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The global powered agriculture market size reached USD 52.87 Billion in 2021 and is expected to register a revenue CAGR of 5.1% during the forecast period, according to latest analysis by Emergen Research. The demand for food and agricultural goods is increasing, there is a growing need for more effective and sustainable farming methods, and all of these reasons have contributed to the powered agriculture market's recent rapid expansion. Tractors, combine harvesters, irrigation systems, planting and seeding machines, and other agricultural machinery and equipment are all included in this market.
The rising need for food as a result of the expanding world population is one of the main factors driving the powered agriculture business. To fulfil the rising demand for food, farmers must raise their productivity and efficiency, which can be accomplished by using powered agricultural equipment.
The rising use of precision farming methods is a crucial element driving the growth of the powered agriculture industry. Utilising cutting-edge technologies, such as GPS and satellite photography, allows for the optimisation of crop yields and the reduction of waste. By supplying the required instruments for planting, harvesting, and processing crops with a high degree of accuracy and efficiency, powered agricultural machinery plays a significant role in precision farming.
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However, the market for powered agriculture still faces significant obstacles and limitations. One of the main obstacles to adoption for many farmers, particularly those in developing nations, is the high cost of powered agricultural machinery and equipment. When these equipment are used, more energy is consumed, which, if not handled appropriately, can lead to environmental degradation.
Despite these obstacles, the powered agriculture market is anticipated to grow significantly over the next few years thanks to a variety of growth-related variables. For instance, it is anticipated that the use of precision farming methods would increase, increasing the need for cutting-edge agricultural technology and equipment. Additionally, it's anticipated that increased investment in the agricultural industry, including the adoption of powered agricultural technologies, will be prompted by the rising world population and the resulting need for more food.
Powered Agriculture Market Segmentation:
The global powered agriculture market has been segmented by Emergen Research based on component, technology, equipment, application, and region.
In terms of component, the market has been categorized into hardware, software, and services. The revenue projections for this segment indicate that hardware is expected to generate the highest revenue, followed by software and services.
The market has been segmented based on technology into guidance technology, remote sensing, and variable rate. The revenue projections for this segment suggest that guidance technology is expected to generate the highest revenue, followed by remote sensing and variable rate.
Based on equipment, the market has been divided into agricultural unmanned aerial vehicles, tractors (driverless and electric), combine harvesters, planters, sprayers, and others. Agricultural unmanned aerial vehicles are expected to generate the highest revenue in this segment, followed by tractors, combine harvesters, planters, sprayers, and others.
The market has been segmented based on application into crop scouting, field mapping, variable rate application, yield monitoring, weather tracking and forecasting, irrigation management, inventory management, farm labor management, and others. The revenue projections indicate that crop scouting is expected to generate the highest revenue, followed by field mapping, variable rate application, yield monitoring, weather tracking and forecasting, irrigation management, inventory management, farm labor management, and others.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report
- Software segment is expected to register a substantially rapid revenue CAGR during the forecast period due to the increasing demand for software solutions is driven by the need for better data analysis and management capabilities to optimize farming operations. Software solutions offer farmers valuable insights into the health and condition of crops, allowing them to make more informed decisions about irrigation, fertilization, and pest control. The integration of software solutions with drones has also enabled real-time monitoring and mapping of farm fields, enhancing the efficiency of farming practices. The adoption of precision agriculture practices is also driving the growth of the software segment. Precision agriculture leverages technology such as global positioning systems (GPS), sensors, and drones to collect data on soil conditions, crop health, and weather patterns.
- Remote sensing segment is expected to register a significantly robust revenue growth rate over the forecast period owing to its ability to provide accurate and detailed information on crops and soil conditions. Remote sensing technology utilizes various sensors, including multispectral and hyperspectral sensors, to collect data on crop health, moisture levels, and nutrient deficiencies. This data is then analyzed to provide farmers with insights on how to optimize their farming practices, resulting in higher crop yields and increased profitability.
- Asia Pacific market is expected to account for largest revenue share due to the growth of the market in this region can be attributed to several factors, including the increasing demand for food due to the region's large population and the adoption of precision agriculture practices. The region's large population has led to an increase in demand for food, resulting in the need for more efficient and productive farming practices. Agricultural drones have been widely adopted in the region to increase crop yields and reduce input costs.
- Major companies in the market report include John Deere & Co., CNH Industrial N.V., Kubota Corporation, AGCO Corporation, Yanmar Power Technology Co., Ltd., CLAAS Tractor SAS, Iseki & Co., Ltd., SDF S.P.A., Alamo Group, Inc., and Zetor UK Ltd.
- The autonomous tractor was unveiled by John Deere & Co. in January 2022. It included the company's basic 8R model, a GPS navigation system, and six pairs of cameras for 360-degree obstacle identification. In order to meet the growing demand for food produced with less resources, producers use cutting-edge machinery and other automated equipment. The tractor is intended to lessen farmers' struggle to recruit labour and reduce their search for machinery for more productive farming to increase yield.
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