Rising labor costs, low availability of skilled labor, and surging demand for farm produce will propel the global precision farming market to a stupendous 12?GR from 2019 to 2029. Government support to adopt modern farming techniques will give traction to the global market for precision farming. Farmers are upgrading conventional methods to precision farming due to the substantial cost savings offered by machined farming methods. With strong support from the scientific community, precision farming services will take over conventional methods of farming in various countries and in varied capacities. Global warming is causing a rapid change in weather patterns. Weather unpredictability is further coaxing farmers to look for solutions in precision farming technologies. The need for optimal production amid scarcity of resources is propelling the demand for precision farming.
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Key Takeaways of Precision Farming Market Study
- North America will lead global sales with a majority market share and a stellar 11?GR during the forecast period. Industrialized farmers in countries such as the US, Canada are increasingly adopting precision farming technologies for enhanced production yield.
- Hardware offerings such as variability detectors account for over 70% of total market revenues. Farmers are showing preference for new machines over cloud enabled advanced software.
- Precision farming services such as weather forecasts, and soil assessment that increases product yield offers the most remunerative growth opportunities with a stupendous 16?GR through 2029. Service goods growth will quadruple in total market value during the projection period.
- Guidance systems that facilitate farm vigilance such as security, maintenance, and preventive care account for a majority share of over 41% of the total market revenues.
- Variable rate technology is exhibiting the highest growth potential with more than 16?GR from 2019 to 2029. Disproportionate soil fertility impels demand from this segment.
- Yield Monitoring will gain over 3X growth during the forecast period. The prevalence of preventive maintenance among industrialized farmers is a central driver of demand for yield monitoring applications.
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Global Precision Farming Market: In-Depth Assessment on Key Segments
The global precision farming market is segmented on the basis of application, technology, end use and region.
- Yield Monitoring
- Field Mapping
- Crop Scouting
- Weather Tracking & Forecasting
- Irrigation Management
- Inventory Management
- Farm Labor Management
- Guidance System
- Remote Sensing
- Variable-Rate Technology
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Report Benefits & Key Questions Answered
- Precision Farming Market Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Precision Farming Market Historical volume analysis: The report provides a comparison of Precision Farming Market historical sales and projected sales performance for 2021-2031.
- Precision Farming Market Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Precision Farming Market It carefully gauges the impact of changing healthcare needs of key demographics globally
- Precision Farming Market Consumption by demographics: The report investigates consumer behavior affecting Precision Farming Market demand outlook for the assessment period. Effect of their keenness for digital trends on Precision Farming Market is carefully analyzed
- Post COVID consumer spending on Precision Farming Market Consumption: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Precision Farming Market growth.
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