The Global Precision Farming Market was valued at USD 3.1 Bn in 2021. The market is projected to grow USD 11.2 Bn in 2028, at a CAGR of 25.2%. Cannabis growing through precision farming and potential market prospects in Asia Pacific and the Middle East is likely to grow the market share of global precision farming market. Because the top key players in the industry are active in this sort of farming, the building-based vertical farms sector dominates the precision farming market. Building-based vertical farms generate higher revenue per square foot than shipping container-based vertical farms since the former requires less capital and has lower running costs. The rise in popularity of organic food, optimum use of vertical space and balanced energy use, ease of crop monitoring and harvesting, and decline in arable land are all key elements influencing the precision farming market's growth. However, the market's growth is hampered by large initial investments and the use of emerging technology. Nonetheless, the precision farming sector is likely to benefit from rising urban populations and increased acceptance of technology-driven agriculture.
A lot of Precision Farming decision-makers, organizations, authorities, chiefs, and possible speculators and analysts have expressed interest in the Global Precision Farming Market research study. The research focuses on key areas of the industry, such as the competitive landscape, status of the industry, parts, market size, share, profitability, growth potential, and innovations.
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COVID-19 ANALYSIS
The Covid-19 pandemic forced the closure or partial shutdown of industries, warehouses, enterprises, and educational institutions around the world. The other lockdown measures were implemented as well, including stringent social distance norms, restricted travel, and limited access to public areas, restaurants, theme parks, movie theatres, and shopping malls. Supply chain operations and logistics-related services were disrupted in almost every industry throughout the world. Vertical farming's growth has also been hampered by limited consumer and corporate spending, lockdown measures, and supply chain interruptions. The market is experiencing a downturn as a result of the Covid-19 epidemic, which has resulted in the closure of many SMEs, logistical disruptions, lockdowns, and other issues. The pandemic has forced governments all around the world to redirect their attention and resources to the health-care sector.
Key players in global Precision Farming market include:
AeroFarms
Signify
BrightFarms
Illumitex Inc
Heliospectra AB
Freight Farm
SPREAD Co., Ltd
OSRAM GmbH
Urban Crop Solutions
Cargill, Incorporated
Plenty Unlimited Inc.
Valoya
BOWERY FARMING INC.
Others
The analysis also looks at the most influential factors in the worldwide Precision Farming market, such as changing business sector elements, current trends, development driving components, market restraints, and snags, all of which can have a positive or negative impact on market expansion. The article breaks down the aforesaid aspects on a day-by-day basis, as well as presenting significant forecasts up to 2028.
The Precision Farming Market 2022 study looks into the financial, political, and natural variables that affect the industry. The study looks into technology advancements in areas including generation, application, and more.
The paper also contains internal and external contextual evaluations of the various countries involved in the Precision Farming formation. The Precision Farming Market's specialized borders, numerous obstacles, and cost appropriateness are all examined. Using this report, determining the Precision Farming's chances, ultimate fate, and limits become much easier.
To provide a comprehensive analysis of the global Precision Farming market structure, including forecasts for the major segments and subsegments.
To provide data on the factors that impact market growth. The Precision Farming market will be studied using price analysis, supply chain analysis, Porter five force analysis, and other factors.
To provide revenue for market segments and subsegments in four primary continents and countries: North America, Europe, Asia, Latin America, and the Rest of the World.
To conduct a market analysis at the country level in terms of existing market size and future prospects.
At the country level, provide market segmentation by application, product type, and sub-segments.
To give a competitive landscape for the market, as well as a strategic profile of key market participants and a complete study of their primary competencies.
To keep track of and analyze competitive developments in the global Precision Farming market, such as joint ventures, strategic alliances, mergers and acquisitions, new product development, and R&D.
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