The precision farming market is projected to reach a valuation of $ 6 billion in 2022, with a compound annual growth rate (CAGR) of 13% during the assessment period spanning from 2022 to 2032. By 2032, the global precision farming market is forecasted to achieve a value of US$ 20.36 billion.
Precision farming relies on specialized equipment, software and information technology to gather real-time crop, soil, and environmental data. Predictive analytics software uses this data to guide farmers on crop rotation, planting schedules, harvesting periods and soil management. Field sensors monitor soil moisture, temperature and surrounding air conditions. Satellite and drone imagery provide real-time views of individual plants, enabling informed irrigation and crop placement decisions.
Precision agricultural software leverages information technology to optimize nutrient distribution for maximum crop yield. Real-time data on plant health, soil requirements, weather forecasts and labour costs assist users in making informed decisions. Sensors provide crucial data and images for quick decision-making on fertilizers, water and crop protection agents.
Factors driving the growth of precision farming include the rapid integration of advanced technology, increased use of Internet of Things (IoT) devices in agriculture, significant cost savings, climate change challenges, the need to meet rising food demand, and global government support for precision farming techniques.
Market Growth Drivers
- Impact of Global Warming on Agriculture: Traditional farming methods are being challenged by climatic changes, making smart farming essential for adapting to evolving climates. Smart farming technologies, including crop health monitoring, harvesting management and field mapping, empower farmers to navigate changing environmental conditions and optimize their fields for increased productivity in the face of challenges such as droughts, floods and other natural disasters.
- Rising Integration of Smartphones in Agriculture: Companies are developing advanced applications accessible on smartphones, enabling farmers to remotely monitor their fields. Smartphone integration provides connectivity options, including Bluetooth, USB and Wi-Fi, allowing farmers to access real-time data from anywhere.
Market Constraints
The substantial costs associated with precision farming equipment pose a significant hindrance to market growth. Technologies such as smart sensors, drones, VRT, GPS, GNSS and guidance tools are efficient but with a hefty price tag. In countries with limited agricultural resources like India, China and Brazil, traditional farming methods are often preferred due to the financial barriers associated with adopting technology-based farming practices. The need for specific equipment and technical expertise further limits the widespread adoption of precision irrigation technology.
Current Trends Shaping Precision Farming Market Growth
The escalating demand for climate information services stands as a key factor propelling the development of the weather tracking and forecasting segment in the precision farming market. Technologies such as weather-based controllers, rain sensors, temperature sensors, network components, water meters and sensor-based controllers play a crucial role in irrigation management.
The surging need for water conservation heightened food production requirements and the imperative to reduce resource wastage collectively contribute to the growing adoption of precision instruments in irrigation management applications.
Competitive Landscape
Key players are actively engaging in awareness campaigns addressing soil degradation concerns while educating farmers about the advantages of precision farming. John Deere unveiled its line of autonomous tractors during the Consumer Electronics Show, this initiative aims to leverage autonomous technology for improved farming efficiency.
Trimble entered into a collaborative partnership with HORSCH: they focus on establishing the groundwork for autonomous machines and workflows in the agricultural industry. Both companies are actively implementing advanced automation and driver support through steering systems, allowing operators to perform additional in-cab tasks while engaged in field operations.
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