The precision farming market is estimated to exhibit high growth potential till 2020. The total market is expected to reach USD 4.80 Billion by 2020 from USD 2.76 Billion in 2015, at a CAGR of 11.7% between 2015 and 2020.
Cost reduction and advancement in the agricultural industry are acting as the drivers for the market. Precision farming helps in reducing the cost of farming such as fertilizers, chemical applications, pollution, and others by applying the right amount of inputs at the right place.
For instance, satellite guidance steering, such as GPS or GIS steering, helps in reducing energy, fuel bill, and it enhances driving accuracy.
The Americas is expected to hold the largest market share in 2020, and APAC is expected to grow at the highest CAGR during the forecast period. The continuous increase in adoption rate of technology, limited land availability, rising commodity prices, increasing food demand, and government initiatives are driving the growth of the precision farming market in these regions.
Major players involved in the development of precision farming include Ag Junction (U.S.), Deere & Company (U.S.), Raven Industries Inc.
(U.S.), AG Leader Technology (U.S.), TeeJet Technologies (U.S.), and Topcon Precision Agriculture (U.S.).
The largest market in the technology segment is the guidance system owing to use of GPS and GIS technology on the field. GPS technology helps farmers and agriculture service providers to automatically record the field data and apply variable rate of inputs to smaller areas within larger fields.
Farmers use GPS for major applications such as guidance and automatic steering, yield monitoring, field mapping, and variable rate application, parallel swathing, utilization of fertilizers, and others.
Hardware devices held the largest market size, in terms of value. The large market share can be attributed to the fact that the use of sensors, GPS/GNSS systems, displays, mobile devices, and others helps in increasing the productivity of land and crop.
The market for automation and control systems is expected to grow at the highest rate during the forecast period.
The software application is expected to account for the largest share for growth mechanism segment of the precision farming market. Crop management is expected to grow at the highest rate during the forecast period.
The growth can be attributed to the fact that it helps in crop protection, monitoring & auditing, minimizing waste & pollution management, landscape & soil management, and crop nutrition. It assists in better utilization of resources and improves crop quality.
This research report categorizes the global precision farming market based on technology, application, hardware devices and software & services, and region. This report describes the drivers, restraints, opportunities, and challenges with respect to the precision farming market.
The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the precision farming market
(Source – http://www.agrimoney.com/news/china-import-record-adds-extra-fuel-to-soybean-price-rally–9487.html)