Market Research Future published a research report on “Precision Farming Market Research Report – Global Forecast till 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Industry Insight
Investors or say top companies weighed signs of the economy recovering against a rise in coronavirus infections in the global market of precision farming. A newly compiled market research report from Market Research Future says that the global Precision Farming Market to be valued at US ~$7 billion by the end of the forecast period 2016-2022. It is set to grow at a CAGR of 12%.
Notable Developments
The precision farming practices are anticipated to observe a surge in the adoption as they enable farmers to manage variations in the field accurately, raise productivity, and reduce production costs. These practices assist in gathering relevant information by analyzing the real-time data about the conditions of the crops, soil, and local weather predictions and provide actionable insights to farmers with directions about the crop rotation, soil management, harvesting time, and optimal planting time. With this, precision farming technology is gaining popularity in the agriculture sector as it holds the potential to boost crop yield by using advanced agriculture methods.
The rapid use of IoT in the agriculture sector is causative to the escalation of the precision farming market. The farm managers & producers are leveraging the capabilities of the IoT devices, such as GPS & GNSS systems, sensors, and automated steering systems, temperature monitoring, soil sampling, irrigation management, filed mapping, and several other applications. These devices offer real-time insights on how to recover farming practices for greater efficiency. All these factors have been associated with market growth and would lead the expansion in the forecast period.
MRFR further digs that the mounting uptake of drone technology for identifying planting flaws, crop monitoring, as well as pest & disease control & detection will also lead to market growth. In the case of point, QuestUAV introduced in May 2017 that DATAhawkAG all-round package for the precision agriculture mapping. When equipped with the MicaSense RedEdge camera, the Q-100 DATAhawkAG assists with capturing images in five discrete spectral bands and detects patterns co-related to plant stress and nutrient content.
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Top Industry Players
The outstanding players identified in the market of precision farming are listed as Deere & Company (U.S.), AGCO Corporation (U.S.), AgEagle Aerial Systems (U.S.), AG Leader Technology (U.S.), AgGateway (U.S.), Aglytix Inc. (U.S.), AgJunction Inc. (U.S.), Precision Planting (U.S.), Dickey-john Corporation (U.S.) and Agribotix (U.S.).
Leading Segments
Global level analysis of the global precision farming market has been conducted for the segments of components and applications.
In terms of components segment, the precision farming market has included Software (on-cloud and on-premise), Hardware (Sensors, Displays, Mobile Devices GPS Systems, and Drones), and Service (managed services and professional services)
In terms of the application segment, the precision farming market has included quality mapping, yield mapping, inventory management, soil properties analysis, crop scouting, and labor management.
Regional Front
North America is leading the market of precision farming at a global level. High technology adoption and development in the field of agriculture is the foremost factor aiding the market to expand. Also, the incidence of top global players in the U.S. and Canada is giving a competitive advantage to North America.
Europe stands as the second-biggest market in terms of revenue generation. Countries such as Germany, U.K., and France are leading a government of these countries is supporting the technology adoption in agriculture, helping the market of precision farming to expand.
Asia-Pacific has emerged as the fastest-growing market. Countries such as China and India, where most of the population is dependent on agriculture, are opening to recognize the new technologies in their farming process, leading to high demand for precision farming equipment.
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