San Francisco, 21 September
2018: According to a report published by Grand View Research,
Inc.; the precision
farming/agriculture market is likely to reach a valuation of around USD
10.23 billion by 2025. Increasing government support for implementing modern
agricultural techniques and increasing requirement to monitor crop health to
improve yield production due to demand for food can propel the market growth over
the forecast period (2014 to 2025)
Precision farming involves a vast
array of technologies such as bio-engineering, imagery and sensors, robotics and
automation, big data, and digitization. Digital farming technology comprises
cloud-based software and smart technologies like hybrid software/hardware
products. Rising awareness about Internet-of-Things (IoT) devices and advanced
analytics tools among farmers can positively drive the market in the coming
years. IoT-based tactics can reduce the risks and helps in increasing crop
yields. The labor expenses can be also minimized with the help of automated
data collection using field sensors.
The field sensors can provide
readings on soil moisture, nutrition, thermal, and growth monitoring, and weed recognition.
Moreover, rising applications of telematics is likely to drive the market
growth in the years to come. These
techniques are extensively used to collect and transfer data from the farm
equipment via sensors, which are installed on tractors as well as another field
monitoring equipment. Telematics services include Global Navigation Satellite
System (GNSS) can be used to display the precise position of the equipment. The
practice of site-specific crop management will help in reducing the cost of
nitrogen fertilizers and pesticides and improving crop yields. It can deliver
better information for management decisions and better farm records which are
crucial for sale.
Access
Research Report of Precision
Farming/Agriculture Market@ www.grandviewresearch.com/industry-analysis/precision-farming-market
Moreover, advancements in
agricultural Global Positioning System (GPS) systems, Geographical Information
System (GIS), electronics miniaturization, and drones are playing a major role
in driving the adoption rate of remote sensing technology. The images captured from
this technology can be used for many purposes like mapping soil properties, crop
water stress detection, and monitoring of weeds and diseases on crops.
However, the market may face restraints
due to low adoption rates of the technology among farmers in developing
economies. In addition, the absence of standards and restrictions on the data
exchange between the systems limits the implementation of modern agricultural equipment
of different brands and companies.
The worldwide precision farming/agriculture
market can be segmented on the basis of offering, application, and region. Based
on offering, the market can be categorized into hardware, software, and
services. The services segment is expected to grow at a CAGR of 16.0% over the
forecast period. Application-wise, the market can be split into yield
monitoring, field mapping, crop scouting, weather tracking and forecasting, farm
labor management, inventory management, and irrigation management.
Geographically, the market can
be divided into North America, Europe, Asia Pacific, South America, and Middle
East and Africa (MEA).
In 2016, North America
estimated for the largest revenue share. Increasing government efforts to
develop modern agriculture technology can create positive opportunities in the
market in the coming years. For instance, the Canadian government put lots of
investment in Clean Seed Capital Group for the development and commercialization
of precision agriculture technology. The aim of this effort was to decrease the
additional use of fertilizers and pesticides. The company established the CX-6
SMART Seeder for farmers by utilizing this fund.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Moreover, increasing awareness
programs in the region can also make positive impact on the market. To create
awareness among farmers, the National Institute of Food and Agriculture (NIFA),
a part of the U.S. Department of Agriculture has been conducting programs on
precision, geospatial, and sensor technologies. Collaborating with Land-Grand
universities, the NIFA supports farmers in developing strong sensors, software,
and devices for analyzing and observing several complex biological resources
and procedures.
European market is expected to
show significant growth in the coming years due to increasing with government
financial incentives and growing digital revolution in agriculture sector.
Key players of the precision
farming market include Farmers Edge, Inc.; Granular, Inc.; Agribotix LLC
(U.S.), SST Development Group, Inc.; and Deere & Company.
Precision Farming/Agriculture Application
Outlook (Revenue, USD Million, 2014 - 2025)
·
Yield
monitoring
o On-farm
o Off-farm
·
Field
mapping
·
Crop
scouting
·
Weather
tracking & forecasting
·
Irrigation
management
·
Inventory
management
·
Farm
labor management
Precision Farming/Agriculture Regional
Outlook (Revenue, USD Million, 2014 - 2025)
·
North
America
·
Europe
·
Asia
Pacific
·
South
America
·
Middle East and Africa
(MEA)
Access
Press Release of Precision Farming/Agriculture Market@ www.grandviewresearch.com/press-release/global-precision-farming-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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