precision-farming-market
Published

September 2017

Global Precision Agriculture Market - Growth, Trends and Forecasts (2017 - 2022)

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Market Insights

Precision agriculture is a farm management approach that uses IT to ensure that the soil, as well as, the crop receive an optimum number of nutrients needed to maximize the production, thereby, increasing crop yield. This approach helps to get real-time information about the plant health, requirements in the soil, weather predictions, and cost of labor incurred to complete a specific task on the field. Various sensors in the field, such as satellite and robotic drones, provide data and images that help farmers take immediate decisions related to providing fertilizers and water or protection chemicals needed by the crop for normal functioning. Precision agriculture for development and for sustainability and environmental protection is gaining a lot of prominence in the current scenario.

The global precision agriculture market is estimated to be USD 3.26 billion in 2017 and is projected to increase steadily in the future, witnessing a double digit growth during the forecast period 2017-2022. The global precision agriculture market is expected to grow to USD 5.1 billion in 2020. The total market for precision agriculture is experiencing a huge evolution in terms of market players and their activities. The changes in major players’ strategies in the precision agriculture market are evident from recent mergers and acquisitions.

Market Dynamics

The high growth in this sector is credited to growth in the agricultural industry, governmental incentives and subsidies, high-demand for food crops, and the need to pay attention to crop health and yield to increase the productivity and cost-effectiveness. The domain has certain constraints, such as high initial costs of investment, lack of technological skills, slow penetration of technology, unwillingness to adopt latest technologies, privacy and protection issues with the data, and lack of common standards for agriculture practices. Various opportunities lie in the conservation of the environment with the governments promoting precision agriculture by providing incentives and subsidies and high success rate of precision agriculture in various crops like tea, banana, etc.

Market Segmentation

The market is segmented by technology into GNSS/GPS systems, GIS, remote sensing and variable rate technology (VRT). The GNSS/GPS segment constituted a major part of the market while VRT is expected to witness the fastest growth of 16.10% in the forecast period. By components, it is segmented into hardware, software, and services. By application, the market is segmented into mapping, crop scouting, yield monitoring, soil monitoring, precision irrigation, and variable rate application. 

In 2015, North America dominated the precision agriculture market, with the United States and Canada dominating the market in the region. During the forecast period, North America is expected to grow at a CAGR of 7.15% due to large-scale farmlands, ever existing need to increase productivity of agriculture and high labor costs in the region. Asia-Pacific has been identified as a region yet to reach its maximum potential in the precise agriculture domain. This region is expected to be the fastest-growing market in the near future.

List of precision agriculture companies:

  • Monsanto
  • BASF
  • Deere & Company
  • Dupont Pioneer
  • Yara International

Recent Industry Insights

  • Monsanto acquired “The Climate Corporation” in 2013 for USD 930 million to strengthen its hold in precision agriculture and expects huge profits from its subsidiary in the coming years. Monsanto has spent more than USD 1 billion for improving its digital platform in the recent years.
  • Dupont Pioneer entered a partnership with DTN/The Progressive Farmer, a weather analysis firm for strengthening its position in precision agriculture services.
  • Land O’Lakes Inc., purchased GEOSYS, a satellite imaging and mapping company.

Key Deliverables in the Study

  • Market analysis including the global precision agriculture trends, market review, with region-specific assessments and competition analysis.
  • Market overview and identification and analysis of the macro and micro factors that affect the global precision agriculture market and instrumental in changing the market scenario, on both, global and regional scales.
  • Extensively researched competitive landscape section with profiles of major companies and their market share, along with an analysis of their current strategic interests and financial information and strategies adopted by them to sustain and grow in the studied market.

The report holds importance for the following stakeholders-

  • Producers and manufacturers.
  • Enterprises operating in the industry.
  • Traders and stakeholders operating in the sector.
  • Investors/research institutions interested in the market.

Customization Options:

  • Supply chain analysis
  • Regulatory framework
  • Trade analysis
  • Trend analysis
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