A recent report from Spherical Insights & Consulting projects the global precision agriculture market to expand from USD 10.3 billion in 2023 to USD 35.6 billion by 2033, with a CAGR of 13.2% over the forecast period. Precision agriculture, also known as site-specific crop management or satellite agriculture, leverages advanced technology to optimize farming practices. This approach, particularly beneficial in developing regions, aims to boost agricultural sustainability, protect natural resources, and enhance profitability. Increased demand for food and the push for innovative agricultural solutions are primary drivers of this growth, though high costs of technology remain a significant barrier.
The automation and control systems segment is anticipated to dominate market share due to its integration of technologies like robotics and automated machinery, which streamline farm operations.
GNSS/GPS technology is expected to grow at the fastest CAGR, facilitating precise mapping and management through accurate location tracking.
Hardware components will continue to hold the largest market share, as precision agriculture heavily depends on physical tools like GPS receivers, sensors, and drones.
For applications, yield monitoring is set to lead in growth, as it enables farmers to assess crop performance and increase productivity by collecting data throughout harvest.
Key players include AGCO Corporation, Bayer CropScience AG, and Deere & Company.
Market Segments:
- By Type: Automation and Control Systems, Sensing Devices, Farm Management Systems
- By Technology: GNSS/GPS, GIS, Remote Sensing, Variable Rate Technology
- By Component: Hardware, Software
- By Application: Mapping, Crop Scouting, Yield Monitoring, Precision Irrigation
