SAN FRANCISCO, Aug. 31, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Precision Livestock Farming – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Global Precision Livestock Farming Market to Reach $4.7 Billion by 2026
Amid the COVID-19 crisis, the global market for Precision Livestock Farming estimated at US$3 Billion in the year 2020, is projected to reach a revised size of US$4.7 Billion by 2026, growing at a CAGR of 7.7% over the analysis period. Hardware, one of the segments analyzed in the report, is projected to record a 7.3% CAGR and reach US$3.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 7.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $880 Million in 2021, While China is Forecast to Reach $1 Billion by 2026
The Precision Livestock Farming market in the U.S. is estimated at US$880 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1 Billion by the year 2026 trailing a CAGR of 11.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 6.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5% CAGR.
Services Segment to Reach US$678.3 Million by the year 2026
In the global Services segment, USA, Canada, Japan, China and Europe will drive the 8.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$296.5 Million in the year 2020 will reach a projected size of US$529.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.