Latest News- Precision Agriculture Market: Hardware is expected to lead the Product segment during 2025-2029

The Precision Agriculture Market is being driven by Rise in investments in agricultural technologies

The Precision Agriculture Market is expected to grow at a CAGR of 15.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 8018.5 million. In the agricultural industry, Luminous Technologies, including telematics, robotics, and nanotechnology, are transforming business operations and driving precision farming. Advanced technologies are instrumental in optimizing agricultural inputs and enhancing productivity. Specifically, nanotechnology is revolutionizing agriculture in 2024 by improving precision, sustainability, and productivity. Nanocapsules are utilized for targeted delivery of agrochemicals like fertilizers, pesticides, and growth regulators, reducing chemical usage and minimizing environmental impact. Meanwhile, advanced nanosensors enable real-time monitoring of soil moisture, nutrient levels, and early detection of plant pathogens, enabling timely interventions and ensuring crop health. These technological advancements contribute significantly to site management, fertilizer application, crop protection, pest management, and microbial safety. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Hardware
  • Software and services
• Application
  • Precision irrigation
  • Yield monitoring
  • Field mapping
  • Crop scouting
  • Others
• Technology
  • Internet of things (IoT)
  • Artificial intelligence (AI)
  • Big data and analytics
  • Remote sensing
  • Robotics and automation
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • APAC
    • China
    • India
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in investments in agricultural technologies
• Focus on increasing agricultural output
• Rising need to manage data on agricultural farms

However, the market also witnesses some limitations, which are as follows:

• Requirement for high initial investment
• Difficulties in implementation
• Lack of standardization

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Market Scope in Precision Agriculture Market Research Report

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Research Analysis Overview

Precision Agriculture Market encompasses innovative technologies such as spectral imaging, hyperspectral imagery, and multispectral imaging for crop health assessment. Thermal imaging, electromagnetic induction (EMI), and soil moisture sensors enhance farm management. NDVI analysis, livestock management (precision livestock management, livestock tracking, animal health monitoring, dairy management, poultry management, livestock feed management), precision viticulture, horticulture, and vertical farming are key applications. Forestry sectors benefit from precision forestry, forest management, climate-smart agriculture, conservation agriculture, and regenerative agriculture. Technologies include precision irrigation systems (drip irrigation, sprinkler irrigation, subsurface irrigation), nutrient management, fertilizer application technologies, pesticide application technologies, and precision application technologies (targeted application, prescriptive analytics).

Market Research Overview

The global agricultural and farm machinery market encompasses businesses engaged in the production of agricultural and farm machinery and their related components. This sector comprises machinery for agricultural tractor applications, haying, harvesting, planting, livestock, spraying, tillage, and irrigation systems. According to Technavio, market size is determined by the manufacturers' revenues from these machinery types. Market expansion will be fueled by an escalating number of new product launches from industry players, focusing on expanding their offerings with advanced technologies such as GPS guidance systems, Variable-rate technology (VRT), precision seeding, smart irrigation, crop sensors, yield monitoring, remote sensing, data analytics, and farm management software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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Website: www.technavio.com/