Market Value of Precision Agriculture in China (2017 – 2021, $ Million)
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The Market Value of Precision Agriculture in China reached $547.6 million in 2021
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This represents an increase of 18.7% as compared to $461.3 million in 2020
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The indicator recorded a historical growth (CAGR) of 14.9% between 2017 and 2021
Market Value of Precision Agriculture in China (2017 – 2021, $ Million)
Agriculture offers immense opportunities for investments and improvements in agricultural practices in the move towards sustainable farming. Sustainable agriculture provides a solution to challenges in securing food supply for the growing population, while mitigating climate change problems caused due to current agricultural practices. The agriculture sector accounts for more than 10% of the global greenhouse gas (GHG) emissions and is also affected by climate change caused due to GHG emissions.
Precision agriculture is intended to enhance the yield per unit of farming land by using modern means in a continuously sustainable way, to achieve the best returns in terms of quality, quantity, and profit. Precision farming is also called smart farming, which makes use of technologies such as global positioning system (GPS), big data, and sensors to enhance crop yields. Farmers are no longer required to take uninformed decisions and then worry when the weather turns unfavorable. With precision farming, farmers could be better prepared to counter any circumstances, such as preventing complete loss of yield or at least controlling the damage. Precision agriculture ensures precise and efficient communication of real-time data related to dynamic agricultural processes (for instance weather forecasts, planting, and harvesting), climate estimates, soil quality, accessibility, and cost of work. Farmers who have access to real-time information could better plan their course of action in advance and take remedial or preventive measures.
The market for precision agriculture is expected to grow in the next five years as more tech companies venture into the sector. China is one of the five major countries, along with US, China, Germany, and Israel, in precision agriculture. In 2021, the Chinese market was valued at $548 million, an annual growth of 18.7%. During 2017-21, the market grew at a compound annual growth rate of 12.5%
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