Market Highlights
Precision farming can be very helpful in the management of the crop production with very low damage to environment. By the use of site-specific knowledge, precision farming can be helpful in the division of fertilizer, seed and chemicals for the soil and in the other conditions. Precision farming collects information and knowledge from the field by the deep analysis of the every aspects of farming. A study shows that precision farming can be very helpful in the long-term sustainability of farming and can reduce the environment damage by providing the fertilizers and pesticides only when the crops and soil needs it. Use of precision farming may help in reduction of losses caused by nutrient imbalance, insect damages and many other factors.
The global Precision Farming Industry is expected to grow at CAGR of 12% and estimated to reach at market size of US ~$7 billion by the end of forecast period.
An on-farm trial conducted in Argentina provided an example of how on site information and variable rates could be used to maintain the profitability while reducing the many application. Results of this trial also showed that precision farming is a modesty more profitable than the whole field management.
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Precision Farming Industry method incorporate modern technologies for the fertilizer application along with the land leveling, crop protection, irrigation. Other agronomic techniques are being helpful to the farmers for increasing yields with the lower damage to the environment and low pollution. To reduce the greenhouse gases associated with traditional irrigation system, waterharvesting and terrace farming system can be very helpful.
Whereas some of the factors such as high cost of and lack of technical knowledge about the use of technologies and equipment’s are some of the restraints to the market of precision famring.
Key Players
The prominent players identified in the market of Precision Farming Industry are- AGCO Corporation (U.S.), Deere & Company (U.S.), AG Leader Technology (U.S.), AgEagle Aerial Systems (U.S.), Aglytix Inc. (U.S.), AgGateway (U.S.), Precision Planting (U.S.), AgJunction Inc. (U.S.), Agribotix (U.S.), Dickey-John Corporation (U.S.) among others.
Some other players in this market are- Raven Industries, Topcon Positioning Systems, Inc., AquaSpy, CropMetrics, Farmobile, Granular, IBM Watson among others.
Segments:
The Precision Farming Industry has been segmented on the basis of-
- By Components - Hardware (Displays, Sensors, Drones, GPS Systems, Mobile Devices among others), Software (On Cloud, On Premise) and Service (Managed Services and Professional Services)
- By Application - Yield mapping, Quality mapping, Soil properties analysis, Inventory Management, Labor management, Crop Scouting among others.
Regional Analysis:
North America is dominating the market of Precision Farming. High technology adoption and development in the field of agriculture is the main factor helping the market to grow. Also, presence of top global players in U.S. and Canada is giving competitive advantage to the North America. Europe stands as second biggest market in terms of revenue generation. Countries such as U.K., Germany, and France are some of the leading in Europe region also, government of these countries is supporting the technology adoption in agriculture, helping the market of precision farming to grow. Asia-Pacific has emerged as fastest growing market. Countries such as China and India where most of the population is dependent on agriculture are opening to accept the new technologies in their farming process leading to high demand for the precision farming equipment’s.
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Intended Audience:
- Software developers
- Semiconductor component manufacturers and suppliers
- OEMs
- Agriculture equipment suppliers
- Government
- Agriculture service providers
- Consulting firms
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