From GlobeNewswire: 2024-06-10 08:00:00

The global precision farming market is projected to grow from USD 9.7 billion in 2023 to USD 21.9 billion by 2031, with a CAGR of 10.7%. Factors driving market growth include advanced technologies, IoT devices, cost savings, climate change, food demand, and government support.

Major companies in the precision farming sector include Deere & Company, Trimble Inc., AGCO Corporation, AgJunction LLC, Raven Industries, Inc., AG Leader Technology, Teejet Technologies, and Topcon.

The market is segmented into hardware, software, and services, with hardware being the largest segment. Automation and control systems, including GPS receivers, guidance systems, and VRT devices, are expected to dominate the hardware segment due to their wide use in precision farming practices.

Variable rate technology is anticipated to have the highest CAGR, driven by early farmer adoption and the integration of GPS-based auto-guidance technology for optimized equipment usage, reduced costs, increased efficiency, and decreased soil compaction.

Yield monitoring applications accounted for the largest share of the precision farming market in 2022, offering climate service initiatives to help farmers navigate climate challenges and enhance decision-making. The Asia-Pacific region is expected to experience the highest CAGR, fueled by increasing interest and investment in precision farming technologies.

The Asia-Pacific precision farming market is forecasted to see significant growth from 2023 to 2031, driven by agricultural modernization in countries like China, India, and Indonesia. With population growth and rising food demand, there is a need for improved agricultural productivity, prompting the adoption of precision farming practices and technologies across the region.



Read more at GlobeNewswire: Precision Farming Market Opportunities and Leading Players