Global Precision Agriculture Market to Witness Growth at A CAGR of 13% Through 2026
Based on the analysis presented in the 2021 research report by MarkNtel Advisors ” the Global Precision Agriculture Market Analysis,” it is anticipated that the market will experience a compound annual growth rate (CAGR) of approximately 13% from 2021 to 2026. This growth is mainly attributed to the escalating labor costs and a shortage of skilled workers. Also, the expansion of farm mechanization and growing governmental backing for advanced agricultural practices in Smart farming are contributing factors propelling the growth of the Global Precision Agriculture market.
The extensively researched data possesses the capability to distinguish even those who are new to the industry in the long run. It includes predictions based on logical assumptions and methodologies. The report delves into market segments, encompassing various regions and industries, to offer valuable insights. It meticulously examines different threats and opportunities that can be harnessed to drive growth during the pandemic period.
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Global Precision Agriculture Market Segments Research Report: Forecast (2021-2026)
- By Offering (Hardware, Software, Services)
- By Application (Precision Irrigation, Field Monitoring, Precision Spraying, Precision Fertilization, Precision Planting, Data Management, Other Applications)
- By Agricultural Produce (Cereals Oil Crops, Roots, Tuber, and Plantains, Industrial Crops, Fruits, Vegetables, Nuts, Others)
- By Technology (Guidance System, Variable Rate Technology (VRT), Remote Sensing)
- By Region (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
- By Country (US, Canada, Mexico, Brazil, Argentina, UK, Italy, Germany, France, Russia, Spain, Saudi-Arabia, South-Africa, China, India, Japan, South-Korea, Australia)
- By Competitors (Deere & Company, CropMetrics LLC, Trimble Navigation Limited, Ag Leader Technology, AgJunction, Inc., AgEagle Aerial Systems Inc. (Agribotix LLC), DICKEY-john Corporation, Farmers Edge Inc., Grownetics, Inc., Granular, Inc.)
The hardware segment has emerged as the dominant force in the Global Precision Agriculture Market.
This trend is driven by the widespread adoption of hardware devices such as sensors, drones, yield monitors, smartphones, and cameras integrated into agricultural machinery like harvesters and tractors. These devices facilitate enhanced crop monitoring and streamline various tasks, contributing to the substantial growth anticipated in the global precision agriculture market during the forecast period.
Regarding technology, the Guidance System claimed the highest market share within the global precision agriculture market in the historical period.
This dominance can be attributed to the extensive utilization of GPS technology for processing location-based data. Implementing guidance systems significantly improves process efficiency, reduces unnecessary expenditures on agrochemicals and seeds, and enables the maintenance of automated records. These advantages create opportunities for driving growth within the precision agriculture market.
North America predominantly led the Precision Agriculture Market in terms of regional distribution.
Over the past few years, North America has consistently held the largest share of the global precision agriculture market. This dominance is attributed to the escalating adoption of agricultural mechanization and the integration of advanced technologies and devices in agribusinesses. The United States, being a developed nation, has significantly invested in developing Smart farming, thereby contributing to the growth of the Precision Agriculture Market. Moreover, the increasing awareness regarding crop quality and the surge in innovative practices present lucrative growth prospects for the market.