Rising labor costs, low availability of skilled labor, and surging demand for farm produce will propel the global precision farming market to a stupendous 12% CAGR from 2019 to 2029. Government support to adopt modern farming techniques will give traction to the global market for precision farming. Farmers are upgrading conventional methods to precision farming due to the substantial cost savings offered by machined farming methods.
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With strong support from the scientific community, precision farming services will take over conventional methods of farming in various countries and in varied capacities. Global warming is causing a rapid change in weather patterns. Weather unpredictability is further coaxing farmers to look for solutions in precision farming technologies. The need for optimal production amid scarcity of resources is propelling the demand for precision farming.
Key Takeaways of Precision Farming Market Study
- North America will lead global sales with a majority market share and a stellar 11% CAGR during the forecast period. Industrialized farmers in countries such as the US, Canada are increasingly adopting precision farming technologies for enhanced production yield.
- Hardware offerings such as variability detectors account for over 70% of total market revenues. Farmers are showing preference for new machines over cloud enabled advanced software.
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- Precision farming services such as weather forecasts, and soil assessment that increases product yield offers the most remunerative growth opportunities with a stupendous 16% CAGR through 2029. Service goods growth will quadruple in total market value during the projection period.
- Guidance systems that facilitate farm vigilance such as security, maintenance, and preventive care account for a majority share of over 41% of the total market revenues.
- Variable rate technology is exhibiting the highest growth potential with more than 16% CAGR from 2019 to 2029. Disproportionate soil fertility impels demand from this segment.
- Yield Monitoring will gain over 3X growth during the forecast period. The prevalence of preventive maintenance among industrialized farmers is a central driver of demand for yield monitoring applications.
“Precision farming will witness mass-adoption in the coming decade. The lack of abundant resources, coupled with unpredictable weather patterns are propelling the demand for precision farming products. Market players are prioritizing footprint expansions, and development of innovative products to gain a competitive edge.”-Says the Fact.MR Analyst
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IoT to Widen Growth Avenues
Internet of Things (IoT) and machine learning (ML) will penetrate the precision farming market through 2029. Smart devices capable of monitoring farms and ensuring timely yield will garner stellar sales for manufacturers. Predictive maintenance services that help farmers plan maximum outputs is a future growth factor. Market players must invest in research and development of products that facilitate frictionless upgradation of conventional farming methods to precision farming.
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