Top Brands In Precision Agriculture Market & Trends: Key Drivers Shaping the Future of Industry Growth

 

Overview

A farming management approach known as precision agriculture (PA) is predicated on monitoring, quantifying, and adapting to crop variability both within and between fields. The global precision agriculture market was valued at USD 10.11 billion in 2023 and is anticipated to reach USD 33.09 billion by 2033, growing at a CAGR of 12.59% during 2023-2033. Information technology (IT) is used in precision agriculture to make sure that the soil and crops receive precisely what they require for maximum health and productivity.

 

Advancements in the Precision Agriculture Industry

The global market comprises some of the leading companies in the cargo drone industry, such as Deere & Company, AGCO Corporation, Raven Industries, Inc, AgJunction, and Trimble Inc, these Prominent market players are heavily investing in R&D to expand their product ranges, which will spur further growth in the precision agriculture industry. For instance, in September 2022, AGCO Corporation revealed that it will work with Bosch BASF Smart Farming Technologies to create novel capabilities and incorporate Smart Spraying technology into Fendt Rogator sprayers for commercialization.

 

Government Initiatives and Regional Market Expansion

 

• Adoption of precision agriculture, research and development, instruction, and training are supported by federal authorities. USDA offers financing programs and financial aid to encourage the adoption of precision agriculture technologies. One such program pays farmers for adopting practices that have a positive impact on conservation. For the fiscal years 2017–2021, the National Science Foundation (NSF) and the USDA will jointly grant about $200 million for precision agricultural research and development. The two agencies' collaborations to assist artificial intelligence (AI) research institutes are part of this funding.  

 

• The Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food, announced that Institut de Research et de développement en Agroenvironnement Inc. (IRDA) will receive up to $560,425 in funding to develop a new, integrated system of precision fruit tree farming.  Apple growers in Canada face several obstacles in their highly competitive industry, such as disease and insect threats, a rise in the frequency of extreme weather occurrences, and a labor shortage. The money is being used by IRDA to test and pilot a mechanized operation, narrow fruiting walls, and exclusion netting system.

 

Insights and Projections: Global Precision Agriculture Market Analysis

The report provides a summary of the global top trends and future prospects for the global precision agriculture market based on historical data sets (current trends, industry statistics, and emerging trends shaping the precision agriculture industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global precision agriculture trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.  

 

Growth Factors and Emerging Trends in the Precision Agriculture Industry

 

1. Combining precision farming technologies with current agricultural equipment

Precision agriculture is becoming widely used, and one of the main factors accelerating its adoption is integration with farm machinery. Farmers may now easily integrate precision agriculture advances into their current machinery, such as tractors, drones, and harvesters, due to the quick development of technologies like sensors, GPS, and data analytics. Data-driven decision-making is made possible by this integration, which also improves operational efficiency and simplifies data collection. Modern farm equipment, outfitted with sophisticated sensors and monitoring systems, can easily collect data in real-time on crop health, soil conditions, and weather patterns.

 

1. Using smartphones to download cutting-edge farming software apps to help farmers make better decisions

Smartphones are among the most widely used technological innovations ever, and because of the abundance of easily navigable agricultural applications (apps), cell phones have developed into a potent and portable instrument for farmers. Most smartphone applications provide crucial farming information, such as weather and climate conditions, and are reasonably priced. These apps effectively help farmers make wise decisions. Smartphones can be used in conjunction with a range of hardware components, such as sensors, high-definition cameras, and GPS receivers, to carry out operations including gathering samples, taking aerial photos, and maintaining records.

 

Opportunities and Future Prospects in the Precision Agriculture Industry

 

1.  Increasing use of digital platforms for agriculture

The usage of farm management software and digital agriculture platforms has played a major role in the advancement of precision agriculture. Farmers can now easily combine and evaluate data from a variety of sources, such as sensors, drones, and satellite imagery, due to these cutting-edge technologies. These platforms facilitate the adoption of precision farming techniques by centralizing data on an intuitive interface, empowering farmers to make well-informed decisions based on real-time insights. Additionally, they give farmers a comprehensive understanding of farm operations, enabling them to effectively monitor and manage their fields, crops, and machinery.

 

List of Key Companies in the Precision Agriculture Industry

1. Deere & Company (John Deere)
2. Trimble Inc.
3. AGCO Corporation
4. Raven Industries, Inc.
5. Ag Leader Technology
6. Precision Planting LLC
7. TeeJet Technologies
8. CropMetrics LLC
9. Topcon
10. Farmers Edge Inc

 

Top 5 Players in the Precision Agriculture Industry

 

1. John Deere

 

Headquarters: Illinois, United States

John Deere, sometimes known as Deere & Company, is an American corporation that produces diesel engines, landscaping equipment drivetrains (axles, transmissions, gearboxes), huge machines, and agricultural and forestry machinery. In addition, it offers financial services and other associated operations. In the 2022 Fortune 500 ranking of the biggest American firms, it came in at number 84. "Nothing Runs Like a Deere" is the company's tagline, and "JOHN DEERE" is displayed beneath a leaping deer in its emblem. For more than 155 years, it has had different logos that include a jumping deer. Equipment and machinery are distributed wholesale by the John Deere Company. Backhoes, choppers, brooms, wheel loaders, compact track, dozers, tractors, bunchers, mowers, cutters, shredders, excavators, skid steers, and snow removal equipment are all available from the company. Customers are served globally by John Deere.

