The global market for precision farming technologies should grow from $5.2 billion in 2019 to $9.4 billion by 2024, with a compound annual growth rate (CAGR) of 12.6% for the period of 2019-2024.
BCC Research defines precision farming (also known as precision agriculture or satellite farming) as a farming management concept that utilizes software and hardware for observing, measuring and responding to intra-field variability in crops, resulting in better crop management and more effective output.
Precision farming includes various hardware technologies such as automated systems, control systems, sensing and monitoring devices as well as software solutions such as farm management software. In precision farming, software and hardware works in conjunction; a fool-proof precision farming tool/system will have multiple hardware and software solutions seamlessly integrated and working together.
The scope of this report covers the global market for precision farming technologies for various end-user application industries. The market is broken down by technologies, type, end-use and region and are further discussed in detail. Revenue forecasts from 2019 to 2024 are given for each market segment as well as regional markets with estimated values derived from manufacturers' total revenues.
The report also includes a discussion of the major players across each regional market. Further, it explains the major drivers and regional dynamics of the market and current trends within the industry.
The report concludes with a special focus on the vendor landscape and includes detailed profiles of the major vendors.
Detailed inclusions -
- BCC Research defines precision farming technologies (also known as precision agriculture or satellite farming) as a farming management concept that utilizes software and hardware for observing, measuring and responding to intra-field variability in crops, resulting in better crop management and more effective output.
- The report covers hardware and software revenue of companies active in the market. The report also covers companies in specific segments such as drones, imaging, etc.
- Large technology and hardware manufacturers (drones, sensors, imaging, etc.) that do not have product specifically for the precision farming market are out of scope of this report.
- The report excludes standalone service providers and revenue from those providers. This may include services such as consulting, education, post sales services, etc.
- Revenue forecasts from 2019 to 2024 are given for each market segment, and regional market with estimated values are derived from manufacturers’ total revenues (which includes hardware, software and services).
The report begins by introducing the reader to how the market for precision farming technologies has evolved over time and how various factors are impacting the market. The report then identifies the following -
- Primary forces with a direct impact on the precision farming technologies markets.
- Secondary forces that have an indirect impact.
- Key funding and financing in this space which are particularly supportive for new entrants.
- Some key challenges that may hinder the growth of this market.
- Key trends visible in the market.
- The top applications of precision farming technologies, along with top precision farming technology segments.
- Demand in the North America, Europe, the Middle East and Africa (EMEA) and Asia-Pacific (APAC) for precision farming technology products.
- 52 data tables and 10 additional tables
- Detailed overview of the global precision farming technologies market
- Analyses of the global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Discussion of major factors, advancements in agriculture technologies, regional trade analysis, and changing regulatory dynamics that influence the demand of this evolving market
- Emphasis on challenges faced by this market, such as high initial implementation and maintenance cost, and lack of skilled personnel in certain regions
- Coverage of hardware (equipment, tools and devices etc.), associated software (e.g. farm management software) and services revenue of the covered companies
- A relevant patent analysis covering latest significant developments in agriculture technology
- Profiles of leading market participants within the sector. Major players including AGDATA, Buhler Industries Inc., Deere & Co., DuPont, EXEL Industries SA, Intelligent Agricultural Solutions LLC, Raven Industries Inc., and Yara International Inc.
In this report, BCC Research examines the global precision farming technology market’s revenue potential and the current state of the market. The analysis includes a detailed survey of upcoming organizations in the market as well as existing players. At the industry level, BCC Research identifies, examines, describes and provides global and regional market sizes for 2018, 2019 and 2024. Companies involved in this market are agricultural technology providers who provide a range of technologies such as -
- Automation and control systems.
- Sensing and device monitoring.
- Farm management software.
- Guidance systems.
North America, particularly the U.S., is the most prominent user of precision farming technologies. North America is followed by EMEA and APAC. However, APAC is witnessing the strongest growth in terms of adoption of precision farming technology products and solutions. Due to the technological know-how requirements, precision farming technologies still have a very low penetration in most underdeveloped regions.
