The global precision farming market size is anticipated to
reach USD 12.9 billion by 2027, according to a new report by Grand View
Research, Inc. It is expected to register a CAGR of 13.0% over the forecast
period. Precision farming, also known as site-specific crop management or
satellite farming, is a farm management concept that uses information
technology to ensure optimum health and productivity of crops. The precision
farming technique largely depends on specialized equipment such as sensing
devices, antennas and access points, and automation and control system. It also
involves maintenance services and managed services. Additionally, it
incorporates a broad range of technologies such as bio-engineering, robotics
and automation, imagery and sensors, and big data.
Growing number of applications for telematics
in agriculture is anticipated to drive demand for precision farming over the
projected period. Telematics services include tracking devices using Global
Navigation Satellite System (GNSS) to show the position of the equipment for
management purposes. Major manufacturers of agriculture equipment are adopting
telematics services for their equipment to improve farm efficiency, thereby
reducing the cost of agricultural operations and maximizing profitability. Additionally,
improved management can help reduce environmental impact. Telematics technology
is used to capture and transfer data from the farm equipment through sensors
installed on tractors and other field monitoring equipment. The increasing
adoption of telematics systems by agricultural equipment companies is expected
to drive the precision agriculture market.
Furthermore, with advancements in GPS guidance
and automation, drones are poised to transform the agriculture industry. The
ability of drones to precisely analyze the soil at the beginning of the crop
cycle and detect a plant infected with bacteria or fungus is anticipated to
propel the growth of the drone segment.
However, low rate of technology adoption among
farmers is likely to hamper market growth over the forecast period. This may be
due to factors such as absence of stringent standards and limitations on the
exchange of data. Furthermore, farmers lack independent consulting and advisory
services owing to the absence of validated agronomic models for Variable Rate
Technology (VRT) to make decisions on investments. In addition, independent
services are not linked to co-operatives, government bodies, and farmer’s
associations where farmers can get additional information to make improved
decisions.
Browse full research report on Precision
Farming Market:
https://www.grandviewresearch.com/industry-analysis/precision-farming-market
Further key
findings from the report suggest:
- Increasing government support for adopting
modern agricultural techniques and growing need for efficiently monitoring
the health of crops are expected to drive market growth
- Cloud-based software model is anticipated to
gain significant precision farming market share over the projected period
as it reduces energy consumption and provides storage for large amount of
data while facilitating cost saving
- Innovations in GPS mapping and related farming
applications are enabling farmers to operate more efficiently and increase
their profit margins
- Demand for drones is expected to grow in the
agriculture field as they are increasingly used in monitoring irrigation
systems
- Yield monitoring finds wide applications in
soil monitoring as it helps detect the properties of soil for increasing
yields
- Digital revolution in the agricultural sector,
along with government financial incentives to farms, is likely to drive
demand for precision farming in Europe in the forthcoming years
- Asia Pacific is expected to witness the
fastest growth owing to availability of the largest agricultural land,
which provides growth opportunities in countries such as China, India,
Australia, and Japan
- Key players in the precision agriculture
market include Agribotix LLC (U.S.); Deere & Company (U.S.); SST
Development Group, Inc. (U.S.); Farmers Edge, Inc. (Canada); and Granular,
Inc. (U.S.).
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/precision-farming-market/request/rs1
Grand
View Research has segmented the global precision farming market based on
offering, application, and region:
Precision
Farming Offering Outlook (Revenue, USD Million, 2016 - 2027)
- Hardware
- Automation &
Control Systems
- Drones
- Application
Control Devices
- Guidance Systems
- GPS
- GIS
- Remote Sensing
- Handheld
- Satellite Sensing
- Driverless
tractors
- Mobile Devices
- VRT
- Map-based
- Sensor-based
- Wireless Modules
- Bluetooth
Technology
- Wi-Fi Technology
- Zigbee Technology
- RF Technology
- Sensing Devices
- Soil Sensor
- Nutrient Sensor
- Moisture Sensor
- Temperature
Sensor
- Water Sensors
- Climate Sensors
- Others
- Antennas &
Access Points
- Software
- Web-based
- Cloud-based
- Services
- System Integration
& Consulting
- Maintenance &
Support
- Managed Services
- Data Services
- Analytic Services
- Farm Operation
Services
- Assisted
Professional Services
- Supply Chain
Management Services
- Climate
Information Services
Precision
Farming Application Outlook (Revenue, USD Million, 2016 - 2027)
- Yield Monitoring
- On-farm
- Off-farm
- Field Mapping
- Crop Scouting
- Weather Tracking
& Forecasting
- Irrigation
Management
- Inventory Management
- Farm Labor
Management
Precision
Farming Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Russia
- Italy
- Asia Pacific
- China
- India
- Japan
- Australia
- Singapore
- South America
- Brazil
- Middle East and
Africa (MEA)
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.
For more info visit @ https://www.grandviewresearch.com
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