Agriculture & Forestry Industry Market News

Precision farming market set to grow according to forecasts

Precision Farming or Precision Agriculture is a process of identification and management of variability of any farm and variability of productivity. There are various factors such as soil, weather, water and vegetation which varies from place to place and these factors also plays very vital role in crop growth and farming success.

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Market Synopsis of Precision Farming Market

Market Scenario: 

Most of the farmers are aware of this but they lacked the tools to measure and manage these variations. Thus, it has been found in various studies that, precision farming 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.   

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The major factor driving this market is high adoption of technologies in agriculture, need of more efficient farming, increasing government interest towards promotion of precision farming among other whereas factors such as need of technical experience along with high internment are some of the restraints of the market.  

The Global Precision Farming Market is expected to grow at US ~$7 billion by end of forecast period with compound annual growth rate of 12%.

Study Objectives of Precision Farming Market:

  • To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Precision Farming
  • To provide insights about factors affecting the market growth.
  • To analyze the Precision Farming market based porter’s five force analysis etc.
  • To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
  • To provide country level analysis of the market with respect to the current market size and future prospective.
  • To provide country level analysis of the market for segment on the basis of type, application, end -users and region.
  • To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
  • To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Precision Farming.

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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.

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.

Intended Audience:

  • Software developers
  • Semiconductor component manufacturers and suppliers
  • OEMs
  • Agriculture equipment suppliers
  • Government
  • Agriculture service providers
  • Consulting firms

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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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