In the analysis presented in this report, BCC Research identified the following key points -
- Global demand for the precision farming technologies market is estimated at over REDACTED in 2018.
- Demand is expected to increase from just over REDACTED in 2019 to REDACTED in 2024.
- Total geographical and technology-wide compound annual growth rate (CAGR) is projected to be REDACTED over the forecast period of 2019 through 2024, indicating a strong growth market.
Table of Contents
Chapter 1 Introduction
Study Goals and Objectives
Reasons for Doing This Study
Scope of Report
BCC Custom Research
Related BCC Research Reports
Chapter 2 Summary and Highlights
Chapter 3 Market and Technology Background
Evolution of the Precision Farming Technology Market
Technology Roadmap of Precision Farming
Various Technologies Used in the Precision Farming Market
Remote Sensing Technology
Variable Rate Technology (VRT)
New Opportunities in the Precision Farming Technologies Market
Adoption of Autonomous Machines
High-throughput Plant Phenotyping (HTPP)
IoT in Precision Farming
Various Stakeholders in the Precision Farming Technologies Market
IT/Big Data Companies
Advanced Solution Providers
IoT and Related Space
Growth Forecast of the Precision Farming Technologies Market
Major Market Forces
Focus on Sustainable Agriculture
Need to Serve an Ever-Increasing Population
Need to Improve Efficiency and Productivity
Measurable Business Benefits
Availability of Low-Cost Tools and Solutions
Reduce Greenhouse Gas (GHG) Emissions
Key Buying/Selection Criteria
Initial Cost (Implementation Cost)
Ease of Understanding/Usage
Portfolio of Offerings
Key Strategies in the Precision Farming Technologies Space
Mergers and Acquisition
Focus on Expansion into Emerging Regions
Wider Portfolio of Offerings
Chapter 4 Global Market for Precision Farming Technologies, by Type
Guidance System Technologies
Remote Sensing and Control Systems
Variable Rate Technology (VRT)
Map-Based Variable Rate Applications
Sensor-Based Variable Rate Applications
Variable Rate Seeding
Chapter 5 Global Market for Precision Farming Technologies, by Component
Automation and Control Systems
Sensing and Monitoring Devices
Farm Management Software
Chapter 6 Global Market for Precision Farming Technologies, by Application
Variable Rate Applications
Chapter 7 Global Market for Precision Farming Technologies, by Region
Europe, Middle East and Africa (EMEA)
Special Case: The Netherlands
Middle East and Africa
Analysis of Key Geographies
Chapter 8 Industry Structure and Patent Analysis
Key Trends in the Market for Precision Farming Technologies
Increasing Use of UAVs
Strong Expected Growth of Weather Tracking and Forecasting
Continued Growth and Acceptance in Emerging Regions
Continued Partnerships and Acquisitions
Strong Investment Momentum
Continued Advancement of Automation
Venture Capital Funding and Investments
Mergers and Acquisitions
Technological Development and New Technology Acquisition
Expansion into New Categories
Industry Challenges and Concerns
Technological Acceptance and Know-how
Integration Issues and Challenges
High Initial Implementation Cost
Maintenance Issues and Costs
Chapter 9 Company Profiles
AG LEADER TECHNOLOGY INC.
AERIAL TECHNOLOGY INTERNATIONAL (ATI)
AGEAGLE AERIAL SYSTEMS INC.
BUHLER INDUSTRIES INC.
DEERE & CO.
EXEL INDUSTRIES SA
FARMERS EDGE PRECISION CONSULTING INC.
INTELLIGENT AGRICULTURAL SOLUTIONS LLC
MTS SYSTEMS CORP.
PRECISION PLANTING INC.
RAVEN INDUSTRIES INC.
TRIMBLE NAVIGATION LTD.
YARA INTERNATIONAL ASA
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