Powered Agriculture Market Growth, Size, Share, Top Companies, Manufacturing Cost Analysis and Future Forecast Up to 2030
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. Increasing need for cost-effective farming and demand for better quality farming products and equipment are some key factors expected to support market revenue growth between 2022 and 2030. In addition, increasing need to conduct real-time analysis of data will boost revenue growth of the market. GIS software for agriculture allows farmers to access geospatial data, aerial imagery, and online map data remotely. Unplanned cultivation and poor soil quality are major issues in agriculture that make the process more costly and time consuming. Thus, powered agriculture with GIS software can provide a cost-effective and time-efficient solution to the problem. Additionally, increasing government incentives to encourage smart farming techniques and stringent regulations to minimize pollution, avoid deforestation, and develop ways to absorb carbon from the atmosphere are factors expected to drive market revenue growth over the forecast period.
However, lack of technical expertise is expected to hamper market revenue growth to some extent during the forecast period. Sensors, robots, and drones used in the implementation of Internet of Things (IoT) solutions in powered agriculture processes are expensive and require high maintenance. This requires technically trained personnel. Encouragement to deploy Artificial Intelligence (AI), Internet of Things (IoT) solutions, and Machine Learning (ML) among others, and awareness among farmers are expected to support market growth going ahead.
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The key companies studied in the report are:
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.
Some Key Highlights from the Report
- Software segment is expected to register a substantially rapid revenue CAGR during the forecast period due to increasing need for tracking, managing, and maximizing crop yield and revenues while preserving resources.
- Remote sensing segment is expected to register a significantly robust revenue growth rate over the forecast period owing to increasing need for detection of crop pests and diseases, thereby limiting adverse environmental impact.
- Asia Pacific market is expected to account for largest revenue share due to increasing government incentives and subsidies promoting adoption of powered agriculture processes in countries in the region. In India for instance, the Rashtriya Krishi Vikas Yojana – Remunerative Approaches for Agriculture and Allied Sectors Rejuvenation (RKVY-RAFTAAR), is a government scheme that supports farmers to purchase powered agricultural equipment, including tractors at subsidized rates.
- In January 2022, John Deere & Co. unveiled an autonomous tractor combined with the company\’s standard 8R model, GPS guidance system and six pairs of cameras that enable 360-degree obstacle detection. The high-tech machines and other automated gear help growers meet increasing demand for food produced on fewer resources. The tractor is aimed to reduce farmers struggle to find labor and seek equipment for more efficient farming to maximize yield.
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Emergen Research has segmented global powered agriculture market on the basis of component, technology, equipment, application, and region:
Component Outlook (Revenue, USD Billion; 2019–2030)
Technology Outlook (Revenue, USD Billion; 2019–2030)
- Guidance Technology
- Remote Sensing
- Variable Rate
Equipment Outlook (Revenue, USD Billion; 2019–2030)
- Agricultural Unmanned Aerial Vehicles
- Tractors (Driverless, Electric)
- Combine Harvesters
Application Outlook (Revenue, USD Billion; 2019–2030)
- Crop Scouting
- Field Mapping
- Variable Rate Application
- Yield Monitoring
- Weather Tracking & Forecasting
- Irrigation Management
- Inventory Management
- Farm Labor Management
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Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Radical Highlights of the Powered Agriculture Market Report:
- Comprehensive overview of the Powered Agriculture market along with analysis of the changing dynamics of the market
- Growth Assessment of various market segments throughout the forecast period
- Regional and global analysis of the market players, including their market share and global position
- Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
- Impact of the technological developments and R&D advancements on the Powered Agriculture market
- Information about profit-making strategies and developmental strategies of major companies and manufacturers
- Insightful information for the new entrants willing to enter the market
- Details and insights about business expansion strategies, product launches, and other collaborations
- The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
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