Steered by Higher Uptake of Advanced Farming Technologies, Precision Farming Market Set to Exhibit 13% CAGR through 2032: Fact.MR

market. It classifies the market on the basis on of offering, technology, and application. The report is intended at presenting an overview of drivers, restrains, and opportunities expected to affect the growth of the market between 2022 and 2032. 

NEW YORK, Feb. 15, 2022 /PRNewswire/ -- As per Fact.MR, the global precision farming market is estimated to exceed US$ 20.36 Bn by the end of 2032.

Precision farming is gaining popularity among modern farmers, as it enables them to use crop inputs including tillage, pesticides, fertilizers, and irrigation water more efficiently. Hence, with growing inclination towards sustainable agriculture and development, it is extensively being used for efficient use of water, reduction of chemicals use in crop production, and preventing soil degradation.

The surging application of precision farming in field mapping, weather tracking & forecasting, yield monitoring, and irrigation management among others is projected to assist the market to top US$ 6 Bn through 2022.

In addition to this, increasing adoption of innovative farming technologies such as remote sensing, variable-rate technology, global positioning systems (GPS), and drones among others for weeding, spraying, trimming, and harvesting is favoring the growth in the market.

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Driven by this, the sales in the precision farming market are estimated to rise at a staggering CAGR of 13% over the assessment period.

Based on technology, precision farming guidance system is forecast to outrank other segments, accounting for revenue share of more than 41% between 2022 and 2032. Growing usage of these systems for agriculture vigilance such as security, preventive care, and maintenance is facilitating the sales across the segment.

"Surging adoption of cloud platforms for climate services and introduction of novel agricultural technologies with integrated internet of things (IoT) for better agricultural decision-making is expected to accelerate the sales in the market," says a Fact.MR analyst.

Key Takeaways from the Precision Farming Market Study

Key Drivers

Key Restraints

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Competitive Landscape

Leading players operating in the global precision farming market are aiming at adopting strategies such as new production launch, collaboration, merger, and acquisition to expand their portfolio and global footprint. For instance,

Some of the key players in the market profiled by Fact.MR are:

More Valuable Insights on Precision Farming Market

An exhaustive study published by Fact.MR offers a detailed analysis on the global precision farming market, analyzing forecast statistics for the assessment period 2022-2032. The study offers refines sales projections in precision farming market with detailed segmentation:

• By Offering

• By Technology

• By Application

Key Questions Covered in the Precision Farming Market Report 

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