A large number of people in underdeveloped countries do not possess purchasing power, due to which the majority are not able to afford necessities which include food. The focus should not only be on increasing food production but also on maintaining price parity. Precision pest management will play a crucial role in increasing food production with less production cost.

Precision pest management (PPM) is very important to avoid destruction caused by pests and to increase productivity. PPM helps to detect pests early with the help of crop monitoring so they can be controlled early to avoid further losses. This can aid farmers in taking appropriate actions to reduce crop losses and increase the quality of yield. Precision pest management technologies, including variable rate technology (VRT), sensor, and AI-based spraying systems, are essential for controlling the damages and diseases that harm crops and, in turn, reduce the quantity and quality of produced grain.

Read Report Overview: Precision Pest Management Market

The global precision pest management market was valued at $1,748.4 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 Drivers and Challenges in the Global Precision Pest Management Market

The use of PPM technologies can assist farmers in reducing waste and increasing efficiency by integrating them into their operations. Trends such as increasing requirements for crop yield and increasing demand to combat climate change further contribute to the growth of the global precision pest management market. An increase in pest population owing to climatic changes is resulting in various health problems, and these factors are anticipated to boost the industry for PPM.

A challenge to the growth of the precision pest management market is the high initial investment required for a medium and large-scale commercial setup. This is considered a major hindrance to the adoption of alternative farming techniques, especially in developing countries. Along with the high initial cost, awareness about alternative farming techniques is somewhat limited in countries where agricultural production is low such as developing and underdeveloped countries.

Global Precision Pest Management Market (by Technology)

Monitoring pests and spraying pesticides are equally important for precision pest management. Either of the two will not provide the desired results. In order to apply pesticides or herbicides, first, pests or weeds need to be detected so that pesticides/herbicides can be applied accordingly. Only pest or weed detection will not be enough if the farmer cannot take action to eradicate it.

Global Precision Pest Management Market (by Region)

In North America, Europe, the Middle East and Africa, Asia-Pacific, and China, it is predicted that the precision pest management market might expand significantly during the projection period. This tremendous expansion is largely attributable to the increased use of technology in the agriculture industry as well as government programs that promote it.

North America has the largest share in the precision pest management market and is projected to grow at a high CAGR over the forecast period. The large market share and high growth are majorly attributed to the increased adoption of technology-driven procedures, great emphasis on alternative farming techniques, and the potential of incorporating high-investment equipment in the agricultural industry. In the North America region, the highest growth can be witnessed in the U.S. There is a presence of several companies and agricultural solution providers with a vast aftermarket in the country, which leads to the availability of inexpensive precision pest management systems to the public.

Key Market Players and Competition Synopsis

Profiled companies have been selected based on inputs gathered from primary experts and analyses of the company's domestic and international presence, product portfolio, and market penetration.

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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.

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.