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The global precision farming market registered a revenue of nearly $3,860.0 million in 2018, and is anticipated to grow at 13.5% CAGR, surpassing $10,762.7 million by 2026.
The market will witness a decline in the market growth in the coming years, due to the pandemic situation in 2020. During this scenario, the precision farming techniques have been stopped due to the lockdown across the globe. In agriculture-based countries such as India, there will be a need of over 250 lakh quintal seeds for the Kharif season between March to May, but due to the lockdown, the entire seed production has come to a halt, and the other dependent sectors such as transport, testing and packaging are also stopped.
| CAGR Pre COVID-19 | 14.7% |
| CAGR Post COVID-19 | 13.5% |
| Recovery By | Q1/Q2 2023 |
| Realtime BPS | 129 |
| *Estimated market Size, 2020, Pre COVID | USD 5,119.9 Million |
| **Real Time market Size, 2020, Post COVID | USD 3,174.3 Million |
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
Precision farming is a technique that uses advanced level techniques in farming which ensure to get optimum crop output. Increasing demand for crop production, coupled with the significant rise in the population has significantly boosted the demand for precision farming market in the forecast period. In addition, the increasing support from the governing bodies for improving the precision farming practice is predicted to be one of the major driving factors for precision farming market during the coming years.
The global precision farming market will witness a negative impact in 2020 due to the COVID-19 pandemic in 2020. The production of various crops has declined drastically, and due to the low supply, the prices of daily consumables have skyrocketed. Moreover, it has been reported that the shutdown of hotels, restaurants, and other major food joints during the lockdown has impacted the price hike of the daily essentials.
Moreover, on the bright side, the food wastage has been reduced. At the same time, poultry farming has been hit badly during lockdown due to misinformation on the social media platforms. The governments are taking all the possible measures to control the pandemic situation. The impact on the supply chain will also hamper the growth of precision farming market, as majority of the supply-side companies are shut down.
It has been noticed that the pandemic situation has created a negative impact in the precision farming market. This market is projected to recover by Q1/Q2 of 2023. The precision farming market is projected to grow with the increase in the supply chains, and with an increased focusing on the health of agricultural workforce.
With the specific span of time, the impact on the precision farming will be on track as the demand for the farming techniques will increase, due to the significant rise in population and favorable government initiatives. Moreover, the implementation of artificial intelligence technologies and drones in the agricultural farms will further create huge growth opportunities for the precision farming market till 2026.
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