How Has the Guidance And Steering System For Agriculture Market Size Evolved in Recent Years?
The guidance and steering system for agriculture market has seen considerable growth due to a variety of factors.
•The market size for the agricultural guidance and steering system has seen significant growth in the past few years. There is anticipated growth from $2.36 billion in 2024 to $2.51 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%.
The growth experienced during the historical period can be linked to strategies aimed at reducing costs, the size and scale of farms, market competition, changes in regulations, collaboration within the industry, and demands for productivity and efficiency.
What are the Market Size and Expected Growth Rates for the Guidance And Steering System For Agriculture Market?
The guidance and steering system for agriculture market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the agriculture market for guidance and steering system is predicted to witness considerable growth in the coming years, increasing to "$3.27 billion by 2029 with a compound annual growth rate (CAGR) of 6.9%.
The expected growth during the forecast period is due to factors such as the rise in market trends, demands for precision farming, uptake of precision agriculture, market growth, and the need for environmental sustainability. Several trends will influence this growth during the forecast period, including improved precision agriculture, the incorporation of AI and machine learning, IoT and data connectivity, autonomous farming advancements, customization, and adaptability.
What Are The Essential Drivers Behind The Growth Of The Guidance And Steering System For Agriculture Market?
Expectations are high for guidance and steering systems' growth in the agriculture market, largely due to the rising adoption of precision farming. Essentially, precision farming, or precision agriculture, is a strategy in agricultural management that employs state-of-the-art technology to enhance crop yields and minimize waste. It's through guidance and steering systems -- integral to precision farming -- that such efficiency is achieved. Using GPS and other innovations, these systems ensure agricultural machinery like tractors, combines, and sprayers operate with utmost accuracy. This precision in operation aids in efficient utilization of resources like water, fertilizers, and pesticides, thereby reducing waste and boosting crop yields. It's this factor that propels the growth of guidance and steering system in the agriculture market. As an example, the U.S. Wheat Associates Inc., a US-based export market development organization, reported in August 2022 that farmers employing precision farming technology noted a 4% rise in crop yield, a 7% increase in fertilizer effectiveness, a 9% reduction in herbicide and pesticide usage, and a 6% drop in fossil fuel consumption. Hence, the surge in precision farming adoption is anticipated to stimulate the agriculture market's guidance and steering system.
How Is The Global Guidance And Steering System For Agriculture Market Divided Into Key Segments?
The guidance and steering system for agriculture market covered in this report is segmented –
1) By Components: Hardware, Software, Services
2) By Type: BeiDou Navigation Satellite System (BDS), Global Positioning System ( GPS), Globalnaya Navigazionnaya Sputnikovaya Sistema (GLONASS), Global Navigation Satellite System (GALILEO)
3) By Application: Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking And Forecasting, Irrigation Management, Inventory Management, Farm Labor Management, Other Applications
Subsegments:
1) By Hardware: GPS Receivers, Sensors, Control Displays, Actuators and Steering Mechanisms, Antennas
2) By Software: Guidance Software, Mapping and Data Analysis Software, Fleet Management Software, Integration Software
3) By Services: Installation Services, Maintenance and Support Services, Training and Consulting Services, Data Management Services
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What Trends Are Reshaping The Future Of The Guidance And Steering System For Agriculture Market?
One of the most notable trends within the agricultural guidance and steering systems sector is product innovation, with leading corporations pushing the boundaries of technology to maintain their market position. An example of this is when China's SingularXYZ Intelligent Technology Ltd. rolled out an update for their SAgro100 automatic steering system in March 2023. The revolutionary system employs GPS technology and meticulous mapping, providing farmers with precise and streamlined guidance and steering for their farm machinery. It boasts special features like 5 cm auto-steering (an auto-steering precision of 2.5 cm) for increased farm productivity and quality. Additional amenities include a myriad of work modes like straight line, curve, U-turn, and pivot. Furthermore, it promises greater yields at a reduced cost and better compatibility. The diverse task types, hands-off farm management, and robust system components also enable more efficient cultivation and harvesting processes.
Who Are the Key Players in the Guidance And Steering System For Agriculture Market?
Major companies operating in the guidance and steering system for agriculture market include:
• ABB Ltd.
• Agriculture Solutions Inc.
• Green Peak Technologies Inc.
• Honeywell International Inc.
• Koch AG & Energy Solutions LLC
• Kugler Company
• Levant Power Corporation
• STMicroelectronics N.V.
• Texas Instruments Incorporated
• CNH Industrial N.V.
• Deere & Company
• Klöckner-Humboldt-Deutz AG
• New Holland Agriculture
• Shanghai AllyNav Technology Co. Ltd.
• Trimble Inc.
• Headsight Inc.
• AvMap Srl
• SatconSystem
• MachineryGuide AG
• Farmnavigator
• Geometer International LLC
• Hexagon Agriculture
• AgJunction Inc.
• Green Business Systems
• Topcon Positioning Systems Inc.
• Leica Geosystems AG
• Hemisphere GNSS
What are the Regional Insights into the Guidance And Steering System For Agriculture Market?
North America was the largest region in the guidance and steering system for agriculture market in 2024. The regions covered in the guidance and steering system for agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
