Research report presented by UnivDatos, Emphasis on Component (Hardware, Software, Services), Application (Yield Monitoring, Crop Scouting, Field Mapping, Variable Rate Technology, Weather Forecasting and Tracking, Soil Monitoring, Farm Management Systems) and Geographical analysis (key regions and countries).
As per the research report, Global Precision Agriculture Market was valued at US$ 4,355.9 million in 2018 and is expected to display reasonable CAGR of 16.8% over the forecast period (2019-2025). Precision agriculture is characterised as an IT-based farm management system that aids in the identification, management, and analysis of variations within agricultural fields in order to achieve maximum profitability, sustainability, and land resource security. Precision agriculture focuses on the improved efficiencies that can be achieved by introducing different innovations as well as understanding and coping with the natural variations found in the agricultural sector.
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With the global population and corresponding rise in food demand, total agricultural production would skyrocket. According to a recent United Nations survey, the existing global population of 7.6 billion people would grow to 8.6 billion in 2030, 9.8 billion in 2050, and 11.2 billion in 2100. Agriculture poses many problems in the twenty-first century. To begin with, it must manufacture more food and fibre to feed an expanding population with a shrinking rural workforce. Second, more feedstocks would lead to overall growth in many agriculture-dependent countries, as well as the adoption of more effective and productive processing methods and adaptation to climate change. As a result, precision agriculture has emerged as a one-stop approach for rising land yield per acre, as well as arable land. It is one of the new agricultural activities that aims to increase agricultural production and assist farmers in harvesting their crops more efficiently. Furthermore, precision agriculture is primarily focused on using smart technologies to observe, measure, and react to crops. The growing knowledge of agricultural drones, as well as their advantages, has provided farmers with a plethora of new prospects and possibilities. Precision agricultural techniques assist farmers in making critical decisions such as where to plant, how much fertiliser or pesticide to use, and how to maximise total production. Furthermore, in recent years, the demand for precision agriculture has been greatly boosted by increasing complexities in agricultural work, the prevalence of Big Data, and supportive government efforts to introduce modern agricultural techniques. High capital investments, combined with a low penetration rate in developed countries, aim to limit the market's growth prospects.
For a detailed analysis of the applications in the Precision Agriculture Market browse through – https://univdatos.com/report/global-precision-agriculture-market-insights-and-forecast-2019-2025
“Hardware component is expected to dominate precision agriculture during the analyzed period.”
Hardware, software, and service are the three components that make up the global precision agriculture industry. The hardware product segment has the highest market share, which is projected to continue through the forecast period of 2019-2025. Guidance and steering systems, drones with software systems, water control, and soil monitoring are all examples of applications.
“Amongst precision agriculture applications, yield monitoring tends to conquer the market during the forecast period.”
Variable rate deployment, field mapping, yield monitoring, crop scouting, soil monitoring, farm labour management systems, and weather tracking and forecasting are among the precision agriculture applications discussed in the report. In the global precision agriculture market, Yield Monitoring has the largest share. Yield monitor is a well-established technology that helps farmers to measure and interpret yield variations caused by soil properties, fertility control, weather conditions, and other crop management variables.
“North America represents itself as one of the largest regions in terms of revenue sales for precision agriculture.”
A comprehensive research is undertaken for major regions/countries around the world to do a deep dive review of the overall implementation of precision agriculture technologies. North America (the United States and Canada), Europe (France, Germany, Italy, Spain, and the United Kingdom), Asia Pacific (India, China, Japan, and Australia), and the rest of the world are among the major regions/countries studied in the study. North America was the leading region in precision agriculture in 2018, owing to widespread implementation of sophisticated information and communication technologies in the agricultural sector. Additionally, favourable government policies and well-developed infrastructure serve as catalysing forces for the market's potential.
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