Precision Farming Market - Forecasts from 2021 to 2026
The precision farming market is projected to witness a CAGR of 16.34% during the forecast period to reach a market size of US$11.039 billion by 2026, increasing from US$3.827 billion in 2019. A modern farm management system identifies analyses and manages variability in fields by conducting crop production practices at the right place and time and in the right way, for optimum profitability, sustainability, and protection of the land resource.
By application, weather tracking and forecasting, and irrigation management hold significant market share due to the importance of climate information and irrigation facilities to maximize productivity. Geographically, North America has the highest share in the market because of advanced farming technologies and the commercial viability of agriculture in the region.
The world population stands at 7.8 billion in 2021 with a growth rate of 1.1% according to the United Nations Population Fund and this number is expected to rise in the coming years but the land resources remain constant. The opportunity cost of increasing agricultural productivity is very high given the scarce resources. The use of modern farming techniques will aid to reach an optimal level of output coupled with mechanization, and substantial savings. The mounting demand for food globally propels the usage of precision farming techniques.
Impact of COVID-19 on the Precision Farming Market
Due to the COVID-19 pandemic, the precision farming market will witness a marginal downturn in 2020, since government restrictions and lockdowns have resulted in supply chain issues and equipment shortage. The companies are placing a greater emphasis on allowing real-time decision-making in yield monitoring, crop health monitoring, field mapping, irrigation scheduling, and harvest management among other farming sectors.
The market leaders in the Precision Farming Market are Topcon Positioning Systems Inc, Deere & Company, TeeJet Technologies, Trimble Inc., AGCO Corporation, Raven Industries, Inc., AgJunction, Ag Leader Technology, and Proagrica.
Variable Rate Technology
Weather tracking & Forecasting
Farm Labor Management
Middle East and Africa