World precision agriculture industry by 2026

Dublin, 17 February 2021 (GLOBE NEWSWIRE) – The report “Precision Agriculture Market – Growth, Trends, Impact of COVID-19 and Forecasts (2021-2026)” was added in ResearchAndMarkets.com’s offer.

The precision agriculture market is estimated at USD 5147.6 million in 2020, and is expected to reach USD 10491.45 million by 2026 and grow at a CAGR rate of 12.6% over the forecast period (2021-2026). ).

Climate change, growing demand for food and the growing adoption of smart technologies in the global agricultural sector, and government initiatives to increase the efficiency of farmers through new technologies, are some of the main factors adopting the adoption of precision agriculture. The adoption trend varies in different regions, in terms of technology and investment, depending on service providers in those regions.

By the end of 2030, precision agriculture will become the most influential trend in agriculture, eclipsing other achievements. Remote surveys and outputs for communication from the ground provide real-time information on equipment via a mobile application. Variable rate (VR) technologies have enabled farmers to make more tailored land management decisions, allowing for more efficient use of inputs such as seeds, fertilizers and pesticides under changing field conditions.

Most suppliers from the wide market offer guidance systems, climate forecasting and equipment for input applications. Small suppliers mainly target smart irrigation and field monitoring techniques specializing in IoT solutions. North America adopted the technology early and has the highest rate of application in many smart technologies used in precision agriculture today. The region has significantly adopted IoT, big data, drones and robotics in its agricultural sector. However, the global trend is also reflected in the region, ie. The adoption curves of different technologies vary by region due to infrastructure and available service providers.

For example, in the United States, McFadden and Schimmelpfenning reported that precision farming companies are based in at least 38 U.S. states but are geographically concentrated. Many adoption trends also depend on the type and number of service providers in the area.

Since the Corona crisis began, sanctions and regulations have disrupted the flow of work on farms around the world. In late 2019, PickApp, a precision farming ERP system running on smartphones, began developing a basic version of the app as part of its remote installation initiative. The goal was that the system could be implemented from a great distance, giving farmers the independence to install, implement and upgrade it at will. Once it became apparent that the coronavirus was changing the way people work, the team decided to go a step further and offer a basic version that they developed for free for three months, ensuring farmers could manage their farms remotely, safely and at no extra cost.

Key market trends

Soil monitoring is expected to play a significant role

  • Although some farmers have specific knowledge about soil moisture detection and health, such knowledge is limited to a few. Making agricultural decisions based on soil moisture and health has become even more difficult in an age of climate change. Soil sensors measure a multitude of essential soil properties and transmit it to a display device by a reliable means of communication. Soil sensors are typically used in conjunction with variable speed applications or GPS to generate field maps, categorized according to soil properties. Soil sensors are very important for monitoring the feasibility of crop growth during the harvest period.

  • Sensors are used to generate real-time information after data analysis and cause corresponding changes in application rate. Conventional models of using a map-based approach are considered more productive. They provide space for problem analysis and subsequent adjustment of the variable speed application in the following steps. The various types of sensors that are integrated for soil monitoring purposes include electromagnetic, optical, mechanical, acoustic, and electrochemical, as far as industrial research has come.

  • In August 2019, Soilsens technology, which is a cheap smart soil monitoring system, became a potential help to farmers who are facing difficulties in deciding on agriculture. Proximal Soilsens Technologies Pvt has developed the Soilsens product line. Ltd., a startup incubated at the Indian Institute of Technology in Mumbai (IITB), Mumbai, with the support of the Ministry of Science and Technology (DST) and the Ministry of Electronics and Information Technology (Meity). The system is installed with a soil moisture sensor, a soil temperature sensor, an air humidity sensor and an ambient temperature sensor. Based on these parameters, farmers are advised on optimal irrigation via a mobile application. This data is also available in the cloud. There is also a soil moisture transmission system.

  • In 2019, AGCO Corporation entered into a commercial and technology partnership with Solinftec, a developer and distributor of digital agricultural solutions. The business will provide AGCO customers with direct access to Solinftecs ’solution portfolio, including on-board computers, meteorological stations, ground sensors, telemetry networks, proprietary algorithms, and generating real-time insights that generate operational efficiency and agronomic efficiency. New solutions have been launched in Brazil for sugar cane, soybean, corn and cotton growers, and will begin in the United States for the 2020 harvest cycle for corn and soybean growers.

The Asia-Pacific region is expected to have the highest growth

  • According to the UN Food and Agriculture Organization (FAO), more than 80% of the food consumed in sub-Saharan Africa and Asia is grown by small farmers. The growing global demand of food processors and consumers for responsibility for the full life cycle of products is developing new access opportunities for small farmers. Precise application of crop protection solutions is changing the agricultural sector in Asia. According to the German company Jebagro GmbH, its branch in Myanmar applies almost half of its pesticide products to UAVs.

  • Service providers in many Asian countries are jumping by improving application methods, making Asian agriculture the main focus of studied vendors in the market. Smart tractors, UAVs, soil leveling services, satellite imagery, pesticide application, irrigation services and manual diagnostics and decision support are becoming more accessible to small farmers in the region without investing in expensive infrastructure. In countries like Japan, the average age of farmers is 67 years; therefore, in addition to labor shortages, precision agriculture is important for food production and food safety.

