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Bharat Book Bureau Provides the Trending Market Research Report on “Precision Farming Market with COVID-19 Impact Analysis by Technology, Offering, Application, and Region- Global Forecast to 2030” under Consumer Goods Market Research Reports Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
The Precision Farming Market is expected to grow from USD 8.5 billion in 2022 to USD 15.6 billion by 2030, at a CAGR of 7.9%. The most significant factor driving the growth of the precision farming market is the Rapid adoption of advanced technologies in precision farming to reduce labor cost, Increased adoption of Internet of Things (IoT) devices in agricultural fields, Substantial cost savings associated with precision farming, Climate change and need to meet rising demand for food and Increasing promotion of precision farming techniques by governments worldwide. However, the high upfront cost of modern agricultural equipment and limited technical knowledge and skills of farmers are expected to restrain the market growth.
“Variable Rate Technology To Exhibit Highest CAGR in precision farming market between 2022-2030 ”
The Variable Rate Technology is projected to grow at the highest CAGR from 2022 to 2030 for Precision farming market, by technology. The scope of the variable rate technology market includes both standalone VRT and variable rate technologies. These technologies can be integrated into GPS/GNSS devices. Major components of the VRT technology-based farming solution include a handheld computer, software, controller, and global positioning system (GPS). Variable rate technology (VRT) enables the variable application of inputs and allows farmers to control the number of inputs they apply in a specific location. Key components of the VRT technology-based tool include a computer, software, a controller, and a differential global positioning system (DGPS).
VRT can be used as a standalone, or it can be integrated with GPS/GNSS. VRT mounted on equipment allows the input application rates to be varied across fields for site-specific management of field variability. This strategy could reduce input usage and environmental impact, as well as could increase efficiency and provide economic benefits. This technology also assists in management decisions, such as machinery investment, drainage system implementation, paddock layouts, and fertilizer investment, to improve the overall productivity and profitability
“Weather Tracking and Forecasting application to grow at highest CAGR from 2022 to 2030 ”
The weather tracking and forecasting application to grow at highest CAGR from 2022-2030, Weather tracking is one of the important parameters in precision farming as it facilitates up-to-date information on prevailing climatic conditions, such as temperature, rain, wind speed and direction, and solar radiation. Different kinds of devices such as handheld instruments and on-field weather stations are used in this application. Weather tracking helps make decisions before the occurrence of severe and potentially dangerous conditions, thereby protecting a farmer’s family or business.
APAC is projected to grow at the highest CAGR for precision farming market during the forecast period. The region has witnessed a high demand for automation since farming is one of the important sectors in Asian countries, including China, Japan, India, Vietnam, and South Korea. The adoption of precision farming technologies, especially drones, is expected to grow at a high rate in APAC as this region comprises technologically advanced countries such as China, South Korea, and Thailand. Developed countries in APAC, for instance, Japan, are focusing more on using driverless tractors.
The rapidly increasing population, availability of arable farms, and government support through subsidies are the major factors fueling the adoption of precision farming in APAC. Government initiatives to support the adoption of automation in agriculture has fueled the growth of the precision farming market in the region
Breakdown of profiles of primary participants:
•By Company: Tier 1 = 35%, Tier 2 = 40%, and Tier 3 = 25%
•By Designation: C-level Executives = 30%, Directors = 40%, and Others (sales, marketing, and product managers, as well as members of various organizations) = 30%
•By Region: Americas = 40%, Europe=32%, APAC = 23%, and ROW=5%
Major players profiled in this report:
The precision farming market is dominated by established players such as Deere & Company (John Deere) (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader Technology (US), Teejet Technologies (US), Topcon Positioning Systems (US), Taranis (Israel), AgEagle Aerial Syst
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