The global precision farming market is set to undergo rapid expansion from 2023 to 2033, bringing about a revolutionary change in the field of agriculture through the adoption of advanced technologies. According to a recent market survey by Persistence Market Research, the market was valued at US$6 billion in 2020, with an estimated net worth of US$18 billion by 2031. The study predicts an impressive compound annual growth rate (CAGR) of 11.6% over the next ten years.
Precision farming has become essential for farmers to optimize crop production and enhance yield in the face of changing climatic and atmospheric patterns caused by global warming. The rising global population's increasing food demand, coupled with the need for efficient and profitable crop yield, has driven the demand for precision farming technology. The integration of hardware and software for precision farming with smartphones has become a focus for industry players due to its wide application scope.
Key market findings indicate that the adoption of precision farming in economies like China, India, and Brazil is expected to accelerate significantly in the coming decade. The market's growth is attributed to factors such as technological proliferation, rising awareness, increasing global food demand, and climate change due to global warming.
The precision farming market in North America held the largest share of global market revenue in 2020, accounting for 45%. Moreover, the report highlights the immense growth potential in India and China, making them lucrative markets for both established and new players in the industry.
The market for precision farming is highly fragmented, with numerous participants involved. Key players in the market include AgJunction Inc., Raven Industries Inc., CNH Industrial N.V., Deere & Company, Trimble, Inc., and others. These companies are engaged in market expansion activities and adopting organic and inorganic growth strategies to maximize their revenue across different regions.
Persistence Market Research offers an in-depth analysis of the global precision farming market through various segments, including application, component, and region. The report also provides supply and demand trends and an overview of the parent market.
In conclusion, the precision farming market is poised for significant growth and transformation in the next decade. With advanced technologies driving innovation in agriculture, the market is expected to witness substantial expansion, benefiting both farmers and the global food supply chain.
Photo Credit: istock-ekkasit919
Categories: New York, Business, Crops