The global precision farming market size is anticipated to reach USD 16.35 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.1% 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 systems. 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.
The
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 the 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
market growth.
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,
the 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 the 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. Independent services are not linked to co-operatives,
government bodies, and farmer associations where farmers can get additional
information to make improved decisions.
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Precision Farming
Market Report Highlights
- Increasing
government support for adopting modern agricultural techniques and the
growing need for efficiently monitoring the health of crops are expected
to drive market growth
- The
cloud-based software model is anticipated to gain significant market share
over the projected period as it reduces energy consumption and provides
storage for a 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
- The 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 the 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 AgEagle Aerial Systems Inc.
(Agribotix LLC); Deere and Company; Proagrica (SST Development Group,
Inc.); Farmers Edge, Inc.; and Granular, Inc.
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Precision Farming
Market Segmentation
Grand View Research has
segmented the global precision farming market based on offering, application,
and region:
Precision Farming
Offering Outlook (Revenue, USD Million, 2016 - 2028)
- Hardware
- Automation & control systems
- Drones
- Application control devices
- Guidance system
- 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
- Analytics services
- Farm operation services
- Assisted professional services
- Supply chain management services
- Climate information services
Precision Farming
Application Outlook (Revenue, USD Million, 2016 - 2028)
- 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 - 2028)
- 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 & Africa
List of Key Players of Precision Farming
Market
- Ag Leader Technology
- AgJunction, Inc.
- CropMetrics LLC
- Trimble, Inc.
- AGCO Corporation
- Raven Industries Inc.
- Deere and Company
- Topcon Corporation
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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