 

2. Trimble Inc.

 

Headquarters: Colorado, United States

American technology corporation Trimble Inc. specializes in hardware, software, and services. Building and construction, agriculture, GIS, resource extraction and utilities, governments, transport, and other international businesses are among those that Trimble serves. The company manufactures technologies for establishing live positions, such as inertial, laser and optical, GPS technology, and various other technologies. Trimble supplies to equipment makers, farmers, government agencies, engineering and construction companies, and end consumers. The corporation receives about 55% of its sales from North America. Trimble provides a comprehensive range of precision agriculture technologies to suit the farm, including hardware, software, and other precise services. These items can be used in conjunction with the current equipment, in order to begin with one or two and expand the capabilities gradually or all at once.

 

3. AGCO Corporation

 

Headquarters:   Georgia, United States

The AGCO Corporation is a Duluth, Georgia-based American producer of agricultural equipment. It was established in 1990. Agriculture equipment is produced worldwide by Agco. Massey Ferguson, Challenger, Valtra, GSI, and Fendt are the company's five main brands. Agco offers more products than its rivals, including grain handling systems and livestock management solutions in addition to self-propelled machinery and implements. More than 3,100 dealer and distribution locations worldwide are part of its global dealer network, which offers its products. Agco, in partnership with Rabobank, a European bank that specializes in food and agriculture, provides retail and wholesale finance to clients. AGCO is a company that designs, manufactures, and markets tractors, combines, self-propelled sprayers, foragers, hay tools, tillage equipment, and smart agricultural technology. Along with seed-processing structures, the transportation and storage of feed for pigs and chickens, ventilation and watering mechanisms, egg incubators, and broiler breeding equipment, the enterprise also offers grain-storing containers as well as associated drying and handling equipment systems.

 

4. Raven Industries

 

Headquarters: South Dakota, United States

American corporation Raven Industries, Inc. provides producers with information management systems and technologies for precision agriculture. Prior to a series of acquisitions in 2021, it also had two segments: Aerostar Industries, which developed and manufactured high-altitude balloons, attached aerostats, and radar detection systems, and sold military parachutes, clothes that are uniform, and safeguarding wear; and Engineered Films, which manufactured polyethylene films that had different agricultural and industrial applications. The Applied Technology Division produces advanced agricultural technology, including field computers, chemical spray equipment, and steering systems based on the global positioning system (GPS).

 

5. Farmers Edge

 

Headquarters: Canada

Global leaders in digital agriculture include Farmers Edge. The objective is to build the most extensive digital platform in the world, enabling stakeholders to be connected and empowered across the ecosystem. They prioritize innovation in whatever they do and are fervently committed to sustainable farming. By working together, they are driving the next agricultural revolution and developing smart technology that will make farming more effective and successful in meeting the needs of the world's expanding population. It offers software and technology solutions for managing and keeping an eye on farms. It combines and evaluates information gathered from soil samples, satellite images, telematics devices, and on-farm weather stations. In addition, it offers data transfer devices, soil moisture probes, on-farm weather stations, and an in-field telematics device.

 

Recent Development

 

• In April 2023, the debut of PTx, a new brand that represents AGCO Corporation's precision ag portfolio, was announced on April 8, 2024. AGCO Corporation is a global leader in the design, production, and sale of agricultural machinery and precision ag technologies. Precision Planting and PTx Trimble, AGCO's most recent joint venture (JV), are the cornerstones of the company's tech stack when it comes to precision ag technologies.

 

• In March 2023, Ag Leader Technology, Kinze Manufacturing, and John Deere announced a partnership agreement that would facilitate farmers' integration of each company's technology and equipment into their agricultural operations.

 

• In February 2024, John Deere extended its tradition of providing excellent, solutions that prioritize customers with one of the firm's largest product releases in its 187-year history. At the Commodity Classic exhibition in Houston, Texas, John Deere revealed new cutting-edge equipment solutions for Model Year 2025.

 

• In January 2024, in an announcement, Deere & Company stated that it has partnered with SpaceX to offer farmers cutting-edge satellite communications (SATCOM) services. This solution will enable farmers who are encountering issues with rural connectivity to fully utilize precision agriculture technologies by utilizing the industry-leading Starlink network.

 

• In October 2022, Trimble unveiled the Trimble® GFX-1060TM and GFX-1260TM monitors, its next-generation screens designed for precision agriculture applications. With the help of Trimble's array of cutting-edge displays, farmers can execute tasks in the field more rapidly and effectively while also precisely mapping and tracking field data in real-time.

 

About the Spherical Insights & Consulting

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