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 every aspects of farming. A study shows that precision farming can be very helpful in the long-term sustainability of precision farming market 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.
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 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.
The global Precision Farming Market 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.
Segments:
The Precision Farming market 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.
Market Research Future Analysis:
The global market of Precision Farming is dominated by North America. U.S. holds largest market share in North America followed by Canada. The main factor which supports this is presence of key companies in this region which gives North America a competitive advantage over other countries. Also government of North America countries are promoting use of advance technology in the agriculture for low emission of greenhouse gases into environment. North America is also technologically advance country as compare to other countries which also gives a lead. Europe stands as second biggest market for Precision Farming.
Presence of developed nations such U.K. Germany, France and Italy generates most of the revenue in segment of precision farming in Europe. Also, farming culture in Europe is very rich and farmers are adopting new technologies to maximize their yield and profits. Growing application areas of precision farming is leading to wide adoption in the Europe region. Asia-Pacific has emerged as fastest growing market for the precision market. Growing economy of Asian countries such as China and India and high dependency on agriculture are some of the factors which is supporting the adoption of precision farming in Asia-Pacific.
Key Players
The prominent players identified in the market of Precision Farming 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.
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