Precision Viticulture Market Size to grow by USD 463.3 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Precision Viticulture Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The Precision Viticulture Market is a segment of the larger Agricultural and Farm Machinery Market, encompassing businesses that manufacture and supply precision viticulture equipment and related components. This market category includes advanced technologies such as sensors, drones, and software solutions for optimizing vineyard management. According to Technavio's market analysis, the global Agricultural and Farm Machinery Market size is determined by the revenues generated by manufacturers of various agricultural machinery types, including precision viticulture equipment. Market growth will be fueled by an increasing number of product launches from industry players, aiming to expand their offerings and cater to the evolving needs of farmers. - The Precision Viticulture Market is experiencing significant growth, fueled by the Focus on high-yielding production output. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Focus on high-yielding production output
  • Awareness support program for precision viticulture
  • High initial investments in precision viticulture
  • Increasing level of e-waste
• Growth Projections

The market size is estimated to grow by USD 463.3 million, at a CAGR of 6.59% during the forecast period. Prominent institutions in the precision viticulture market are actively pursuing growth strategies, including acquisitions, partnerships, and collaborations, to expand their market presence and capture significant market shares. The market is characterized by the presence of both international and local players. Notably, Deere & Company's acquisition of Smart Apply, a precision spraying equipment firm based in Indianapolis, Indiana, on July 14, 2023, underscores this trend. This strategic move allows Deere & Company to enhance its precision farming offerings. Similarly, TerraNIS has entered into a partnership with ICV Group to develop advanced precision viticulture solutions, such as remote sensing technology, further broadening their product portfolio.

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• Regional Insights

The Precision Viticulture market is experiencing significant growth due to the increasing adoption of advanced technologies in the agriculture sector. Farmers are leveraging data-driven insights from satellite imagery, drones, and sensors to optimize vineyard management, enhance crop yields, and reduce operational costs. This data-driven approach offers improved efficiency, accuracy, and sustainability, making it a strategic investment for vineyard owners and operators.

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