Precision farming market across Europe to contribute a quarter of global market revenue

14-09 | |
The precision farming market across Europe is to contribute a quarter of the fast growing global precision farming market revenue. Photo: Canva
Photo: Canva

The global precision farming market is to reach US$ 20.36 Bn by 2032. The scarcity of resources, along with unpredictable weather patterns, is driving greater demand for precision farming equipment, according to a Fact.MR analyst.

A recently revamped Fact.MR report states that the global precision farming market is poised to register a 13% Compound Annual Growth Rate (CAGR) from 2022 to 2032, reaching US$ 20.36 Bn by the end of the assessment period.

Cost advantages

The report states farmers are transitioning from traditional farming practices to precision farming due to the significant cost advantages afforded by mechanical agricultural technologies.

From 2017 to 2021, the industry experienced an uptick at a CAGR of 12%. Precision farming services, with significant backing from the scientific community, will replace traditional agricultural practices in a variety of nations and capabilities.

Unpredictable weather conditions

Weather patterns are rapidly changing as a result of global warming. Unpredictability in the weather is further enticing farmers to seek answers in precision agricultural technologies. The need for precision farming is being driven by the requirement for optimal productivity in the face of limited resources.

Key takeaways from the precision farming market report

  • Global precision farming market value to reach US$ 6 Bn by 2022-end
  • Precision farming guidance systems to account for over 2/5th revenue share
  • Precision farming solutions for yield monitoring to experience 3x growth
  • During the projected period, North America to accumulate a revenue share of 42%
  • Precision farming across Europe to contribute a quarter of the global market revenue
  • Over 70% of overall market revenue is accounted for by hardware items such as variability detectors.
  • Guidance systems that aid in agricultural vigilance, such as security, maintenance, and preventive care, account for more than 41% of total market revenue.
Claver
Hugo Claver Web editor for Future Farming
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