Precision Pest Management Market – A Global and Regional Analysis: Focus on Application, Product, and Country-Wise Analysis
Global Precision Pest Management Market to Reach $4,396. 3 Million by 2027. Global Precision Pest Management Market Industry Overview The global precision pest management market was valued at $1,748.
New York, Dec 12, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Precision Pest Management Market – A Global and Regional Analysis: Focus on Application, Product, and Country-Wise Analysis – Analysis and Forecast, 2022-2027” – https://www.reportlinker.com/p06372918/?utm_source=GNW
4 million in 2021 and is expected to reach $4,396.3 million by 2027, following a CAGR of 16.43% during 2022-27. Stringent food safety regulations coupled with increasing production with reduced production costs are expected to drive the precision pest management (PPM) market over the forecast period.
Market Lifecycle Stage
Precision pest management can be defined as using technologies and strategies to monitor, prevent, avoid, and suppress pests, diseases, weeds, and other living things that directly or indirectly disrupt agricultural production processes.The purpose of precision pest management is to enhance the quality of crops and minimize the negative impacts of pest control on resources such as soil, water, air, plants, and humans or animals.
Pests associated with agriculture include weeds, insects, and diseases.Precision pest management solutions rely on different tools and methods to reduce the impacts of pests on crops.
Precision pest management includes monitoring pests and spraying or pest management.
• The damage caused by pests, diseases, and weeds can be costly and irreversible. PPM aims to eliminate pest problems while reducing environmental and human health hazards. In this approach, various tools are used in order to identify and reduce pest infestations early on. The goal is to maximize farm productivity. PPM provides actionable information for this purpose.
• Digital farming is poised to bring about an unprecedented revolution in agriculture by illuminating, predicting, and significantly influencing the continuum of cultivation issues across modern farms. With the development of predictive algorithms, analytics, and cutting-edge technologies, modern agriculture is pursuing ways to deal with harmful pests and plant diseases precisely and scientifically.
Impact of COVID-19
Almost all major industries in the world have been affected by the COVID-19 pandemic, including the agricultural industry. Worldwide economic instability has accompanied the pandemic, and the gross domestic product (GDP) of all countries declined in 2020.
This disruption of normal life because of the pandemic has led to new technologies and innovations in every sector, including agriculture. The pandemic’s potential impact on the adoption of artificial intelligence (AI) and the Internet of Things (IoT) has increased the traction of precision pest management.
Segmentation 1: by application
• Area-Wide Pest Control
• Site-Specific Pest Control
Based on application, the global precision pest management market is anticipated to be driven by area-wide pest control.Area-wide pest management is implemented to prevent pest outbreaks at a larger spatial resolution where many agricultural plots are included.
Increasing horticulture areas in emerging economies are expected to drive the area-wide pest control demand over the forecast period.
Segmentation 2: by technology
Based on technology, spraying dominates the precision pest management market and is projected to remain the largest segment over the forecast period.Precision spraying technology is about adjusting the quantity of crop protection substance application by field to attain the best results, leading to a large amount of expense savings and yield enhancement.
Furthermore, food safety regulations are strict in many countries. Low pesticide use makes precision spraying effective at reducing toxic substances in foods.
Segmentation 3: by solution
Hardware was the major solution segment in the precision pest management market in 2021, with a market share of over 55%.The rapid expansion of the precision pest management market is related to the increase in demand for sensors, auto steering, and variable rate spraying technologies.
With the growing demand for precision pest management hardware, demand is also expected to grow with a significant CAGR over the forecast period.
Segmentation 4: by region
• North America – US, Canada, and Mexico
• Europe – Germany, France, Spain, Italy, The Netherlands, Denmark, and Rest of Europe
• United Kingdom
• Asia-Pacific – India, Japan, Australia, South Korea, and Rest-of-Asia-Pacific
• Middle East and Africa – Israel and Rest-of-Middle East and Africa
• South America – Brazil, Argentina, Peru, and Rest of South America
North America generated the highest revenue, around $700 million, in 2021 and is expected to remain the largest region by 2027.Demand for precision pest management is increasing across North America due to a growing labor shortage in agriculture and rising input costs.
One of the primary reasons for the early adoption and vast acceptance of PPM solutions in the North America region is the high technological advancements.
Recent Developments in the Global Precision Pest Management Market
• In September 2022, Trimble inked a contract to buy Bilberry, a firm that manufactures equipment for targeted weed spraying and is based in France.
• In March 2022, Deere & Company introduced See & Spray Ultimate. Farmers can spot-spray non-residual herbicide on weeds among corn, soybeans, and cotton using the factory-installed system. The technology underlying the green-on-green solution was developed by Blue River Technology, an artificial intelligence provider that Deere acquired in 2017
• In December 2021, Kubota Corporation partnered with Bloomfield Robotics, which is a company that delivers plant growth monitoring services to tree crops. The company uses image analysis technology and artificial intelligence (AI) to assess plant growth and detect pests on the grape, blueberry, and other tree crops.
• In October 2021, Yanmar launched the YV01 autonomous spraying robot, which was developed in cooperation with European vineyards.
Demand—Drivers and Limitations
The following are the demand drivers for the precision pest management market:
• Increasing Pesticide-Free Food Demand
• Substantial cost savings
• Rapid Adoption of Advanced Technologies in Agriculture
The market is expected to face some limitations as well due to the following challenges:
• High initial capital investment
• Lack of Awareness in Underdeveloped and Emerging Economies
• Less Feasible for Small Landowners
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand different types of precision pest management products available for deployment in the agricultural and non-agricultural industries.Moreover, the study provides the reader with a detailed understanding of which products need to be used for particular applications.
It also provides a study on which solutions (hardware, software, and services) are primarily provided through precision pest management. This report provides forecast demand for each product and detailed information regarding major manufacturers.
Growth/Marketing Strategy: The global precision pest management market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture acquisitions, and joint ventures to strengthen their positions in the precision pest management market.
For instance, in July 2019, PrecisionHawk partnered with Pix4D to unlock in-field drone data analytics with Pix4Dfields. PrecisionHawk expanded its agricultural services by partnering with Pix4D Agriculture to enhance the in-field data collection, verification, and analytics experience.
Competitive Strategy: Key players in the global precision pest management market analyzed and profiled in the study involve hardware and software solution providers.Moreover, a detailed competitive benchmarking of the players operating in the global precision pest management market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
Profiled companies have been selected based on inputs gathered from primary experts and analyzes of the company’s domestic and international presence, product portfolio, and market penetration.
The top segment players leading the precision pest management market include original equipment manufacturers (OEMs) and software solution providers, which capture a significant chunk of the share in the market.
Some of the prominent names established in this market are:
• EOS Data Analytics
• Deere & Company
• BASF SE
• Kubota Corporation
• TeeJet Technologies
• Yanmar Co.Ltd.
• FlyPard Analytics GmbH (GeoPard Agriculture)
• Trimble Inc.
• FMC Corporation
• Climate LLC
Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).
• North America
• South America
• Rest of South America
• Rest of Europe
• United Kingdom
• Middle East and Africa
• Rest of Middle East and Africa
• North Korea
• Rest of Asia Pacific
Read the full report: https://www.reportlinker.com/p06372918/?utm_source=GNW
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