  • The Thai Investment Committee promotes startup projects and companies through direct investment and business compliance services. Large drones, such as DJI and XAG, are pushing their technology in the region through the value chain to create new local businesses based on advanced service options. ListenField, which connects satellites, drones, sensors and farm data, provides analysis and recommendations and collaborates with a number of organizations in Japan. One of the notable projects involves working with universities in Japan, India and Thailand on data-driven agriculture in the context of climate change.

  • Indian agricultural policy has recently recognized the benefits of smart agriculture and has decided to focus on doubling farmers ’incomes by 2022. The government has also introduced a multilingual mobile application “CHC-Farm Machinery”, which allows farmers to rent agricultural machinery and apply through CHC in their area. Startups, like Barton Breeze, are engaged in hydroponic farming and other farming, and their farms continue to operate even in the blockade. According to DataLabs, there are an estimated 1090 agritech launches in India, and this sector has led a revolution in technology, especially in drones, IoT devices and data analytics for AI and satellite imagery.

Competitive landscape

The precision agriculture market consists of several major players. In terms of market share, several major players currently dominate the market. These major players, with a prominent market share, are focused on expanding their customer base across foreign countries. These companies use strategic collaborative initiatives to increase their market share and increase profitability. Companies operating in the market are also acquiring start-ups working on precision farming technologies to strengthen their production capabilities.

  • March 2020 – AgJunction Inc. has partnered with GeoSurf Corporation (GeoSurf) and Anhui Zhongke Intelligent Sense and Big Data Industrial Technology Research Institute Ltd (ISTI) to provide precision agricultural solutions in the Asia-Pacific region. GeoSurf recently launched TaznaX, a precision agricultural solution for planting rice and onions based on AgJunction’s Wheelman and Whirl technology.

  • January 2020 – AGCO Corporation introduces the new Fendt Momentum planter to North American crop producers. The design and versatility of this planter set a new standard for seed placement accuracy and provide technologies to help overcome planting crops that in the past have even caused germination and resulted in lower crop yields. The Momentum planter easily adapts to popular precision planting technologies, making it sophisticated but easy to operate.

Reasons to purchase this report:

Key topics:

1. INTRODUCTION
1.1 Market Assumption Study and Definition
1.2 Scope of the study

2 RESEARCH METHODOLOGY

3 SUMMARY

4 Market insight
4.1 Market overview
4.2 Analysis of industry attractiveness for five force analysis
4.2.1 Threat to new entrants
4.2.2 Bargaining power of customers / consumers
4.2.3 Bargaining power of suppliers
4.2.4 Threat to substitute products
4.2.5 Intensity of competitive rivalry
4.3 Assessment of the impact of COVID-19 on industry

5 MARKET DYNAMICS
5.1 Market drivers
5.1.1 Environmental factors affecting agricultural production
5.1.2 Emergence of new technologies
5.1.3 Government initiative and a growing number of startups
5.2 Market challenges
5.2.1 The difference in information in different regions also results in different patterns of adoption in those regions
5.3 Market opportunities
5.3.1 Technological advances reduce the costs of many advanced devices
5.3.2 Advances in technologies, such as LIDAR-enabled drones, and the emergence of data and cloud analytics in the sector

6 MARKET SEGMENTATION
6.1 Technology
6.1.1 Guidance system
6.1.1.1 Global Positioning System (GPS) / Global Navigation Satellite System (GNSS)
6.1.1.2 Global Information System (GIS)
6.1.2 Remote reading
6.1.3 Variable speed technology
6.1.3.1 Variable fertilizer
6.1.3.2 Variable speed sowing
6.1.3.3 Variable rate pesticide
6.1.4 Drones and drones
6.1.5 Other technologies
6.2 By components
6.2.1 Hardware
6.2.2 Software
6.2.3 Services
6.3 By application
6.3.1 Yield control
6.3.2 Variable speed application
6.3.3 Field Mapping
6.3.4 Soil monitoring
6.3.5 Crop survey
6.3.6 Other applications
6.4 Geography
6.4.1 North America
6.4.1.1 United States
6.4.1.2 Canada
6.4.2 Europe
6.4.2.1 Germany
6.4.2.2 United Kingdom
6.4.2.3 France
6.4.2.4 The rest of Europe
6.4.3 Asia-Pacific region
6.4.3.1 China
6.4.3.2 Japan
6.4.3.3 India
6.4.3.4 Australia
6.4.3.5 Rest of Asia and the Pacific
6.4.4 Latin America
6.4.5 Middle East and Africa

7 COMPETITIVE LANDSCAPE
7.1 Company profiles
7.1.1 AGCO Corporation
7.1.2 Ag Junction Inc
7.1.3 John Deere
7.1.4 DICKEY-john Corporation
7.1.5 TeeJet technologies
7.1.6 Raven Industries Inc.
7.1.7 Lindsay Corporation
7.1.8 Precision Agriculture Topcon
7.1.9 Land O’lakes Inc.
7.1.10 BASF SE
7.1.11 Yara International ASA

8 INVESTMENT ANALYSIS

9 FUTURE MARKET TRENDS

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