At 12.4% CAGR, Europe Precision Farming Market is Projected to be Worth US$ 6,776.43 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe precision farming market was valued at US$ 2,652.97 million in 2023 and is expected to reach US$ 6,776.43 million by 2031, registering a CAGR of 12.4% from 2023 to 2031. Adoption of advanced analytics and IoT and increasing reliance on smartphones are among the critical factors attributed to drive the Europe precision farming market growth.

Precision farming is gaining traction owing to the adoption of advanced analytics and the Internet of Things (IoT). Advanced analytics utilizes numerous methods and instruments to obtain and analyze information regarding the conditions of soil and yield. Precision farming practices are likely to witness a significant growth since these practices allow farmers to boost productivity, regulate field fluctuations, and lower production prices. These methods help collect related data by analyzing real-time information regarding crop, soil, and local weather forecasts and provide farmers with practical insights. Precision farming is gaining traction among farmers because it can increase crop productivity by employing such IT-based agriculture methods. Governments of various countries across the globe are promoting the adoption of techniques that help gain a profound understanding of numerous aspects of agriculture, such as tillage and irrigation, and various technologies, including GPS and remote sensing application controls. The growing adoption of advanced technologies in precision agriculture plays a major role in boosting the usage of IoT devices. With the rising incorporation of IoT devices in precision farming, labor costs are reduced, leading to better production. This factor helps meet the increasing demand for food. Further, IoT assists farmers in resolving numerous challenges associated with crop monitoring. It delivers real-time data on soil water content and ambient temperature through sensors positioned at the farm, helping farmers make improved decisions about harvest periods, land management, and crop market rates. Thus, the rapid adoption of advanced analytics and IoT is expected to create numerous opportunities for the precision farming market growth during the forecast period.

On the contrary, data privacy and security concerns hamper the growth of Europe precision farming market.

By offering, the Europe precision farming market is segmented into hardware, software, and services. The hardware segment held 64.5% share of Europe precision farming market share in 2023, amassing US$ 1,711.03 million. It is projected to garner US$ 4,548.74 million by 2031 to register 13.0% CAGR during 2023–2031.

In application, the Europe precision farming market is segmented into yield monitoring, crop scouting, field mapping, inventory management, weather tracking and forecasting, and others. The yield monitoring segment held 29.5% share of Europe precision farming market share in 2023, amassing US$ 781.76 million. It is projected to garner US$ 2,111.17 million by 2031 to register 13.2% CAGR during 2023–2031.

Based on country, the Europe precision farming market is categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 23.5% share of Europe precision farming market in 2023. It was assessed at US$ 622.65 million in 2023 and is likely to hit US$ 1,558.90 million by 2031, registering a CAGR of 12.2% during 2023–2031.

Key players operating in the Europe precision farming market are Ag Leader Technology, AGCO Corp, CNH Industrial NV, CropX Inc, Deere & Co, TeeJet® Technologies, Topcon Corp, and Trimble Inc, among others.

• In 2024: Deere & Company announced it agreed with SpaceX to provide cutting-edge satellite communications (SATCOM) service to farmers. Utilizing the industry leading Starlink network, this solution will allow farmers facing rural connectivity challenges to fully leverage precision agriculture technologies. This partnership, an industry first, will enable John Deere customers to be more productive, profitable, and sustainable in their operations as they continue to provide food, fuel, and fiber for their communities and a growing global population.

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