Agriculture & Forestry Industry Market News

Precision farming market is expected to reach $ 3.5 billion by 2023

Agriculture Market Research

This Report covers the key technological and market trends in the Precision Farming market and further lays out an analysis of the factors influencing the supply/demand for Precision Farming, and the opportunities/challenges faced by industry participants.

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The Global Precision Farming Market report 2018 covers deep dive segmentation in every aspect by type, application, application, end-user and region. The report covers key parameter competitors analysis, product benchmarking, customer analysis, and value chain analysis, pricing analysis, country specific analysis, market trends & forecasts, market entry strategy, new product assessment, new application identification, opportunity analysis.

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The market for precision farming market has reached about $ 3.5 billion in 2017 and is expected to double by 2013.

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The increase in the market is attributed to the factors, such as increasing demand for innovative technology to increase the yield to meet the rising demand for food, increasing investments to improve the standards of agriculture, government interventions by encouraging with subsidies for using technological equipment and technological support. However, the market is likely to witness the retarded growth due to the factors, such as lack of technological skills, high initial investment costs, and reluctance to adopt the latest technologies in farming practices, especially in the developing countries.

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The adoption rate of technology has been increasing in agriculture to increase efficiency and manage costs. Precision farming, also known as precision agriculture, is the combination of farming methodology with technology.

Technology has become an indispensable part of agribusiness from farmer to retailer to agronomist and is driving the method of farming from land and labor-intensive to technology-enabled smart farming. Technology used in the precision farming span across all agricultural practices, including sowing or planting or spraying or fertilizing and to irrigation.

Precision Farming is expected to have a positive impact on farm productivity, environment (by lowering Greenhouse Gas (GHG) emissions) and economics, by lowering production costs to provide higher or equal yields than conventional farming practices.

The precision farming technologies are majorly categorized into three types – data acquisition technologies, data analysis and evaluation technologies, and precision application technologies.

North America held the largest share of the precision farming market in 2017, due to the advanced use of farming equipment which contribute for improved efficiency and higher productivity. North America is also an origin for several key players, such as Trimble Inc., Deere & Company, AgJunction Inc., Raven Industries Inc., and AGCO Corporation in the precision farming market.

With the increasing need for efficient farming requirements, enhancing high production accuracy, and improvement of farm management software, the market for precision farming is expected to grow at higher rate, especially in European and Asia-Pacific regions.

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Precision agriculture is trending toward complete automated solutions for farm efficiency, better yield, and less environmental emission and waste by using all available information and expertise. Several startups have been focusing on the Precision Farming, aiming to provide good agricultural data but approaching from different angles to some extent.

For example, The CropX software system, by CropX Ltd., (Israel) for advanced adaptive irrigation not only informs farmers about the amount of inputs (such as water, fertilizer and pesticide) needed by each plant at specific times, but also controls the irrigation system accordingly. Tevatronic LTD., (Serot, Israel) has risen more than $ 2.5 million from private and angel investors and the Israel Innovation Authority, and has done pilots in Israel and Australia.

Tevatronics’s wireless sensors collect precise data from soil in each zone of the farm and the controllers measure each plant’s stress level to determine when to start and stop irrigation.

The market for hardware components, including automation and control systems, and sensing and monitoring systems accounted for a major part of the precision farming market. However, the market for software is expected to hold promising in the future to analyze and monitor all the aspects of precision farming and also connect all the environments across the value chain.

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Table of Contents

Introduction

Executive Summary

Precision Farmings, By Type

Factors influencing the demand of Precision Farmings

North America market analysis

Western Europe market analysis

Asia Pacific market analysis and more………

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