Global Market for Precision and Autonomous Agriculture Equipment Estimated to Grow to Nearly $29 Billion by 2032
Market drivers include development of sensors and new computer vision technology
A new report from Guidehouse Insights explores the precision and autonomous agriculture (PAA) market and focuses on drivers and barriers for all PAA technologies on all types of fields.
Precision agriculture uses advanced technology, such as sensors, software, and equipment, to grow crops optimally. Precision agriculture is not new. Heavy equipment, for example, has been fitted with GPS technologies for years. What is new is the level of precision and autonomy possible with modern computer vision technology. According to a new report from Guidehouse Insights, the global market for all PAA equipment is expected to be worth nearly $28.5 billion by 2032, growing from nearly $4.0 billion in 2023, at a compound annual growth rate (CAGR) of 24.7%.
“The market potential for these technologies is significant,” says Jake Foose, research analyst with Guidehouse Insights. “PAA will empower commercial farmers to maximize productivity, the goal of every farm. Autonomous agriculture enables precision technology to be applied with little active interaction from the farmer. Together, these technologies are creating a powerful shift in the agriculture market.”
Farming is a dangerous profession, and heavy machinery with the sensing technology to stop or brake when people are near will have enormous safety benefits. The reduction in the amount of herbicides, pesticides, and fertilizers farmers use with precision sprayers will also have enormous environmental benefits. These high levels of precision will likely first make their way onto heavy agricultural equipment: sprayers, harvesters, and seeders. The markets that have been investing in the development of PAA are highly focused on food crops such as corn and soybeans, so much of the technology caters to those markets, according to the report.
The report, Precision and Autonomous Commercial Agriculture, analyzes the global market for precision and autonomous agriculture. It provides an analysis of the barriers and drivers to global adoption of this technology in commercial agriculture. It also provides global analyses for the overall market, various types of heavy agricultural equipment, specific crops, and which crop form factors it is currently best suited to serve. Analyses cover the period 2023-2032 and are segmented into eight global regions and subregions. An executive summary of the report is available for free download on the Guidehouse Insights website.
* The information contained in this press release concerning the report, Precision and Autonomous Commercial Agriculture, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.