Yield monitoring technology held the largest precision farming market share in 2021. According to MarketsandMarkets, yield monitoring technology will continue to be the biggest contributor to the growth of the precision ag market, which is expected to grow to USD 15.6 billion by 2030.
According to Rahul Kumar, MarketsandMarket’s Lead Analyst, the precision farming market is expected to grow from USD 8.5 billion in 2022 to USD 15.6 billion by 2030, at a CAGR of 7.9%. The growing adoption of global positioning system (GPS), guidance system, IoT devices, and remote sensing technologies by farmers is fueling the growth.
Yield monitoring technology held the largest market share in 2021 and is likely to continue its dominance during the forecast period. Kumar says yield monitoring technology helps farmers better understand the effectiveness of precison farming technologies such as sensor-based irrigition or variable rate nutrient application and can thus help maximise yields.
“Precision farming tools are gaining tremendous popularity for yield monitoring applications due to the increasing need for optimum crop production with a limited number of resources,” Kumar says.
The weather tracking and forecasting application segment is to register the highest growth rate between 2022 and 2030, according to MarketsandMarkets.
The Asia-Pacific (APAC) region is expected to witness the highest growth of the overall precison farming market during the forecast period (2022-2030). According to Lead Analyst Kumar, the APAC region has witnessed a high demand for automation in particular. Developed countries in APAC such as Japan are focusing more on using driverless tractors.
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“Government initiatives to support the adoption of automation in agriculture has fueled the growth of the precision farming market in the region. In July 2021, an apple orchard operator in Takayama, Japan, deployed a lightweight, unmanned ground vehicle manufactured by XAG to pollinate trees. In May 2021, the Charles Sturt University in Wagga Wagga, Australia, invested USD 20 million to create a hands-free farm on a 1,900-hectare property. The project will use autonomous vehicles, drones, sensors, data analytics, geospatial mapping, remote sensing, machine learning, cybersecurity technology, and carbon management tools to minimize the carbon footprint across farms.”