Global Field Mapping Precision Farming Market, By Component (Hardware, Software, Service), Technology (Guidance Technology, Remote Sensing Technology, Variable-rate Technology) - Industry Trends and Forecast to 2029
Market Analysis and Size
Field mapping precision farming is being widely adopted globally as it enhances the yield per unit of farming land to acquire best in terms of quantity, quality, and financial returns. The technology assists in better decision making, reduces waste and maximizes efficiency in operations.
Global Field Mapping Precision Farming Market was valued at USD 9.15 billion in 2021 and is expected to reach USD 24.33 billion by 2029, registering a CAGR of 13.00% during the forecast period of 2022-2029. “Hardware” accounts for the largest application segment in the respective market owing to the increase in adoption of drones in agricultural activities for enhancing product activity. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Precision agriculture refers to a modern approach for farm and agriculture management that makes the use of information technology. The technology ensures crops and soil receive exactly what they need for productivity and optimum health.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware, Software, Service), Technology (Guidance Technology, Remote Sensing Technology, Variable-rate Technology)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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AG Leader Technology Inc. (US), AGCO Corporation (US), AgJunction Inc. (Canada), AgEagle Aerial Systems, Inc. (US), Valmont Industries Inc. (US), Agsmart Pty Ltd (Australia), BouMatic (US), CROPMETRICS (US), CropX Inc. (Israel), Deere & Company (US), Farmers Edge Inc. (Canada), GEA Group Aktiengesellschaft (Germany), Monsanto Company (US), Taranis (US), Precision Planting LLC (US), Raven Industries Inc. (US), Topcon (Japan), Tetra Laval International S.A. (Switzerland), and Trimble Inc. (US), among others
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Market Opportunities
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Field Mapping Precision Farming Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Use of Modern Technologies in Agricultural Products
The use of modern technologies such as variable rate technology (VRT), data management software, mapping software, yield mapping software, and GPS in agricultural products is one of the major factors driving the growth of field mapping precision farming market. These technologies improve land fertility and profitability, maximize productivity, reduce the cost of farming and facilitate sustainable agriculture.
- Availability of Low-Cost Sensors
The availability of various sensors such as load, temperature, and vibration accelerate the market growth. The on-going technological advancements in the semiconductor industry and intense competition among various manufacturers also drive the market growth.
- Concerns regarding Soil Erosion
The increase in the concerns regarding soil erosion encouraging farmers to adopt advanced agricultural technologies further influence the market. The status of soil condition plays a crucial role in decision making regarding sustainable soil management and appropriate land use that is acquired with the help of modern agricultural solutions.
Additionally, rapid urbanization, change in lifestyle, expansion of agricultural sector, surge in investments and increase in government initiatives positively impact the field mapping precision farming market.
Opportunities
Furthermore, adoption of technologically advanced equipment and tools in agriculture industry extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, integration of smartphone applications with precision farming equipment will further expand the market.
Restraints/Challenges
On the other hand, high costs of precision farming equipment and small size of landholdings and limited availability of skilled labor are expected to obstruct market growth. Also, difficulty in collecting and analyzing multiple farm data and lack of standardization in precision farming industry are projected to challenge the field mapping precision farming market in the forecast period of 2022-2029.
This field mapping precision farming market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on field mapping precision farming market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Field Mapping Precision Farming Market
The COVID-19 has impacted field mapping precision farming market. The limited investment costs and lack of employees hampered sales and production of horticulture lighting technology. However, government and market key players adopted new safety measures for developing the practices. The advancements in the technology escalated the sales rate of the hardware and software as it targeted the right audience. The increase in vertical and indoor farms across the globe is expected to further drive the market growth in the post-pandemic scenario.
Recent Developments
- Deere & Company launched an information management product, JDLINK in July’2021. The product is known to offer connectivity services at no additional cost and assist customers in connecting to their machines.
- Trimble introduced the Trimble R12i GNSS receiver in September’2021. The technology incorporates inertial measurement unit-based tilt compensation and offers 30% high performance.
Global Field Mapping Precision Farming Market Scope and Market Size
The field mapping precision farming market is segmented on the basis of component and technology. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Hardware
- Automation Control Systems
- Displays
- Guidance and Steering Systems
- Drones/UAVS
- Irrigation Controllers
- Handheld Mobile Devices/Handheld Computers
- Flow and Application Control Devices
- Software
- Local/Web-Based
- Cloud-Based
- Service
- System Integration and Consulting Services
- Managed Services, Connectivity Services
- Assisted Professional Services
- Maintenance and Support Services
Technology
- Guidance Technology
- GPS/GNSS-based
- GIS-based
- Remote Sensing Technology
- Handheld or Ground-Based Sensing
- Satellite or Aerial Sensing
- Variable-Rate Technology
- Map-Based
- Sensor-Based
Field Mapping Precision Farming Market Regional Analysis/Insights
The field mapping precision farming market is analysed and market size insights and trends are provided by country, component and technology as referenced above.
The countries covered in the field mapping precision farming market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the field mapping precision farming market because of the gradual deployment of smart agriculture services within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of the adoption of variable rate technology and smart irrigation controllers, and AI-based farm analytics services in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Field Mapping Precision Farming Market
The field mapping precision farming market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to field mapping precision farming market.
Some of the major players operating in the field mapping precision farming market are
- AG Leader Technology Inc. (US)
- AGCO Corporation (US)
- AgJunction Inc. (Canada)
- AgEagle Aerial Systems, Inc. (US)
- Valmont Industries Inc. (US)
- Agsmart Pty Ltd (Australia)
- BouMatic (US)
- CROPMETRICS (US)
- CropX Inc. (Israel)
- Deere & Company (US)
- Farmers Edge Inc. (Canada)
- GEA Group Aktiengesellschaft (Germany)
- Monsanto Company (US)
- Taranis (US)
- Precision Planting LLC (US)
- Raven Industries Inc. (US)
- Topcon (Japan)
- Tetra Laval International S.A. (Switzerland)
- Trimble Inc. (US)
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