Precision Farming is Driving Farmers to Adopt the New Age Technology Related to Food Safety

Trishita Deb
Trishita Deb

Updated · Mar 12, 2024

SHARE:

At Market.us Media, we strive to bring you the most accurate and up-to-date information by utilizing a variety of resources, including paid and free sources, primary research, and phone interviews. Learn more.
close
Advertiser Disclosure

At Market.us Media, we strive to bring you the most accurate and up-to-date information by utilizing a variety of resources, including paid and free sources, primary research, and phone interviews. Our data is available to the public free of charge, and we encourage you to use it to inform your personal or business decisions. If you choose to republish our data on your own website, we simply ask that you provide a proper citation or link back to the respective page on Market.us Media. We appreciate your support and look forward to continuing to provide valuable insights for our audience.

Introduction

According to Precision Farming Statistics, Precision farming, also termed precision agriculture, employs GPS, sensors, and drones to enhance crop yield while reducing waste and environmental harm. Farmers can strategically manage resources like water, fertilizers, and pesticides by integrating these tools.

This method enables accurate field mapping, crop health monitoring, and tailored input applications based on specific conditions. The advantages encompass improved yield monitoring, resource conservation, sustainability, profitability, and data-driven decision-making.

Precision farming embodies a contemporary and sustainable agricultural approach, leveraging technology and data to address the imperative of feeding a growing population while advocating for environmental responsibility.

Editor’s Choice

  • In 2023, the precision farming market generated USD 10.5 billion in revenue.
  • Approximately 40.46% of respondents utilize sensors for monitoring machine conditions, enabling timely maintenance and minimizing downtime.
  • Unmanned vehicles, including Autonomous Tractors and other autonomous machinery, are widely adopted, with approximately 89.31% of respondents utilizing these advanced tools for tasks such as planting, cultivation, and harvesting.
  • Approximately 32.06% of respondents utilize microclimate sensors to monitor environmental conditions such as temperature, humidity, and air quality, ensuring optimal living conditions for livestock.
  • Approximately 12.98% of respondents utilize milking robots, which automate the milking process and provide benefits such as increased milk yield, reduced labor costs, and enhanced animal welfare.
  • GPS guidance systems with automatic control (autosteer) for fertilizer/chemical application saw a significant rise from 78% to 90%, indicating a growing reliance on automated navigation systems in agricultural machinery.
  • Many farmers are deeply concerned about the soaring prices of inputs, with nearly 67% expressing worry about how this will impact their profitability over the next few years.
Precision Farming Market

Global Precision Farming Market Overview

Global Precision Farming Market Size

  • The precision farming market is witnessing steady growth, with revenues projected to increase consistently over the next decade at a CAGR of 12.2%.
  • In 2023, the market generated USD 10.5 billion in revenue, which rose to USD 11.8 billion in 2024.
  • This growth trajectory is expected to continue, with revenues forecasted to reach USD 13.2 billion in 2025 and USD 14.8 billion in 2026.
  • The upward trend persists, with revenues projected to reach USD 23.5 billion in 2030, USD 26.4 billion in 2031, and USD 29.6 billion in 2032.
  • By 2033, the precision farming market is anticipated to grow substantially, surpassing USD 33.2 billion in revenue.

Adoption of Different Advanced Technologies in Farming

Use of Sensors in Crop Production

  • Sensors play a crucial role in modern crop production technology, providing valuable insights and enhancing efficiency across various aspects of agricultural operations.
  • Approximately 40.46% of respondents utilize sensors for monitoring machine conditions, enabling timely maintenance and minimizing downtime.
  • Another significant application, with 50.38% of respondents, is using sensors to track machine position, facilitating precise and automated farming tasks.
  • Furthermore, plant protection and nutrition sensors are widely adopted, with 53.44% of respondents leveraging these technologies to optimize inputs and enhance crop health.
  • 58.02% of respondents utilize weather stations to provide critical data for informed decision-making regarding Microirrigation systems, irrigation, pest management, and harvesting activities.
  • However, the adoption rate for crop anomaly sensors is comparatively lower, with only 21.37% of respondents utilizing these sensors to detect and address irregularities in crop monitoring growth.

Use of Machines in Crop Production

  • Machines play a pivotal role in crop production technology, offering various functionalities to enhance efficiency and productivity in agricultural operations.
  • Unmanned vehicles, including tractors and other autonomous machinery, are widely adopted, with approximately 89.31% of respondents utilizing these advanced tools for tasks such as planting, cultivation, and harvesting.
  • Navigation and optimization systems are also prevalent, with 61.83% of respondents leveraging these technologies to enhance precision and efficiency in field operations.
  • Additionally,  Agriculture Drones are increasingly utilized for soil condition monitoring, with 33.59% of respondents employing these aerial devices to collect data on soil health, moisture levels, and crop development.

Uses of Sensors and IoT Devices in Livestock Production

  • Integrating sensors and Internet of Things (IoT)  IoT devices in livestock production technology is increasingly prevalent, with various applications aimed at enhancing animal welfare and farm management.
  • Approximately 32.06% of respondents utilize microclimate sensors to monitor environmental conditions such as temperature, humidity, and air quality, ensuring optimal living conditions for livestock.
  • Smart collars are also widely adopted, with 42.75% of respondents employing them for health monitoring, allowing farmers to track vital signs and detect early signs of illness or distress in animals.
  • Moreover, smart collars for movement monitoring are utilized by 46.56% of respondents, enabling real-time tracking of animal behavior and activity levels, which can inform decisions related to feeding, breeding, and health management.

