Rising labour costs, low availability of skilled labour and surging demand for farm produce will propel the global precision farming market to a stupendous 12 per cent CAGR from 2019 to 2029, according to Fact.MR
Government support to adopt modern farming techniques will give traction to the global market for precision farming. Farmers are upgrading conventional methods to precision farming due to the substantial cost savings offered by machined farming methods.
With strong support from the scientific community, precision farming services will take over conventional methods of farming in various countries and in varied capacities. Global warming is causing a rapid change in weather patterns. Weather unpredictability is further coaxing farmers to look for solutions in precision farming technologies. The need for optimal production amid a scarcity of resources is propelling the demand for precision farming.
Major takeaways of precision farming market study
North America will lead global sales with a majority market share and a stellar 11 per cent CAGR during the forecast period. Industrialized farmers in countries such as the US, Canada are increasingly adopting precision farming technologies for enhanced production yield.
Hardware offerings such as variability detectors account for more than 70 per cent of total market revenues. Farmers are showing a preference for new machines over cloud-enabled advanced software.
Precision farming services such as weather forecasts and soil assessment that increases product yield offers the most remunerative growth opportunities with a stupendous 16 per cent CAGR through 2029. Service goods growth will quadruple in total market value during the projection period.
Guidance systems that facilitate farm vigilance such as security, maintenance, and preventive care account for a majority share of more than 41 per cent of the total market revenues.
Variable-rate technology is exhibiting the highest growth potential with more than 16 per cent CAGR from 2019 to 2029. Disproportionate soil fertility impels demand from this segment.
Yield Monitoring will gain more than 3X growth during the forecast period. The prevalence of preventive maintenance among industrialized farmers is a central driver of demand for yield monitoring applications.
For more information, visit www.factmr.com/report/4593/precision-farming-market
