Increase in demand for agriculture drones, government initiatives and favourable schemes to adopt modern agricultural techniques, and growing awareness of precision farming are expected to drive the growth of the precision farming market.The global precision farming market was valued at USD 5,223.45 million in 2018 and is expected to reach USD 12,445.12 million in 2026, growing at a CAGR of 11.36% during the forecast period.
Increase in the government subsidies to explore and expansion of organic farming owing to meet the demand from the consumers for organic crops. The local governments are highly investing in the procedures to enhance the farming sector and further increase the awareness about the profits from the farming industry through the adoption of precision farming. Moreover, the companies involved in the manufacturing of precision farming technologies are also investing in product development, which expected to lead the market for precision farming in the future. For instance, in May 2017, QuestUAV launched DATAhawkAG all-round package for the precision agriculture mapping.
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Considering the current scenario, the companies are investing to minimize the cost for the products and increase the awareness programs among the end-user farmers in the industry to further increase the demand and sales for the precision farming in the global market. Moreover, the rise in the application of telematics in agriculture and increase in adoption of unmanned aerial vehicles (UAV) and drones are expected to create massive growth opportunities for manufacturers in the global market over the forecast period. Furthermore, government initiatives and favourable schemes to adopt modern agricultural techniques are expected to play a significant role in the development of the global precision farming market.
However, the high initial capital investment and limited technical knowledge among farmers are expected to hinder the growth of the global precision farming market during the forecast period.