Use of Robots in Livestock Production

  • Robots are increasingly integrated into livestock production technology, offering innovative solutions to streamline farm operations and improve efficiency.
  • Approximately 12.98% of respondents utilize milking robots, which automate the milking process and provide benefits such as increased milk yield, reduced labor costs, and enhanced animal welfare.
  • Feeding robots are also gaining traction, with 19.85% of respondents leveraging these automated systems to accurately dispense feed to Livestock Farming Technology based on nutritional requirements and feeding schedules.

IoT Applications in Agriculture

Application of IoT in Agriculture Market – By Segment

  • The worldwide market for Internet of Things (IoT) applications in agriculture demonstrates significant growth across various segments from 2020 to 2026.
  • In the precision crop farming segment, the market value surged from $7,285.3 million in 2020 to $8,280.6 million in 2021 and is projected to reach $13,134 million by 2026.
  • Similarly, the livestock monitoring and management segment witnessed notable growth, with market values rising from $4,834.1 million in 2020 to $5,503.3 million in 2021 and an anticipated increase to $8,797.6 million by 2026.
  • Indoor farming also experienced substantial growth, with market values increasing from $3,234.1 million in 2020 to $3,707.4 million in 2021 and projected to reach $6,086.9 million by 2026.
  • Additionally, the aquaculture segment demonstrated significant growth, with market values rising from $2,011.1 million in 2020 to $2,327.2 million in 2021 and forecasted to reach $4,016 million by 2026.
Precision Farming

Agriculture Technology Investment Statistics

  • Between 2017 and 2022, agriculture technology funding investments worldwide experienced significant fluctuations, reflecting the evolving landscape of technological innovation in the agricultural sector.
  • Commencing at 12.2 billion U.S. dollars in 2017, the investment surged to 21.1 billion in 2018, indicative of a burgeoning interest in agricultural technology solutions.
  • This trend persisted in 2019, with funding reaching 21.5 billion dollars, sustaining momentum in the sector.
  • Subsequently, in 2021, there was a remarkable surge to 53.2 billion dollars, signifying a substantial leap in investor confidence and a heightened focus on agricultural innovation.
  • However, in 2022, the investment landscape experienced a slight downturn, with funding totaling 29.6 billion dollars, albeit significantly higher than the initial years of the analyzed period.

Current Status and Availability of Precision Agriculture Technology

  • The dealer offering of precision agriculture services has shown notable increases across various categories from 2019 to 2022.
  • Cost/profit mapping services witnessed a significant rise in adoption, increasing from 38% in 2019 to 55% in 2022, indicating a growing recognition of the importance of financial analysis in farm management.
  • Field mapping with Geographic Information Systems (GIS) increased from 85% to 90%, reflecting the continued integration of spatial data analysis in precision agriculture practices.
  • Similarly, grid or zone soil sampling remained widely adopted, slightly increasing from 90% to 91%.
  • Guidance and autosteer sales and support also saw a notable uptick, rising from 38% to 46%, indicating increased demand for automated navigation systems in farm machinery.
  • The utilization of satellite and aerial imagery surged from 70% to 80%, highlighting the growing reliance on remote sensing technologies for farm management.
  • Additionally, various aspects of variable rate technology (VRT) application, including fertilizer, lime, and pesticide applications, witnessed significant increases in adoption rates. VRT pesticide application is experiencing a notable rise from 20% to 50%.
Precision Farming

Retailer Use of Precision Agriculture Technology for Their Business

  • From 2017 to 2019, there has been a notable increase in the adoption of precision agriculture technology among retailers for their business operations.
  • GPS guidance systems with automatic control (autosteer) for fertilizer/chemical application saw a significant rise from 78% to 90%, indicating a growing reliance on automated navigation systems in agricultural machinery.
  • Additionally, there was a slight increase in the adoption of precision agronomic services for customers, with a rise from 81% to 83%, reflecting the continued integration of advanced technologies to meet customer demands.
  • Auto sprayer boom section or nozzle control also experienced a modest increase from 73% to 75%, indicating a growing emphasis on precision application of inputs.
  • Satellite/aerial imagery for internal dealership purposes saw a substantial jump from 52% to 68%, highlighting the increasing utilization of remote sensing technologies for internal operations.
Precision Farming

Challenges to the Adoption of Precision Farming

  • Many farmers are deeply concerned about the soaring prices of inputs, with nearly 67% expressing worry about how this will impact their profitability over the next few years.
  • These concerns are backed by reports revealing substantial spikes in global input costs, ranging from around 80% to 250% in recent times.
  • South American farmers have been hit the hardest, facing an alarming rise of about 247%, while their Asian counterparts have seen comparatively lesser increases, hovering around 82% resp.
SHARE:
Trishita Deb

Trishita Deb

Trishita has more than 7 years of experience in market research and consulting industry. She has worked in various domains including healthcare, consumer goods, and materials. Her expertise lies majorly in healthcare and has worked on more than 400 healthcare reports throughout her career.