Precision Agriculture: Trends, Opportunities and Growth
The global precision agriculture market exhibited strong growth during 2015-2020. Looking forward, the publisher expects the global precision agriculture market to grow at a CAGR of around 12% during the forecast period (2021-2026).
Precision Agriculture (PA) refers to a type of integrated information- and production-controlled farming system that utilizes the latest available technologies and research methods for enhancing agricultural output. It helps farmers in increasing long-term, site-specific and whole-farm production efficiency, and profitability while minimizing the unintended impact on wildlife and the environment.
Nowadays, precision agriculture has gained immense popularity across the globe with the development of IT that helps in achieving high quality of production and reducing the production costs and labor inputs. With the rapid penetration of smartphones and the internet, farmers are increasingly adopting the latest technologies. The inclusion of connected technologies such as low power wide area (LPWA), Zigbee, Wi-Fi, and new wireless sensor technologies in precision farming have enabled them to plan and execute various agricultural operations efficiently.
Several initiatives have been undertaken by governments across the globe to encourage the uptake of modern agricultural techniques to enhance crop yield and productivity. For instance, under the revised European Common Agricultural Policy, financial incentives and support schemes have been introduced by the European Union to promote farmers to invest in diverse precision farming technologies.
The leading manufacturers are developing different types of systems and devices to simplify agricultural activities including farm management systems, sensing and monitoring tools, automation and control systems, among others. These advancements have positively influenced the overall growth of the global precision agriculture market.
Source: https://www.businesswire.com/news/home/20211013005851/en/Outlook-on-the-Precision-Agriculture-Global-Market-to-2026—by-Technology-Type-Component-Application-and-Region—ResearchAndMarkets.com
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