“The increasing focus on farm efficiency and productivity and adoption of new technologies in farming drive the growth of the precision farming market”
The precision farming market is expected to grow from USD 3.20 billion in 2015 and is expected to reach USD 7.87 billion by 2022, at a CAGR of 13.47% between 2016 and 2022. Precision farming involves technology-driven information analysis of data acquired from the field and application of input as per the data analysis for increasing crop productivity. Precision farming has revolutionized the method employed previously in agriculture. Precision farming is going to be the modern way of agriculture that people across the world would adopt. The major restraining factor for the precision farming market is the high initial investment and the lack of technical awareness among farmers.
“Yield monitoring application held the largest share of the precision farming market in 2015”
Yield monitoring is the most widely used application in precision farming as it plays a vital role in understanding field variability and helps farmers in maximizing their yields. Soil monitoring is the major application of yield monitoring. Soil monitoring is used to detect soil parameters that are needed for an efficient yield production.
“Precision farming market in Asia-Pacific expected to grow at the highest rate between 2016 and 2022”
Asia-Pacific (APAC) is one of the bright prospective markets in precision farming. APAC has large farmlands and a high population growth rate. APAC has a huge regional spread which comprises countries such as China, Japan, India, Australia, South Korea, and Rest of APAC. Precision farming market in APAC is in its initial stages of adoption and expected to grow with a double digit rate between 2016 and 2022. In APAC, specifically India, Australia, China, and Japan, currently have the highest growth rate and highest share in the precision farming market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key experts.
The breakup of the profiles of primary participants is as follows:
- By Company Type: Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 –25%
- By Designation: C-Level Executives – 75% and Managers – 25%
- bAmericas – 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Companies that provide a range of customized solutions to customers are expected to emerge as the game changers.
The key players in the precision farming market profiled in the report are as follows:
- Deere & Company (U.S.)
- Trimble Inc. (U.S.)
- AGCO Corporation (U.S.)
- Ag Junction, Inc. (U.S.)
- Raven Industries, Inc. (U.S.)
- AG Leader Technology (U.S.)
- Precision Planting Inc. (U.S.)
- SST Development Group, Inc. (U.S.)
- Teejet Technologies (U.S.)
- Topcon Positioning Systems, Inc. (U.S.)
- DICKEY-john Corporation (U.S.)
- CropMetrics LLC (U.S.)
This report covers the precision farming market based on offering, technology, application, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations associated with the precision farming market.
Key Benefits of Buying the Report
The report would help the market leaders or new entrants in the following ways:
- This report segments the overall market comprehensively and provides the closest approximations of the global precision farming market size and that of the subsegments across different applications and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities in the precision farming market.
- This report would help stakeholders to better understand their competitors and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions in the precision farming market.