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Europe Precision Farming Market Size (2024 - 2029)

The Europe Precision Farming Market is experiencing significant growth, driven by factors such as the increasing adoption of IoT technologies, a focus on sustainability and food security, and rising labor shortages. The market's expansion is further supported by the rapid growth of the drones and UAV segment, which addresses challenges like extreme weather and rising agricultural consumption due to a growing population. Despite the mixed impact of the pandemic, which led to job losses and financial strains for local farmers, the shift towards sustainable farming practices has been notable. The European Union's new Common Agricultural Policy reforms are expected to facilitate the adoption of precision farming through various support mechanisms, enhancing the market's development.

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Market Size of Europe Precision Farming Industry

Europe Precision Farming Market Concentration
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 3.46 Billion
Market Size (2029) USD 7.04 Billion
CAGR (2024 - 2029) 15.30 %
Market Concentration High

Major Players

Europe Precision Farming Market Major Players

*Disclaimer: Major Players sorted in no particular order

Europe Precision Farming Market Analysis

The Europe Precision Farming Market size is estimated at USD 3.46 billion in 2024, and is expected to reach USD 7.04 billion by 2029, growing at a CAGR of 15.30% during the forecast period (2024-2029).

  • The precision farming market in Europe is experiencing rapid growth, propelled by technological advancements and an increased focus on sustainable agricultural practices. Farmers are utilizing tools such as GPS, drones, and IoT devices to improve crop yields and manage resources more efficiently.
  • Government support plays a crucial role in the market's expansion. The European Union's Horizon Europe Programme (2021-2027), with a budget of about USD 104 billion, promotes the adoption of precision farming. This initiative encourages innovation and collaboration, facilitating the development and implementation of precision farming technologies across the region.
  • Key technologies in the market include guidance systems, remote sensing, and variable rate technology. These tools enhance crop monitoring, soil health assessments, and farm productivity. Integrating real-time data and advanced analytics enables farmers to make more informed decisions tailored to their specific crop requirements. According to the European Union Precision Agriculture Policy & Adoption Outlook 2023, the United Kingdom leads in precision agriculture adoption in the region, with Scotland at 85% adoption within the UK, followed by 43% of Irish farmers. Germany and Denmark are also major adopters of these technologies.
  • The growing consumer interest in sustainable food production aligns with precision farming practices, which reduce environmental impact through efficient resource use. This trend addresses market demands and presents opportunities for farmers in premium, eco-friendly markets. With ongoing technological progress and strong policy support for sustainable agriculture, the future of precision farming in Europe appears promising.

Europe Precision Farming Industry Segmentation

Precision farming is the adoption of a highly precise set of practices that uses technology to cater to the needs of individual plots and crops. It is a farming management concept based on observing, measuring, and responding to inter and intra-field variability in crops.

The market is segmented by Technology(Guidance systems, Remote sensing, Variable Rate Technology, Drones and UAVs, and Other technologies), Components(Hardware, Software, and Services), Application(Yield monitoring, Variable Rate Application, Field Mapping, Soil Monitoring, Crop Scouting, Other Application), and Geography (Germany, United Kingdom, Italy, France, and the Rest of Europe). The market size and estimation will be provided in terms of value (USD) for the above-mentioned segments.

Technology
Guidance System
Global Positioning System (GPS)/ Global Satellite Navigation System (GNSS)
Global Information System (GIS)
Remote Sensing
Variable Rate Technology
Variable Rate Fertilizer
Variable Rate Seeding
Variable Rate Pesticide
Drones and UAVs
Other Technologies
Components
Hardware
Software
Services
Application
Yield Monitoring
Variable Rate Application
Field Mapping
Soil Monitoring
Crop Scouting
Other Application
Geography
Germany
France
United Kingdom
Italy
Rest of Europe
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Europe Precision Farming Market Size Summary

The European precision farming market is poised for significant growth, driven by the increasing integration of IoT technologies, a focus on sustainability, and the need to address labor shortages in the agricultural sector. The market is experiencing a shift towards advanced farming practices, such as the use of drones and UAVs, to enhance productivity and ensure food security amid rising population and extreme weather conditions. The ongoing consolidation in EU agriculture has led to larger farms with a greater reliance on hired labor, highlighting the importance of precision farming techniques that require less manual intervention. The Common Agricultural Policy reforms post-2022 are expected to support the adoption of precision farming through various financial interventions, further propelling market expansion.

Germany stands out in the adoption of precision farming, with growers increasingly utilizing data collection methods like GPS-based area measurement and soil sampling. The country's focus on enhancing food security and nutrient supply has led to a greater acceptance of drone technology and modular precision farming solutions. The market is characterized by the presence of key players such as Deere & Company, Bayer Crop Science, Trimble Inc., Agco Corporation, and Granular Inc., who are actively investing in research and development, product launches, and strategic partnerships to drive innovation. These companies are leveraging advancements in technology to improve efficiency and productivity in farming practices across Europe.

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Europe Precision Farming Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Government Support and Subsidies

      2. 1.2.2 Technological Advancements

      3. 1.2.3 Increasing Demand for Sustainable Agriculture

    3. 1.3 Market Restraints

      1. 1.3.1 Regulatory and Standardization Challenges

      2. 1.3.2 High Initial Cost

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power Of Suppliers

      2. 1.4.2 Bargaining Power Of Buyers

      3. 1.4.3 Threat Of New Entrants

      4. 1.4.4 Threat Of Substitute Products And Services

      5. 1.4.5 Degree Of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Guidance System

        1. 2.1.1.1 Global Positioning System (GPS)/ Global Satellite Navigation System (GNSS)

        2. 2.1.1.2 Global Information System (GIS)

      2. 2.1.2 Remote Sensing

      3. 2.1.3 Variable Rate Technology

        1. 2.1.3.1 Variable Rate Fertilizer

        2. 2.1.3.2 Variable Rate Seeding

        3. 2.1.3.3 Variable Rate Pesticide

      4. 2.1.4 Drones and UAVs

      5. 2.1.5 Other Technologies

    2. 2.2 Components

      1. 2.2.1 Hardware

      2. 2.2.2 Software

      3. 2.2.3 Services

    3. 2.3 Application

      1. 2.3.1 Yield Monitoring

      2. 2.3.2 Variable Rate Application

      3. 2.3.3 Field Mapping

      4. 2.3.4 Soil Monitoring

      5. 2.3.5 Crop Scouting

      6. 2.3.6 Other Application

    4. 2.4 Geography

      1. 2.4.1 Germany

      2. 2.4.2 France

      3. 2.4.3 United Kingdom

      4. 2.4.4 Italy

      5. 2.4.5 Rest of Europe

Europe Precision Farming Market Size FAQs

The Europe Precision Farming Market size is expected to reach USD 3.46 billion in 2024 and grow at a CAGR of 15.30% to reach USD 7.04 billion by 2029.

In 2024, the Europe Precision Farming Market size is expected to reach USD 3.46 billion.

Europe Precision Farming Market Report Snapshots

Europe Precision Farming Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)