The Business Research Company’s report on the Guidance And Steering System For Agriculture Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the guidance and steering system for agriculture market’s growth in recent years?
The increasing adoption of precision farming is expected to propel the growth of guidance and steering systems for the agriculture market over the coming years. Precision farming, also known as precision agriculture, is an agricultural management strategy that uses advanced technology to optimize crop yields and reduce waste. Guidance and steering systems are essential components of precision farming. These systems use GPS and other technologies to guide agricultural machinery, such as tractors, combines, and sprayers, with pinpoint accuracy. This helps to optimize the use of inputs such as fertilizer, pesticides, and water, reducing waste and improving crop yields. Therefore, this factor boosts the guidance and steering system for the agriculture market. For instance, in August 2022, according to reports shared by the U.S. Wheat Associates Inc., a US-based export market development organization, farmers that used precision farming technology observed a 4% gain in crop yield, a 7% improvement in the effectiveness of fertilizer placement, a 9% decrease in the use of herbicides and pesticides, and a 6% decrease in the usage of fossil fuels. Thus, the increasing adoption of precision farming is expected to boost the guidance and steering system for the agriculture market.
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How does the future projection of the guidance and steering system for agriculture market size compare to its historical growth?
The guidance and steering system for agriculture market size has grown strongly in recent years. It will grow from$2.36 billion in 2024 to $2.51 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to cost reduction strategies, farm size and scale, market competition, regulatory changes, industry collaboration, productivity and efficiency demands
The guidance and steering system for agriculture market size is expected to see strong growth in the next few years. It will grow to “$3.27 billion in 2029 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to emerging market trends, precision farming demand, precision agriculture adoption, market expansion, and environmental sustainability. Major trends in the forecast period include advancements in precision agriculture, integration of AI and machine learning, data connectivity and IoT, autonomous farming trends, customization, and adaptability.
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Which key players are shaping the future of 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 trends will propel the growth and evolution of the guidance and steering system for agriculture market?
Product innovation is a key trend gaining popularity in guidance and steering systems for the agriculture market. Major companies operating in the guidance and steering system for the agriculture market are developing innovative technological products to sustain their position in the market. For instance, in March 2023, SingularXYZ Intelligent Technology Ltd., a China-based manufacturing company, launched the upgrade of the SAgro100 automated steering system. This innovative technology uses GPS technology and precision mapping to provide farmers with accurate and efficient guidance and steering of their agricultural equipment. Additionally, it contains unique features such as 5 cm of auto-steering, which is 2.5 cm of auto-steering accuracy, improving your farming efficiency and quality while freeing your hands, numerous work modes such as straight line, curve, U-turn, and pivot, a higher yield at a lower cost, high compatibility, multiple task types, farm management, and system components that are allowing farmers to more effectively plant, cultivate, and harvest their crops.
Which regions are expected to become dominant players in 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
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What are the emerging key segments in the guidance and steering system for agriculture market, and how are they evolving?
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 defines the structure and scope of the guidance and steering system for agriculture market?
A guidance and steering system for agriculture refers to a technology that can automatically guide a vehicle or a machine in a field using positioning, navigation, control, and actuation technologies. It can help farmers improve the accuracy, efficiency, and productivity of their operations. A guidance system can control either the steering angle of the front wheels of the tractor or other steering equipment.
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