Europe Precision Farming Market Size (2024 - 2029)

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 pandemic has had a mixed impact on the precision farming market in Europe, with a significant population losing their jobs and taking up farming practices that are sustainable like precision farming, while on the other side causing huge financial losses to the local farmers due to labor shortages and shutdown of the HORECA segment almost fully, rendering them with practically meager savings and incapable of venturing to novel advanced farming systems.

The increasing use of IoT in the agricultural sector in Europe, focus on sustainability and food security, and rising labor shortages are some of the major factors driving the precision farming market in Europe.

Based on the type of technology, the drones and UAV segment of the Europe precision farming market is the fastest growing segment. With the population rising rapidly in the region, agricultural consumption is also expected to rise significantly. In addition, the extreme weather conditions are additional obstacles to productivity. Therefore, this factor compels the agricultural producers to embrace revolutionary strategies for producing food, increasing productivity, and making sustainability a priority.

Workforce and skills aspects are critical for the development of the farming sector in the European Union. Farming in the EU faces many challenges: financial crises, global competition, climate change, and rising costs have all put pressure on the farming community. The new CAP( Common Agricultural Policy) reform post-2022 opens the doors to publicly funding the uptake of precision farming or precision farming (PA) by EU farmers. The National CAP Strategic Plans 2023-2027 are still under development. Still, precision farming is likely to be supported through various interventions, like rural development investments (e.g., machinery), farm advisory services and training, or eco-scheme payments.

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.