The global precision farming market size was US$ 7.9 billion in 2021. The global precision farming market is forecast to grow to US$ 18.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 10.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Growing penetration of advanced technology, such as VRT and guidance, will drive the growth of the global precision farming market. Further, the use of technology such as VRT, remote sensing, GPS, GIS, and guidance technology in precision farms benefits users by increasing the productivity of the task. In addition to that, other advantages like lowering labor costs and enhancement in operations are all driving the growth of the global precision farming market.
Natural resource depletion and environmental degradation are two factors restricting cultivation. Thus, it opens various doors of possibilities for precision farming. Growing environmental concerns are motivating farmers on prioritizing sustainable farming practices such as natural resource conservation. Thus, it will contribute to the growth of the global precision farming market during the study period.
On the contrary, a lack of awareness related to precision farming may limit the growth of the market during the study period.
COVID-19 Impact Analysis
COVID-19 had an impact not only on the operations of the various precision farming manufacturers but also on the businesses of their suppliers and distributors. The drop-in precision farming export shipments and slow domestic demand in comparison to pre-COVID-19 levels are also expected to have a negative impact and slightly stagnate precision farming demand in the short term.
Regional Analysis
North American market for precision farming will develop by recording the highest growth rate, owing to the early adoption of advanced technology in this sector. Moreover, rising awareness about precision farming and its benefits will contribute to the growth of this market. The implementation of precision farming methods in countries like the United States and Canada will grow abruptly. Furthermore, agricultural systems and equipment in the region, like steering systems, guided systems, sensors, display devices, and farm management software, are widely adopted by farmers, which will contribute to the growth of the precision farming industry. The growing use of advanced technologies as it reduces labor levels will benefit the market. In addition, consolidating farms, increasing population, and the increasing demand for high productivity will also benefit this regional market in the coming years.
Competitors in the Market
Market Segmentation
The global precision farming market segmentation focuses on Technology, Offerings, and Region.
By Technology Type
By Offerings
By Regional Outlook
