Surging adoption of new farming technologies in order to boost agricultural production to drive the global precision agricultural market through 2024. According to TechSci Research report, “Global Precision Agriculture Market By Technology, By Component, By Application, By Region, Competition, Forecast & Opportunities, 2024”, the global precision agriculture market is projected to grow at a CAGR of more than 13% during 2019-2024, backed by increasing demand for food production from limited labor and limited farm size.
Important Elements of the Global Precision Agricultural Market
Farmers are adopting precision agriculture methods to close the supply-demand gap and ensure high yield and protection for the environment. Rising awareness pertaining to the application of precision agriculture and support from the governments for sustainable farming technologies are expected to positively influence the market in the coming years.
Browse 120 Figures spread through 110 Pages and an in-depth TOC on the “Global Precision Agriculture Market“.
The precision agriculture market, globally, can be segmented based on component, technology, application, and region. In terms of components, the hardware segment is likely to lead the market due to the huge installation of hardware components. Moreover, increasing crop yield is compelling vendors to introduce new hardware devices. Based on the technology, the market can be segmented into guidance systems, remote sensing, and variable rate technologies.
The guidance system is the leading market segment and is poised to grow at the highest CAGR through 2024 due to the early adoption of the technology by farmers. The guidance systems segment is further segmented into Global Positioning Systems (GPS), Global Navigation Satellite Systems (GNSS), and Global Information Systems (GIS). Farmers are readily adopting guidance systems, as these devices provide real-time data insights on improving the efficiency of crops.
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The Major competitors of the Global Precision Agriculture Market
- Bayer CropScience AG
- Trimble Inc.
- Deere & Company, Iteris, Inc.
- AgJunction Inc.
- Farmers Edge, Inc.
- Ag Leader Technology
- CropMetrics
- AGCO Corporation and Teejet Technologies are some of the leading players operating in the global precision agriculture market. Companies operating in the market are using organic strategies such as product launches, mergers, and collaborations to boost their share. At the end of 2017, AGCO entered into an agreement with Lely Group to acquire its forage division and strengthen AGCO’s product offerings.
“North America is expected to witness the extensive adoption of precision agriculture, on the back of increasing awareness pertaining to the crop quality and initiatives taken by the government to bring innovation in the sector. Moreover, several rules and regulations such as the precision agriculture connectivity act in the US and Canada are likely to positively influence market growth in the region during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Precision Agricultural Market By Technology, By Component, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global precision agriculture market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global precision agriculture market.
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