Global Precision Farming Market Projected to Garner $10,762.7 Million by 2026 despite the Covid-19 ChaosDownload Sample Reports Overview
The sudden eruption of COVID-19 pandemic has imposed a negative impact on the precision farming market. The market is predicted to grow significantly in the forecast period despite of the pandemic COVID-19 situation. The primary factor for the growth of precision farming before COVID -19 was the increasing population and rise in the demand for agriculture. The pandemic has created a decline in the growth rate of the precision farming market. Several farmers are not getting ultimate support from the government during the lockdown and the government and the stay-at-home advice is also predicted to hamper the market growth in the present scenario. Moreover, lockdown has chocked almost all the economic activity. Moreover with the increasing time span the market can be up to the mark by focusing more on the supply chain of the farming products, government providing subsidy for the farmers to harvest, focusing on the farmer’s health by creating regular checkups, and implementation of artificial intelligence in the farmland.
Our report consists of:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
As per a new report published by Research Dive, the precision farming market is set to generate a revenue of $10,762.7 by 2026, at a CAGR of13.5% during the forecast period from 2019 to 2026. The segmentation of the market has been done on the basis of component, technology, application and region. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.
Factors Affecting the Market Growth
As per the report, increasing population and increasing demand for the farming techniques is predicted to be the major driving factor for the growth of the precision farming market, during the forecast period. On the other hand, the cost involved for purchasing the high cost equipment is likely to hamper the development of the global precision farming market.
Hardware Component to be at the Fore front during the Projected Timeframe
Depending on component, the report categorizes the market for precision farming into hardware, software, and services. Among these, the hardware component segment is expected to grab highest share of the market by collecting a revenue of $2,586.2 million in 2029 and growing at a healthy growth rate of 14.9% during the forecasted timeframe. This is mainly due to rising adoption of latest technology and highly developed devices for precision farming.
High Precision Positioning Segment to be Most Profitable
On the basis of technology, the report classifies the global market into high precision positioning systems, geo-mapping, remote sensing, integrated electronic communication, and variable rate technology. The high precision positioning system is expected to garner $887.8 million in 2029, and grow at a CAGR of 14.1% during the forecast period. This is mainly due to precision involved in the farming and increased yields.
Yield Monitoring Application to Seize Major Share of the Market
Based on application, the global market for precision farming is classified into weather monitoring, yield monitoring, field monitoring, irrigation management, waste management, financial management, and others. Among these, the yield monitoring application segment was valued for $887.8 million in 2026 and is projected to grow at a CAGR of 13.4%. This growth is attributed due to the application of monitoring the soil and deal with the properties of soil, as soil measurement is crucial step for any sort of farming.
Regional Breakdown of the Market
Regionally, the report evaluates the global market across North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region is anticipated to generate a revenue of $926.4 million in 2026 and grow at a CAGR 15.3% during the projected period. This growth is mainly due to the presence of large number of agricultural land and government initiatives to encourage the farmer.
Top Companies Leading the Market
The major players of the global precision farming market are Deere & Company, AGCO Corporation, Trimble, Raven Industries, AgJunction, AG Leader, Autocopter Corp, Descartes Labs, Prospera Technologies, and F6S Network Limited, and others.
These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.