Vancouver, BC -- (SBWIRE) -- 02/08/2021 -- Precision Agriculture Market

The precision agriculture market is set to attain a valuation of USD 16.06 Billionby 2027, registering a CAGRof12.7%. The application of precision agricultureincludes yield monitoring, field mapping, weather tracking, and forecasting, crop scouting, and irrigation management.

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Prominent Players Profiled in the Precision Agriculture Market:

AG Leader Technology, Deere & Company, Trimble, AGCO Corporation, Raven Industries, AgJunction, SST Development Group, Cropmetrics, Dickey-john Corporation, Topcon Positioning Systems, among others.

Market Drivers

The major driving force for the development of the precision agriculture market is therisingdemand on the food supply globally due to increasing population, large scale cost savings connected with farming techniques, and government initiativesto use modern agricultural methods.

Further, the uncertain changes in weather patterns due to global warming have driven the usage of advanced farming technologies to improve farm productivity and crop yieldwith limited available resources.

Precision agriculture technologyrelies on specialized software, equipment, and IT services.The basic approach is to provide farmers real-time data about the soil, crops, ambient air conditions, and other relevant information.These factors are gaining importance among farmers and therefore driving the market growth.

Component Outlook (Revenue, USD Billion; 2017-2027)
Hardware
Automation & Control Systems
Displays
Guidance & Steering
GPS & GNSS
Drones, UAV & Cameras
Others
Sensing and Monitoring Device
Yield Monitors
Soil Sensors
Water Sensors
Climate Sensors
Software
Services
Consulting & training
Maintenance & update
Integration
Managed Service
Other Services

Technology Outlook (Revenue, USD Billion; 2017-2027)
Guidance Technology
Remote Sensing
Variable-Rate Technology

Application Outlook (Revenue, USD Billion; 2017-2027)
Yield Monitoring
Field Mapping
Crop Scouting
Weather Tracking & Forecasting
Irrigation Management
Inventory Management
Farm Labor Management
Financial Management
Others

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Key Summary of the Precision Agriculture Market Report:

Insightful information regarding the global Precision Agriculture market
Identification of growth in various segments and sub-segments of the Precision Agriculture market
Strategic recommendations for investment opportunities
The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
Emerging trends and current market segment analysis to help investors formulate new business strategies
Accelerates the decision making process through the detailed description of the drivers, restraints, growth prospects, and limitations
Thorough SWOT analysis and Porter's Five Forces analysis along with feasibility analysis and investment return analysis

Regional Analysis

North Americaprecision agriculture marketis expected to register a CAGR of 13.1%over the forecast period. This is due to numerous agricultural reserves that have a long history of exhaustive cultivation.Thefarmers are projected to improve crop production through precision agriculture technologyin the region and lessen concerns over food security. Moreover, the U.S., Mexico, and Canada are expected to provide provisions to enhance information exchange and cooperation on agricultural biotechnology trade-related matters. This is expected to increase Precision Agriculture's demand in the U.S, Canada, and Mexico, and other countries in the region.

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