Precision Farming Market 2020: Global Industry Analysis and Opportunity Assessment, Forecast to 2022

Global Precision Farming market

Precision farming or satellite farming is technique for management of crops while maintaining yields and reducing costs. Using a mix of technology and machines, farmers can use various tools for measuring and observing such as water level, soil acidity level, and weather conditions. The global precision farming market report by Market Research Future (MRFR) predicts the market size keeping in mind various drivers, opportunities, and restraints combined with a comprehensive profile of all key players.

Market Outlook

The global precision farming market is estimated to exhibit 12% CAGR from 2017 to 2023 (forecast period) to touch a valuation of USD 7 billion. High adoption of modern techniques by farmers to improve yields is one of the biggest drivers of the market. The rise in the population combined with growing food demand are factors likely to drive the market demand. Lack of arable land and focus on preserving resources are other factors which can spur the market.

Government inclination towards precision farming coupled with need for efficient farming techniques can drive the market growth. The use of unmanned aerial vehicles (UAVs) or drones for surveying vast expanses of tenable land and for making decisions pertaining to cultivation is likely to spur the market growth. Identification of risks of soil erosion, high salinity levels, and water logging can lead to the adoption of the modern farm technology till 2023.

But high technical expertise required for handling precision farming technologies may hamper market growth.

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Segmentation Analysis

The global precision farming market is segmented by component and application.

By component, it is segmented into hardware, software, and services. The software segment is deemed to gain a major share of the market due to development of various technology bound to assist farmers. For instance, guidance technology can reduce the overlap between tractors and other equipment on the field.

By application, it is segmented into soil properties analysis, crop scouting, yield mapping, quality mapping, labor management, inventory management, and others. Soil properties analysis can gain precedence in the coming years due to continuous use of chemicals has made the land unviable. Preventive measures for making the land cultivable are likely to drive the segment growth in the precision farming market.

Competitive Outlook

Prominent names in the global precision farming market include Deere & Company, AGCO Corporation, AgJunction Inc., Agribotix, Aglytix Inc., AgGateway, AG Leader Technology, AgEagle Aerial Systems, Precision Planting, Dickey-John Corporation, and others.

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