Precision Farming Market By Component Type, By Technology Type, By Application, By Geography – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019 – 2026
The Global Precision Farming Market is valued to reach USD 9.05 billion by 2023, and is expected to grow at a CAGR of 13.25% over forecast period 2020-2026. Increasing farm mechanization, rapid use of IoT in the agriculture sector and substantial cost savings associated with smart farming techniques are the major factors fueling the growth of the market.
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As the population explodes, there exists a strong dependency on agriculture to meet enlarged demands for food on daily basis. Therefore, a high productivity in the food supply chain have broadened the scope of irrigation techniques in a wide spectrum. Precision agriculture is thus a unified approach to traditional farming. In terms of viability, both economic and environmental benefits are to be considered. It enables the farmers with highly effective inputs comprising fertilizers, tillage and irrigation water. However, the existing challenges under this approach highlights cost-effectiveness and effective ways to employ technological tools. Commercially, as the yield monitoring systems are improving, it is evident that the digitalized sampling methods are needed apart from agricultural methods. In addition, grid sampling correctly illustrates variability in crop and soil parameters.
Precision Farming Market Trends, Drivers and Opportunities:
The precision farming market is significantly driven by proliferation of IoT in agriculture and preferential demand for IoT devices such as sensors and positioning systems. In addition, the market is also influenced by the presence of stakeholders. Ongoing innovations for wearable devices that enable real-time insights are improving farming practices to ensure greater efficiency. Drone technology for yield monitoring, flawless planting and weather monitoring is likely to strengthen the market growth during the forecast period. On the other hand, low technological awareness pertaining to the use of SMART devices is likely to confine the market growth during the forecast period.