1. Company Overview
  - 9.3.8.2. Therapy Portfolio
  - 9.3.8.3. Financial Overview
  - 9.3.8.4. Business Strategies and Development
- 9.3.9. senseFly
  - 9.3.9.1. Company Overview
  - 9.3.9.2. Therapy Portfolio
  - 9.3.9.3. Financial Overview
  - 9.3.9.4. Business Strategies and Development
- 9.3.10. DICKEY-john
  - 9.3.10.1. Company Overview
  - 9.3.10.2. Therapy Portfolio
  - 9.3.10.3. Financial Overview
  - 9.3.10.4. Business Strategies and Development
- 9.3.11. Others
  - 9.3.11.1. Company Overview
  - 9.3.11.2. Therapy Portfolio
  - 9.3.11.3. Financial Overview
  - 9.3.11.4. Business Strategies and Development

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations