The Europe Precision Farming Market would witness market growth of 6.8% CAGR during the forecast period (2021-2027).
Rising investments in technology like driverless tractors, guidance systems, and GPS sensing systems would drive the growth of the precision farming market. Many sensors, including soil sensors, climate sensors, and water sensors, are set across the fields to assist farmers in monitoring their crops and obtaining real-time data. In addition, the sensors help farmers achieve higher yields with reduced crop waste. Agriculture, pharmaceutical and healthcare, automotive, and sports are just a few of the applications for these sensors.
Farmers' use of advanced analytics and the expansion of the Internet of Things (IoT) are both contributing to the growth. Advanced analytics is a branch of data science that employs a variety of tools and techniques to forecast data and guarantee that the crop and soil are properly cared for. As a result of this information, farmers may better plan their efforts. Better education and training for farmers, easily accessible information, financial resources, and high demand for organic food are all factors that help farmers implement sustainable precision farming methods.
Guidance systems and variable rate technologies are being used by medium-sized grain producers in the United Kingdom to accommodate rising demand from plant-based and vegan diet customers. In addition, Farmers are rapidly adopting the latest technologies due to the increased adoption of cellphones and the internet. Precision farming has made it possible for them to plan and execute numerous agricultural operations more efficiently by incorporating linked technologies like low power wide area (LPWA), Zigbee, Wi-Fi, and new wireless sensor technologies.
Several government efforts have been launched around the world to encourage the adoption of advanced agricultural techniques in order to increase crop production and productivity. The European Union, for example, has created financial incentives and support schemes under the new European Common Agricultural Policy to encourage farmers to invest in a variety of precision farming equipment.
The Germany market dominated the Europe Precision Farming Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $700.6 million by 2027. The UK market is poised to grow at a CAGR of 5.9% during (2021 - 2027). Additionally, The France market would showcase a CAGR of 7.6% during (2021 - 2027).
Based on Technology, the market is segmented into Guidance Technology, Remote Sensing Technology, Variable Rate Technology. Based on Offering, the market is segmented into Hardware (Automation & Control Systems and Sensing & Monitoring Devices), Software (Local/Web-based and Cloud-based), and Services. Based on Application, the market is segmented into Yield Monitoring, Field Mapping, Weather Tracking & Forecasting, Variable Rate Application, Crop Scouting, Inventory Management, Farm Labour Management, Financial Management and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Precision Farming Market Size will Hit $11.1 Billion by 2027, at a CAGR of 7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Trimble, Inc., CNH Industrial N.V., AgEagle Aerial Systems, Inc., Topcon Corporation (Topcon Positioning Systems, Inc.), Hexagon AB (Hexagon Agriculture), CropX, Inc., CropIn Technology Solutions Private Limited, Telus International, Inc., Deere & Company, and AGCO Corporation.
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