The global precision farming market is expected to grow at an estimated CAGR
of over 13% over the forecast period. Precision farming is a type of farming
management system grounded on the base of observing, responding and measuring
to intra and inter-field crops variability. It is the system for managing farms
based on information technology. It is also called as satellite farming or
site-specific crop management. As the data management systems developed, the
precision farming system had a huge effect on the old-style farming techniques.
Evolution of the latest technologies such as geo-location tracking along with
development in data management assists the global precision farming market in
identifying operating competences and enhancing produce. This technique helps
in cutting down the labor and input cost and also in reducing fuel usage.
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Farmers and agriculturists
worldwide are progressively implementing services and software for the global
precision farming market. These systems aid farmers to effectively maintain and
plan databases that, consecutively, enhance their productivity and efficiency.
Using the most recent technological systems, such as GPS/GNSS technology,
sensing technology, and display devices benefits in restructuring the working
competencies of farmers and agriculturists. The global precision farming market
owes its huge growth to agricultural research associations and organizations.
The effect of precision farming system market is expected to be majorly on the
software designers, agriculturists, end-use industries, mechanical &
electronic component manufacturers, system integrators, and distributors. The
governmental organizations of various countries have a strong curiosity in
formulating the regulations and standards for the global precision farming
market.
The global precision farming system helps the farmer to gain proper
knowledge regarding planting and harvesting. It additionally recommends
suitable amount of fertilizers and pesticides required for enhanced production
of yield. On account of several innovation precision farming practices, farmers
gain advantage from all over the world. Major factors driving the global
precision farming market include profitability and better yield. Various other
factors contributing to the growth of the precision farming market include
governmental assistance along with cost & energy savings. However, lack of
awareness, its effect, and huge initial capital investment may negatively
impact the overall growth of the market.
The market is segmented on the
basis of technology into three kinds including guidance systems, variable rate
technologies, and remote sensing. The market is further segmented based on its
component into monitoring & sensing devices, farm management systems (FMS)
and control & automation systems. The demand in North America accounted for
the largest market share of over 65% for the global precision farming market. The U.S. is witnessed to be a matured
market and is projected to experience several advancements over the next eight
years. The precision farming system has previously succeeded well in the
developed nations and is also anticipated to grow better in the developing
nations on account of the constantly increasing food demands. The labor cost is
very high in North America, which is estimated to fuel the growth of the global
precision farming market. The various key agencies benefitting the revolution
of the large-scale agriculture in precision farming of this region include
NASA, National Oceanic and Atmospheric Administration (NOAA) and The United
States Department of Agriculture (USDA).
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Asia Pacific and Europe market
are expected to witness the fastest growth over the given forecast period. The
highest share of the market is held by India and China in Asia Pacific. The
growth in these regions is sustained by the advancements in several farming
operations. The scientists and researchers in China from varied backgrounds
including agro-engineering, geography, agronomy, and information technology are
working intensely towards the research and innovations in the global precision
farming field. The Chinese government has dedicated huge efforts to stimulate
research in precision farming and has also sponsored various projects.
The key market participants are
capitalizing heavily in their key strategies, which include mergers &
acquisitions, and developing new innovative techniques for their products.
Major private industry players include Ag Integrated, AgSense, Ally precision
Industries, Arvus, CropMetrics, Micro-Trak Systems, Tru Count, ZedX Inc.,
AgLeader, AgNav, AgSync, Amazone GmbH, Bestway Inc., Dickey-john Corp., and
TeeJet technologies. Major public industry players include AgJunction, Lindsay
Corp., Syngenta, Trimble Navigation, Yara International, AGCO, John Deere &
Company, Monsanto, Toro Company, and Valmont.
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