Global Precision Farming Market (2021 to 2026) - Growth, Trends, COVID-19 Impact, and Forecasts - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Precision Farming Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Precision Farming Market was valued at USD 5147.6 million in 2020 and is expected to reach USD 10491.45 million by 2026 and grow at a CAGR of 12.6% over the forecast period (2021-2026).

Companies Mentioned

• AGCO Corporation
• Ag Junction Inc
• John Deere
• DICKEY-john Corporation
• TeeJet Technologies
• Raven Industries Inc.
• Lindsay Corporation
• Topcon Precision Agriculture
• Land O'lakes Inc.
• BASF SE
• Yara International ASA

Key Market Trends

Soil Monitoring is Expected to Hold Significant Share

• While some farmers have specific knowledge of detecting soil moisture and health, such knowledge is confined to only a few. Taking farming decisions based on soil moisture and health has become even more difficult in the age of climate change. Soil sensors measure a variety of essential soil properties and relay it to a display device through a reliable means of communication. Soil sensors are generally used in conjunction with the variable rate applications or GPS to generate field maps, categorized according to the properties of the soil. Soil sensors are very crucial to monitor the feasibility of the growth of the crops during the harvesting period.
• Sensors are used for generating real-time information after the analysis of the data and causes the corresponding changes in the application rate. Conventional models of the utilization of a map-based approach are considered to be more productive. They allow room for problem analyzing, and subsequently adjusting the variable rate application in the following steps. The various type of sensors being integrated for soil monitoring purposes includes electromagnetic, optical, mechanical, acoustic, and electrochemical, as far as industrial research has reached.
• In August 2019, a technology called Soilsens, which a low-cost smart soil monitoring system, has come as a potential help to farmers facing farming decision predicaments. Proximal Soilsens Technologies Pvt developed the Soilsens product line. Ltd, a startup incubated at the Indian Institute of Technology Bombay (IITB), Mumbai with support from the Ministry of Department of Science and Technology (DST) and Ministry of Electronics and Information Technology (Meity). The system is embedded with a soil moisture sensor, soil temperature sensor, ambient humidity sensor, and ambient temperature sensor. Based on these parameters, farmers are advised about optimum irrigation through a mobile app. This data is also available on the cloud. There is also a portable soil moisture system.

Asia Pacific is Expected to Witness Highest Growth

• According to the Food and Agriculture Organization (FAO) of the UN, more than 80% of the food consumed in sub-Saharan Africa and Asia is grown by smallholder farmers. Growing global demand from food processors and consumers for accountability for the full lifecycle of produce is developing new access opportunities for smallholder farmers. Precision application of crop protection solutions is changing the agriculture sector in Asia. According to the German-based company Jebagro GmbH, its subsidiary in Myanmar is applying almost half of its pesticide products with UAVs.
• Service providers in many Asian countries are leapfrogging to advance application methods, hence making Asian agriculture prime focus for the studied market vendors. Smart tractors, UAVs, ground leveling services, satellite imaging, pesticide application, irrigation services, and handheld decision diagnostics and decision support are becoming more accessible for smallholder farmers in the region without investment in expensive infrastructure. In countries like Japan, the average farmer's average age is 67; therefore, with labor shortages, precision farming is significant for food production and food security.
• The Thailand Board of Investment is promoting startup projects and companies through direct investment and business matchmaking services. Major drone companies, like DJI and XAG, are pushing their technology in the region through the value chain to create new local businesses based on advanced service options. ListenField, which connects satellites, drones, sensors, and on-farm data, delivers analysis and recommendations and collaborates with numerous organizations in Japan.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

4.1 Market Overview

4.2 Industry Attractiveness Porters Five Force Analysis

4.3 Assessment Of COVID-19 Impact On The Industry

5 MARKET DYNAMICS

5.1 Market Drivers

5.1.1 Environmental Factors Affecting Agriculture Production

5.1.2 Emergence of New Technologies

5.1.3 Government Initiative and Increasing Number of Startups

5.2 Market Challenges

5.2.1 Difference in Awareness in Different Regions is also Resulting in Varying Adoption Patterns in These Regions

5.3 Market Opportunities

5.3.1 Technological Advancement is Reducing the Cost of Many Advance Equipment

5.3.2 Advancement in Technologies, like LIDAR-enabled Drones, and Emergence of Data Analytics and Cloud in the Sector

6 MARKET SEGMENTATION

6.1 By Technology

6.2 By Component

6.3 By Application

6.4 Geography

6.4.1 North America

6.4.2 Europe

6.4.3 Asia-Pacific

6.4.4 Latin America

6.4.5 Middle East & Africa

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

8 INVESTMENT ANALYSIS

9 FUTURE TRENDS OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/kv05t8