Europe Precision Farming Market

Europe Precision Farming Market Size, Growth, Trends and Forecast:

Europe Precision Farming Market was worth USD 2.21 billion in 2021 and is projected to grow at a CAGR of 13.2%, to reach USD 3.18 billion by 2026.

Precision farming is one of the advanced farming techniques. It involves measuring, observing, and responding to the variability in crops, farming fields, and weather. The objective of precision farming is to aid the farmers to make precise decisions and to increase output to input ratio through optimal use of resources.

It reduces human efforts on the field through the use of automated and semi-automated agricultural devices which can be controlled from a distance with the help of remote sensing and satellite guiding technology. With the use of installed sensors in the field, temperature, soil humidity and soil nutrition levels can be analyzed and take appropriate actions.

Europe Precision Farming Market Drivers:

Increasing use of cloud-based technology, the growing adoption rate of modern farming techniques to enhance productivity, growing food demand are the major factors driving the precision agriculture market. The increasing need to increase the food production in the available agricultural land and government initiatives to increase the usage of modern technologies in agriculture are propelling the market growth. However, the requirement of high initial investment and lack of proper awareness among the farmers are hindering market growth.

Europe Precision Farming Market Segmentation:

Europe Precision Farming Market – By Offering:

• Hardware

  • Automation and control systems
  • and Sensing and Monitoring Devices
• Software
  • Web-based and cloud-based software
• Services

Automation and control systems dominate the market in this segment as they heavily reduce the human effort and aid in the increase of productivity. Cloud-based software is the fastest-growing segment due to its vast database and high demand.

Europe Precision Farming Market – By Technology:

• Guidance systems
• Variable rate technology
• remote sensing

The guidance system is the largest market segment as it precision agriculture is highly relied on using GPS and GIS systems.

Europe Precision Farming Market – By Application:

• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Farm Labor Management
• Financial Management

Irrigation management holds the largest market share in the precision farming market due to the increasing scarcity of water and increasing adoption of micro-irrigation control systems in agriculture. However, yield monitoring is expected to be the fastest-growing segment due to the growing food demand with a rapidly growing population.

Geographical Analysis:

On the basis of region, the Europe Precision Farming market is segmented into UK, Germany, France, Spain, and Italy. Germany and France are the leading contributors for the precision farming market as they accounted for the largest agricultural land combined with the highly developed agricultural infrastructure.

Key Players:

Some of the major players in the Precision Farming market are Raven Industries, Deere & Company, AGCO Corporation, Trimble Navigation Ltd, Monsanto Company, Dupont, Agjunction, Inc, Precision Planting, Inc, SST Development Group, and Dickey-john Corporation.