Precision Farming is an advance method for farm management with help latest applications and information technology (IT), to make sure that the crops and soil receive exact amount water, fertilization and various other products that are needed for development of crops and maintenances of soil. Precision farming is supported by advance equipment, software & hardware, and strong IT services.
Precision Farming Market 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. 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.
The precision farming have helped the farmers to achieve a productivity, flexibility, and environmental protection and market will expand more in coming years. Looking at this phenomenal growth, Market Research Future’ recently gave out the market insight till 2022. According to this MRFR analysis the global precision farming market is expected to reach USD $7 billion and set to grow at CAGR of 12% during the forecast period.
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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.
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.
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.
December 2017– ‘Maharaja Institute of Technology’ under the ‘Maharaja Research Foundation in association with Agriculture Department, Government ‘Karnataka’. The Institute conducted, one day workshop on precision farming. Around more 1000 of farmer have attend the workshop explain the importances, advantages, and how technology playing an important role in precision farming.
Industry – Competitive Outlook
Key players are approaching new techniques and affordable devices in the precision farming. The same would improve market performance. Heavy investments are made by major players in the R&D sector.
The prominent players identified in the market of Precision Farming are- AG Leader Technology, AgEagle Aerial Systems , Aglytix Inc., AgGateway , Precision Planting ,AGCO Corporation , and Deere & Company.
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Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure:
1.3.1 Global Precision Farming Market: By Components
1.3.2 Global Precision Farming Market: By Application
1.3.4 Global Precision Farming Market: By Region
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
2.4.3 Market Crackdown & Data Triangulation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
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