Precision Agriculture Market to Grow at 13% CAGR till 2024

Surging adoption of new farming technologies in order to boost agricultural production to drive global precision agriculture market through 2024

According to TechSci Research report, “Global Precision Agriculture Market By Technology, By Component, By Application, By Region, Competition, Forecast & Opportunities, 2024”, 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.

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Precision agriculture market, globally, can be segmented based on component, technology, application and region. In terms of component, hardware segment is likely to lead the market due to 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. Guidance system is the leading market segment and is poised to grow at the highest CAGR through 2024 due to 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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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 global precision agriculture market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. In 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 precision agriculture connectivity act in the US and Canada are likely to positively influence market growth in the region during forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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