Precision Agriculture Global Market Report 2023: Sector to Reach $14.61 Billion by 2027 at a 13.1% CAGR
DUBLIN, May 25, 2023 /PRNewswire/ -- The "Precision Agriculture Market - A Global and Regional Analysis: Focus on Application, Product, and Country-Wise Analysis - Analysis and Forecast, 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global precision agriculture market was valued at $7.89 billion in 2022 and is expected to reach $14.61 billion in 2027, following a CAGR of 13.12% during 2022-2027.
The growth in the global precision agriculture market is expected to be driven by increase in requirement for higher crop yield and a boost in investments in climate-smart agriculture practices.
Market Lifecycle Stage
The precision agriculture market is in a growing phase owing to different advanced technologies in the market. As increase in adoption of automated machineries and equipment, sensors and navigation systems, artificial intelligence, IoT, smartphones, robots, autonomous vehicles, and others. Hardware systems is the most important product used in the modern agriculture operations.
The global 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 are expected to generate higher returns than traditional irrigation systems.
Segmentation 2: by Product Type
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 3: 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 4: by Farm Produce
Field crops capture a significant market share in the global 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.
Segmentation 5: by Technology
Guidance technology is a majorly used technology in the global precision agriculture market and registered the highest market share in the year 2021. The guidance technology comprises the global positioning system (GPS) and global navigation satellite system (GNSS) technologies applied in the agriculture industry for avigation purposes. It is followed by sensing technology. Sensing technology solutions are integrated with data analysis software that helps the farmers process the extracted farm information.
Segmentation 6: by Region
North America generated the highest revenue of $2,860.3 million in 2021. The region is experiencing an increase in adoption of precision agriculture technologies such as autonomous vehicles, software systems, guidance & navigation systems, agriculture sensors, and other automation & control systems. In addition, increase adoption of digital technologies for modern farm machineries in efficient crop production in the region along with rise in popularity of indoor farming owing to urbanization are expected to drive the market growth during the forecast period.
Recent Developments in the Global Precision Agriculture Market
Demand - Drivers and Limitations
The market is expected to face some following challenges:
How This Report Can Add Value to End-users
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
The top segment players who are leading include key precision agriculture technologies manufacturers in the market and the ones which are engaged in providing modern precision technologies across the globe.
Key Companies Profiled
Company Type 2: Precision Agriculture Software and Service Providers
Key Questions Answered in the Report
For more information about this report visit https://www.researchandmarkets.com/r/sqympw
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