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Precision agriculture market to grow to $10.16 billion

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Christian Fernsby |
Precision agriculture
World   Precision agriculture

Global precision agriculture market is projected to grow from $ 4.84 billion in 2018 to $ 10.16 billion by 2024, exhibiting a CAGR of over 13% during the forecast period, owing to several government initiatives towards adopting modern agricultural processes.

Rising population is resulting in huge demand for food supply, which can be achieved by the adoption of advanced farming technologies.

Moreover, changing weather conditions and need to increase crop yield and enhance the productivity of farms are expected to aid precision agriculture market, globally, during the forecast period.

Precision agriculture market can be segmented based on component, technology and application.On the basis of component, the market can be bifurcated into hardware and software.

Hardware segment dominated the market in 2018 and is expected to continue its market dominance during the forecast period, as farmers are adopting automation and control devices in order to improve the productivity.In terms of application, the market can be segmented into yield monitoring, field mapping, crop scouting, weather tracking & forecasting, among others.

Yield monitoring is anticipated to account for the largest market share, as it makes use of different kinds of sensors to collect crucial data related to crop for optimal planning and crop management.Based on technology, the market can be split into guidance systems, remote sensing and variable rate technologies.

Guidance systems segment is the dominating as well as fastest growing segment in global precision agriculture market.

The segment is poised to grow at a high rate, as technologies such as GPS, GNSS and GIS are employed to collect field related information, which is then analyzed to take decisions related to planting, harvesting and crop fertilizing.

Precision agriculture is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and the Middle East & Africa.In 2018, North America dominated global precision agriculture market, backed by the presence of leading market players and adoption of advanced technologies by countries across the region.

Asia-Pacific precision agriculture market is anticipated to grow at the fastest rate in coming years, owing to surging food demand, as a result of rising population in developing economies such as India and China.

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