Precision Farming - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Precision Farming Market is accounted for $3.92 billion in 2017 and is expected to reach $14.09 billion by 2026 growing at a CAGR of 15.3% during the forecast period. Some of the key factors influencing the market growth include Adoption of New Farming Technologies for Boosting Agricultural Production, growing proliferation of Internet of Things (IoT) and use of advanced analytics by farmers and Rising Demand for Food Products. However, High Initial Investment in R&D is restricting the market growth.
Precision farming also known as precision agriculture or site specific crop management (SSCM) is a farm management technique that uses information technology to observe, measure, and respond to intra and inter-field variability in crops and soil. It can help to supply the equivalent amount of food to the rising world population and helps farmers to achieve a greater suitability, higher productivity, economic benefits and environmental protection.
Amongst offering, Hardware has significant market growth during the forecast period owing to the high adoption of automation and control devices–drones/UAVs, GPS/GNSS, irrigation controllers, guidance and steering systems, yield monitors, and sensors. The increasing adoption of new technologies and advanced devices for precision farming is expected to drive the growth of the precision farming market for hardware.
By Geography, The North America is growing lucratively during the forecast period owing to mechanization and heavy dependence on technology for aiding agribusinesses. The factors that are backing the market growth in the region are estimated to be the increasing awareness about the quality of crops and the introduction of new initiatives to bring innovations to the sector.
Some of the key players in global Precision Farming market are Raven Industries Inc., Monsanto Company, BASF SE, AGCO Corporation, Trimble Navigation Limited, DICKEY-john Corporation, Valmont Industries Inc., Deere & Company, Yara International ASA, Lindsay Corporation, TeeJet Technologies, Land O'lakes Inc., Ag Junction Inc, Topcon Precision Agriculture and E.I. Du Pont De Nemours And Company (Dupont).
• Remote Sensing
• Guidance Technology
• Variable-Rate Technology
• High precision positioning systems
• Integrated electronic communication
• Financial Management
• Crop Scouting
• Yield Monitoring
• Weather Tracking & Forecasting
• Farm Labor Management
• Irrigation Management
• Field Mapping
• Inventory Management
• Waste management
• Crop Management
• Soil Monitoring
• Personnel Management
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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