Precision agriculture is swiftly gaining popularity among farmers due to the increasing need of optimum production with the given resources. Further, the changing weather patterns due to increasing global warming, have necessitated the adoption of advanced technologies to enhance the productivity and crop yield. By offering technologies such as real-time farm monitoring, weather forecasting, optimal field requirements and similar others, precision agriculture enables the farmers to increase the yield with minimum human efforts and wastage. global precision farming/agriculture market size was valued at USD 4.07 billion in 2018 and is expected to register a CAGR of 14.2% over the forecast period. It is also expected to reach USD 7.8 billion by 2022.
For understanding different farming aspects such as irrigation and plowing, numerous technologies such as IoT, GPS, and remote sensing application control are used. IoT helps farmers address various challenges involved in proper monitoring of crops. It provides real-time data about environment temperature and water content in the soil through sensors placed in the farm, which assists farmers in making improved decisions with regard to harvesting times, crop market rate, and soil management, among others. increasing investments in technologies such as drones, driverless tractors, guidance system, and GPS sensing systems are also expected to contribute to market growth. For instance, numerous sensors such as soil sensors, climate sensors, and water sensors are placed around the fields to help farmers monitor their crops and gain real-time information.
About 45% of the market’s incremental growth is expected to come from the Americas over the next five years. At the end of 2017, the Americas accounted for the largest market share in the global precision agriculture market, followed by EMEA and APAC. However, the Americas and EMEA are forecasted to experience a decreased market share in the next five years, while APAC is poised to witness a significant growth in the market share driven by high adoption of precision farming in countries such as India, China, and Japan as the regions are turning more aware about the advantages of precision farming.
Key Player Analysis:
Some Of the Prominent players in the market are Deere & Company, CropMetrics LLC, Trimble Navigation Limited , CropX, AgSmarts Inc, AgSense LLC , AGCO Corporation, Dickey-John Corporation , Monsanto Company, Ag Leader Technology.
How this Report Helps You:
- Report Provides global precision farming market with current trends and future growth opportunities, challenges, and competitive scenario.
- SWOT analysis of the key market players highlights the essential strengths.
- Expert analysis industry, governing, innovation and technological trends
- Accurate predictions on upcoming trends and changes in consumer behavior