The Precision Agriculture Market is projected to reach $10.93billion by 2026, reveals the premium market intelligence study by BIS Research. The study also highlights that the market is set to witness a CAGR of 14.85% during the period 2021-2026.
Precision agriculture techniques are being adopted by farmers across the globe to increase crop yield, shrink wastage, and ensure food security. This has led to an increase in the growth of the global precision agriculture market. government initiatives for the development of the Precision Agriculture market in certain regions of the world such as Asia-Pacific have helped in the upliftment of the market.
The growth rate in the market is because of the increased government initiatives around the world for precision agriculture services, as this leads to an increase in agricultural production to cater to the growing global food demand.
The detailed study is a compilation of 138 Market Data Tables and 34 Figures spread through 242 Pages and in-depth TOC on Precision Agriculture Market – Analysis and Forecast, 2021-2026
USP of the Report :
• This report covers major regions with established precision agriculture market.
• Government Initiatives and Regulatory Frameworks are provided for various regions.
• Market Share Analysis has been done for analyzing the competition in the precision agriculture market business.
• Extensive competitive benchmarking of the top 15 players (including OEMs and equipment providers) has been done to offer a holistic view of the global precision agriculture market landscape.
Analyst’s Take on the Market:
According to Rakhi Tanwar, Principal Analyst, BIS Research, “The precision agriculture market is expected to be a great solution for a wide range of issues in the agricultural industry. Through the availability of precision agriculture technologies and equipment, small and medium-scale farmers would be able to increase their agricultural production, and this would lead to increased global food production to cater to the growing demand”.
Key Companies Operating in The Market:
The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (which hold 50-60% of the market), mid-segment players (comprising 30-40% share), and small and emerging companies (holding the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the Precision Agriculture industry.
Some of the leading companies in this market include names such as, AGCO Corporation, CLAAS Group, CNH Industrial, John Deere, Kubota Corporation, Topcon Corporation, Hexagon Agriculture, Microsoft Corporation, AGRIVI, BASF SE, Granular Inc., IBM Corporation and others.
Market Segmentation of Precision Agriculture Market:
Application: One of the main applications of precision agriculture is to evaluate the crop’s water requirement and implementation of advanced systems to encourage the health of the crop and to reduce the nutrient, chemical, and water waste. In addition to this, field crops is another market segmentation by application for precision agriculture that is seeing prominence. Field crops comprise the mainstream traditional farm produce that the agriculture industry majorly focuses on for its daily revenue generation.
Product: The guidance technology majorly comprises the global positioning system (GPS) and global navigation satellite system (GNSS) technologies which are applied in the agriculture industry for navigation purposes. The navigation is done via satellites which send signals to the receiver/user to provide them with accurate information about the location on the farm.
Solution: Hardware systems of precision agriculture solutions are broadly classified into automation and control systems, sensing and navigation systems, and other equipment like smart sprayers and sprinklers. The hardware solution comprises different types of tools and devices, such as displays, GPS/GNSS devices, and handheld mobile devices.
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Key Questions Answered in the Report :
• What is the expected global precision agriculture market size in terms of value during the period 2021-2026?
• What is the expected future scenario and revenue to be generated by different types of solutions including software and platform, hardware, and support services?
• What is the expected future scenario and revenue to be generated by the technology segment, including guidance technology, sensing technology, variable rate application technology, and data analytics and intelligence?
• What is the expected future scenario and revenue to be generated by different applications for precision agriculture solutions, including precision irrigation, field monitoring, precision spraying, precision fertilization, precision planting, and data management?
• Which region is the largest market for the global precision agriculture market?
• What is the expected future scenario and revenue to be generated by different regions and countries in the global precision agriculture market such as North America, South America, Europe, the U.K., China, Asia-Pacific and Japan, and Middle East and Africa?
• What is the competitive strength of the key players in the global precision agriculture market based on the analysis of their recent developments, product offerings, and regional presence?
• Which are the different consortiums and associations present in the global precision agriculture market, and what are their roles, focus areas, and key functions in this market?
• Where do the key precision agriculture companies lie in their competitive benchmarking, compared on basis of market coverage and market potential?
• What does the technology ecosystem of precision agriculture solutions constitute?
BIS Research Related Market Studies:
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About BIS Research:
BIS Research, a premium market intelligence company, offers in-depth insights and consulting to Fortune 500 companies. We are established and known for tracking the growth of deep technologies across key industry verticals and the subsequent challenges and opportunities associated with deep tech across markets, applications, and products.
With more than 1,000 clients, over 10,000 plus primary interviews, and approximately 200 reports published in a year, BIS Research has often been sighted for its ability to track emerging tech trends early on. We provide market estimations, analysis on emerging high-growth applications, technology analysis, highly segmented granular country-level market data, and other important market parameters that come in handy for our clients during strategic decision-making.
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