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; it is estimated to register a CAGR of 12.4% from 2023 to 2031.
Rising Government Support for Modernizing Agricultural Practices boosts Europe Precision Farming Market
Governments of various countries are taking initiatives to modernize agricultural practices such as precision farming. For instance, the European Commission's new Common Agricultural Policy (CAP) introduced eco-schemes to incentivize farmers to adopt more environmentally conscious and climate-friendly practices. CAP is responsible for the shift to a sustainable food system and assists European farmers during this process of shifting. Thus, rising government support and schemes for modernizing agricultural practices fuel the precision farming market growth.
Europe Precision Farming Market Overview
The Europe precision farming market exhibits significant partnerships, with major industry participants such as Deere & Company, Bayer Crop Science, Trimble Inc., Agco Corporation, and Granular Inc. actively engaged in research and development, product introductions, advancements, and collaborative ventures. Notably, Agco Corporation introduced the WR Series windrower in February 2022, delivering a 10% enhancement in overall efficiency compared to prior models, thereby optimizing hay production and quality. Precision farming methodologies, encompassing digital agriculture, are recognized as pivotal in advancing the EU's strategic objectives of sustainability, intelligence, and safety. It is advised that precision farming be integrated into the National Recovery and Resilience Plans of all member states, aligning with the EU's sustainability targets. Furthermore, the Scientific Foresight Study released by the European Parliament underscores that precision farming techniques can yield a 20–30% reduction in pesticide usage and a 50–80% decrease in the area requiring pesticide application. Thus, all these factors are expected to boost the Europe precision farming market growth.
Europe Precision Farming Market Revenue and Forecast to 2031 (US$ Million)
Europe Precision Farming Market Segmentation
The Europe precision farming market is categorized into offering, application, and country.
By offering, the Europe precision farming market is segmented into hardware, software, and services. The hardware segment held the largest share of the Europe precision farming market share in 2023.
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 the largest share of the Europe precision farming market share in 2023.
Based on country, the Europe precision farming market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. The UK segment held the largest share of Europe precision farming market in 2023.
Ag Leader Technology, AGCO Corp, CNH Industrial NV, CropX Inc, Deere & Co, TeeJet Technologies, Topcon Corp, and Trimble Inc are some of the leading companies operating in the Europe precision farming market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2,652.97 Million |
| Market Size by 2031 | US$ 6,776.43 Million |
| CAGR (2023 - 2031) | 12.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Precision Farming Market is valued at US$ 2,652.97 Million in 2023, it is projected to reach US$ 6,776.43 Million by 2031.
As per our report Europe Precision Farming Market, the market size is valued at US$ 2,652.97 Million in 2023, projecting it to reach US$ 6,776.43 Million by 2031. This translates to a CAGR of approximately 12.4% during the forecast period.
The Europe Precision Farming Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Precision Farming Market report:
The Europe Precision Farming Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Precision Farming Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Precision Farming Market value chain can benefit from the information contained in a comprehensive market report.
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