Precision agriculture facilitates mapping soil conditions, monitoring crop growth, analyzing field performances.
Advanced Farming Market Growth Accelerated By Precision Agriculture Technology
Advanced farming techniques utilize precision agriculture technology such as GPS/GNSS systems, optical sensors, yield monitors, and variable rate systems to collect field and crop data for improving farm productivity. Precision agriculture optimizes the use of inputs like fertilizers, seeds, water, and pesticides. It allows farmers to remotely monitor soil conditions, irrigation levels, and crop performance to maximize crop yields.
The global Advanced Farming Market is estimated to be valued at US$ 9.7 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Soil condition maps enable variable application of inputs according to needs. Crop sensors and drones equipped with cameras closely monitor crop health, detect anomalies. Field data from devices like yield monitors help analyze historical performances for making informed decisions. Variable rate technology applies optimal amounts of inputs per zone. Together precision farming technologies improve efficiency, optimize resource utilization and boost farm productivity sustainably.
Segment Analysis
Precision Farming technology is expected to dominate the Advanced Farming market during the forecast period. Precision farming refers to site-specific management of crops enabled through satellite imagery, drones and IoT sensors that help track plant health and yield. Key factors driving growth in precision farming include its ability to optimize inputs like seeds, water and fertilizers which helps improve productivity and reduce costs for farmers. The technology is also gaining popularity among farmers looking to make their operations more sustainable and environment friendly.
Key Takeaways
The Global Advanced Farming Market Size is expected to witness high growth during the forecast period of 2023 to 2030 supported by the increasing focus on precision agriculture and digitization of farming globally.
Regional analysis: North America is currently the dominating regional market for advanced farming technologies accounting for over 35% share in 2023. This can be attributed to early adoption of latest technologies by large scale farmers in the region. However, Asia Pacific region is witnessing the fastest growth rate over 8% annually driven by government initiatives and growing mechanization in countries like India and China.
Key players operating in the Advanced Farming market are Walmart, Amazon, Costco, Target, Best Buy, Home Depot, Kroger, Lowe's, Albertsons, Publix, Walgreens Boots Alliance, CVS Health. Advanced farming technology providers like John Deere are partnering with several of these players to offer connected agriculture solutions to their large customer bases.
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