Guidance and Steering System for Agriculture Global Market Report 2024

The guidance and steering system for agriculture market has grown strongly in recent years. It will grow from $2.23 billion in 2023 to $2.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed during the historical period can be attributed to various factors, including the implementation of cost reduction strategies, considerations related to farm size and scale, market competition dynamics, regulatory changes, collaborative efforts within the industry, and the increasing demands for productivity and efficiency in agricultural operations.

The guidance and steering system for agriculture market is expected to see strong growth in the next few years. It will grow to $3.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be attributed to emerging market trends, a rising demand for precision farming, increased adoption of precision agriculture practices, market expansion initiatives, and a growing emphasis on environmental sustainability in the agricultural sector. Key trends expected in the forecast period include advancements in precision agriculture technologies, the integration of artificial intelligence (AI) and machine learning, enhanced data connectivity and IoT (Internet of Things) applications, the emergence of autonomous farming trends, and a focus on customization and adaptability within agricultural practices.

The growth of guidance and steering systems for the agriculture market is expected to be propelled by the increasing adoption of precision farming in the coming years. Precision farming, also known as precision agriculture, utilizes advanced technology to optimize crop yields and minimize waste. A crucial component of precision farming, guidance and steering systems, employs GPS and other technologies to provide pinpoint accuracy in guiding agricultural machinery such as tractors, combines, and sprayers. This precision facilitates the optimal use of inputs such as fertilizer, pesticides, and water, leading to reduced waste and improved crop yields. The rising adoption of precision farming, exemplified by a 4% gain in crop yield and various efficiency improvements observed by farmers using this technology, is anticipated to drive the growth of guidance and steering systems in the agriculture market.

Increased fuel consumption is expected to drive the growth of guidance and steering systems in the agriculture market. These systems play a vital role in reducing fuel consumption by optimizing field operations, minimizing overlaps, enhancing efficiency, and enabling data-driven decision-making for sustainable farming practices. As fuel consumption increases, the demand for guidance and steering systems rises, as they contribute to fuel efficiency and sustainability in agriculture. For instance, reports from the gov.UK (assets publishing service) indicate a 12% increase in the fuel consumed by cars, taxis, and LGVs, highlighting the relevance of fuel-saving technologies in the agriculture sector.

Product innovation is a prominent trend in the guidance and steering systems for the agriculture market, with major companies developing technological solutions to maintain their market positions. SingularXYZ Intelligent Technology Ltd., a China-based manufacturing company, recently launched an upgraded version of its SAgro100 automated steering system. This innovative technology utilizes GPS and precision mapping to offer farmers accurate and efficient guidance and steering for their agricultural equipment. Notable features include 5 cm auto-steering accuracy, various work modes, high compatibility, and farm management capabilities, enhancing farming efficiency and crop quality.

Major companies in the guidance and steering systems for the agriculture market are focusing on advanced solutions that incorporate technologies such as GNSS to drive market revenues. GNSS technology is integrated into these solutions to enhance productivity, efficiency, and safety in agricultural operations. For example, FJDynamics, a China-based robotics company, introduced the AH1 hydraulic autosteering kit and AG1 guidance system, providing accurate manual driving and precise control of steering angles and directions for agricultural equipment.

In November 2021, CNH Industrial N.V., a UK-based agricultural machinery company, acquired Raven Industries Inc. for $2.1 billion. This acquisition aims to expand CNH Industrial's portfolio of precision agriculture technologies, reinforcing its ability to offer integrated solutions for precision farming. Raven Industries Inc., a US-based agriculture company, specializes in manufacturing precision agriculture products and guidance and control systems.

Major companies operating in the guidance and steering system for agriculture market report are ABB Ltd., Agriculture Solutions Inc., Coromandel International Limited, Fujitsu Limited, Green Peak Technologies Inc., Hafia Groups, Honeywell International Inc., ICL Israel Chemicals Ltd., Koch AG & Energy Solutions LLC, Kugler Company, Levant Power Corporation, Sapec Agro S.A., 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.

North America was the largest region in the guidance and steering system for agriculture market in 2023. 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. The countries covered in the guidance and steering system for agriculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of guidance and steering systems for agriculture include hardware, software, and services. Hardware comprises tangible and physical components that users can touch and manipulate, including computer systems and electronic devices. Notable satellites such as BeiDou Navigation Satellite System (BDS), Global Positioning System (GPS), Globalnaya Navigazionnaya Sputnikovaya Sistema (GLONASS), and Global Navigation Satellite System (GALILEO) are integral hardware components. These systems find applications in various agricultural activities, including yield monitoring, field mapping, crop scouting, weather tracking and forecasting, farm labor management, and more.

The guidance and steering systems for agriculture market research report provides guidance and steering systems for agriculture market statistics, including guidance and steering systems for agriculture industry global market size, regional shares, competitors with a guidance and steering systems for agriculture market share, detailed guidance and steering systems for agriculture market segments, market trends and opportunities, and any further data you may need to thrive in the guidance and steering systems for agriculture industry. This guidance and steering systems for agriculture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The guidance and steering system for the agriculture market consists of revenues earned by entities by providing guidance and steering system for agriculture services such as yield monitoring and mapping, automated guidance services, variable rate technology, and real-time monitoring services. The market value includes the value of related goods sold by the service provider or included within the service offering. The guidance and steering system for the agriculture market also include sales of automated steering systems, implementation steering systems, display and control systems, yield mapping and monitoring systems, soil moisture sensors, guidance and mapping drones, and GPS receivers and antennas are used in providing guidance and steering systems for agriculture services. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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