Europe Precision Agriculture Market Report 2023-2027 - Numerous Startups in Europe Emerging with Cutting-edge Products - OneSoil, GeoPard Agriculture, QZ Solutions, xFarm Technologies and Solorrow
DUBLIN, Dec. 6, 2023 /PRNewswire/ -- The "Europe Precision Agriculture Market - Analysis and Forecast, 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The Europe precision agriculture market (excluding U.K.) was valued at $2.47 billion in 2022 and is expected to reach $4.36 billion by 2027, following a CAGR of 12.02% during 2022-2027. More demand for greater crop yields and more investment in climate-smart agricultural methods are anticipated to propel the growth of the worldwide precision agriculture market.
Numerous startups in Europe emerging with cutting-edge products to satisfy market demand for precision agriculture is a sign that farmers in Europe are progressively adopting precision agriculture technologies. OneSoil, GeoPard Agriculture, QZ Solutions, xFarm Technologies, and Solorrow GmbH are a few of the key startups active in the precision agriculture market in Europe. Due to growing market demand, these startups are raising funds to expand into Europe.
Segmentation by Application
The European precision agriculture market in the application segment is expected to be dominated by precision irrigation applications. This is owing to the rise in awareness towards use of water efficiently and reduce the wastage of nutrients, water, and chemicals. In addition, rise in demand for advanced irrigation systems paired with soil and water sensors areexpected to generate higher returns than traditional irrigation systems.
Segmentation by Product
The hardware systems segment is estimated to capture highest market share during the period 2022 to 2027. The hardware equipment is increasingly used in the various farming operations. In addition, Hardware solutions in precision agriculture include automation and control solutions, sensing and navigation solutions, and other hardware solutions such as probes and analysers. The rising demand for hardware solutions is because of the widespread use of yield monitors, handheld computers and mobiles, and agriculture cameras.
Segmentation by Function
The field management captures major market share due to the usage of hardware such as sensors, drones, nozzles, cameras, smartphones, and tasks such as planting, spraying, fertilizing, and irrigation, among other activities. In addition, the field management software integrates sensor data and imaging input with other data, allowing farmers to identify fields that require treatment and verify the optimum amount of water, fertilizers, and pesticides to apply.
Segmentation by Farm Produce
Field crops capture a significant market share in the Europe precision agriculture market because these crops are grown for large-scale consumption. This is followed by permanent crops, which include fruits, vegetables, and nuts, among others.
Key Market Players and Competition Synopsis
Some of the prominent names established in this market are:
Key Topics Covered:
3. Markets - Competitive Benchmarking & Company Profiles
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