The growth of precision farming market is expected to be remarkable, and is estimated to reach $3.7 billion by 2018, at an estimated CAGR of 13.36% to 2018, according to a report by ReportsnReports. The global population is expected to rise up to nearly 7.5 billion by the year 2020, and the ability to manage and tackle the ever-increasing demand for food will in all likelihood continue, the report says.
Climate Change. Global warming continues to be an influential deciding factor in determining agriculture productivity, as well as soil properties and sustainability of natural resources. The effect of climate change on agriculture is related to variability in local climates rather than global climate patterns. All these concerns marked the way for the entry of the new world of agriculture management practices, the report says. Precision farming can significantly reduce the amount of nutrient and other crop inputs used while boosting yields. Farmers, thus, obtain a return on their investment by saving on phytosanitory and fertilizer costs. The second large-scale benefit of targeting inputs in spatial, temporal and qualitative terms reduce concerns of environmental impacts, the report says.
The major drivers for this market are augmented yield and profitability, which are the major contributing factors for farmers to go for precision farming; other drivers like energy and cost saving and government assistance have also been contributing to the market growth. Major restraints such as high initial investments, and lack of awareness and their impact analysis, are also covered under this study. North America leads the market share for precision farming as this region has the maximum adoption. The Asia-Pacific region (APAC) is the emerging market for precision framing and has been enjoying the highest growth rate among all the geographic regions. It is believed that the APAC market will grow at a CAGR of 25.16% from 2013 to 2018.
The report covers all the technologies, components, and applications of precision farming; it provides a detailed analysis of the current market scenario and estimation for the next five years. Major applications like field mapping and yield monitoring are driving the market. Moreover, the market is driven by some of the most important technologies like GPS and variable rate technologies. This market is already progressing well in developed countries, and it is also expected to grow well in developing nations as a result of their ever-growing food demands.
Companies like Ag Business & Crop Inc., Ag Leader Technology, Ag-Nav Inc., Agco Corporation, Agjunction Inc., Agri Con Gmbh, American Sensor Technologies Inc., Autofarm, Automata Inc., Deere & Company, Dickey-John Corporation, Echelon Ag Inc., Jain Irrigation Systems Ltd., Omnistar, Planting Inc., Precisionagriculture.Com.Au, Raven Industries Inc., Soyl Precision Farming, Teejet Technologies, The Toro Company, Topcon Precision Agriculture & Trimble Navigation Limited are profiled in this research available for purchase.
This report profiles companies which are major players, and are active in this market. The report presents the ‘competitive landscape of the players’ that covers key growth strategies followed by all the major players.