Precision Farming Market Growth, Analysis, Latest Trends and Forecast till 2030

NORTHBROOK, Ill. - Jan. 13, 2023 - PRLog -- The precision farming market is expected to grow from USD 8.5 billion in 2022 to USD 15.6 billion by 2030; it is expected to grow at a CAGR 7.9% from 2022 to 2030. The most significant factors driving the growth of the precision farming market is the Rapid adoption of advanced technologies in precision farming to reduce labor cost, Increased adoption of Internet of Things (IoT) devices in agricultural fields, Substantial cost savings associated with precision farming, Climate change and need to meet rising demand for food and Increasing promotion of precision farming techniques by governments worldwide.

Precision farming has the potential to transform the agriculture industry by integration of smartphone applications with precision farming equipment. Rising use of A-I based solutions and growing adoption of technologically advanced equipment and tools in agriculture industry.

The Americas region is expected to dominate the overall precision farming market. The growth of the precision farming market in the Americas can be attributed to the higher adoption of advanced technology, increase in R&D activities, and high per-capita disposable income. Increasing labor shortages and high labor costs in the region have led to the adoption of robots and automation to boost productivity and maintain quality standards. Besides, the growing requirement for increasing the productivity from the existing farm areas to meet the demand is fueling the demand for precision farming in the region. The market players in this region are heavily investing in R&D to develop cost-efficient and highly productive precision farming technologies. Such factors have led to the growth of the precision farming market in the Americas region.

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The precision farming market for guidance technology is expected to hold the highest market share in 2030. The growth of the market can be attributed to the early adoption of this technology by farmers. GPS-based auto-guidance technology allows growers to reduce the overlapping of equipment and tractor passes, saving fuel, labor, time, and soil compaction An automated steering system is a navigation device that uses GPS to guide agricultural equipment such as tractors and automated robots. It helps reduce energy consumption, lower fuel bills, and enhance driving accuracy. Currently, most farmers use guidance technology or auto-steering devices as part of their precision farming techniques. Guidance and steering systems exhibit several benefits, such as reduction in machinery costs and wastage of land area. These advantages are influencing producers to use guidance and steering systems in their farm operations.

News also Covered: https://www.globenewswire.com/en/news-release/2022/04/07/2418592/0/en/Precision-Farming-Market-worth-15-6-billion-by-2030.html  //