The global precision agriculture market is poised for significant growth in the short-term forecast period, fueled by the rapid proliferation of technology in the agricultural sector and the quest for improved yield with reduced environmental impact.
The widespread adoption of technology, including Internet of Things (IoT), artificial intelligence, mobile phones, and data analytics, has revolutionized the agricultural landscape. Farmers are now equipped with tools like remote sensing, agricultural drones, climate monitoring systems, guidance software, and geomapping, allowing for optimized yield with reduced costs. Precision agriculture not only enhances productivity but also reduces the physical burden on farmers, making it a preferred choice. As smart agriculture gains momentum with technological advancements, the precision agriculture market is poised to witness significant growth.
Driving Factors
The precision agriculture market is heavily influenced by the pursuit of greater yield and economic returns while minimizing environmental impact. Precision agriculture tools offer the potential to optimize resource usage, including water, soil, pesticides, and fertilizers. As per the Association of Equipment Manufacturers (AEM), these tools promote economic returns while improving sustainability, resulting in efficient agricultural practices. A study on the environmental benefits of precision agriculture revealed a 4% improvement in productivity in Canada and the United States due to variable rate, auto guidance, and section control technologies. With broader adoption of these tools, crop yields could increase by 6-7%, underpinned by on-farm technologies and improved management practices. Precision agriculture also facilitates precise fertilizer placement, minimizing overuse and environmental footprint. As the industry embraces optimal resource management, the precision agriculture market is set to grow on a global scale.
Role of Smartphones and Regional Landscape
The integration of smartphones into agriculture is a game-changer, enhancing farmers ability to remotely monitor fields, access data, and make informed decisions. The compatibility of smartphones with various applications empowers farmers to manage their farms more efficiently and gain insights into climatic changes and environmental factors. This integration supports informed decision-making and can potentially reshape the precision agriculture market.
In North America, early technology adoption and government support have driven the proliferation of precision agriculture. The governments initiatives to promote advanced technologies, such as the NIFAs sensor and precision technology projects, have educated farmers about the benefits of precision agriculture. In Asia Pacific, emerging economies are embracing precision agriculture with government support. Initiatives like Indias mKisan platform are educating farmers on technology-based farming methods to improve agricultural output. Rising population and food shortage concerns in rural areas are further driving the adoption of smart agriculture in the region.
Key Players
Major players in the precision agriculture market include AGCO Corporation, Teejet Technologies, Raven Industries, Fairport Farm Software, Deere & Company, Granular AG, and Trimble Inc. These companies are actively contributing to the growth of precision agriculture through technological innovations and sustainable farming practices.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/precision-agriculture-market
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COMTEX_438915836/2840/2023-08-23T12:39:04
