The global precision farming market is
anticipated to reach USD 10.23 billion by 2025, according to a new report by
Grand View Research, Inc. Precision farming, also known as site-specific crop
management or satellite farming, is a concept of farm management that uses
information technology to ensure optimum health and productivity of the crops.
The precision farming technique largely depends on specialized equipment, IT,
and software services. Furthermore, this farming technique involves a broad range
of technologies including bio-engineering, robotics & automation, imagery
& sensors, and big data, as well as digitization. The adoption of
site-specific crop management would reduce the cost of nitrogen fertilizers,
improve crop yields, reduce the usage of pesticides, provide better farm
records that are essential for sale, and provide better information for
management decisions.
The growing application of
telematics in agriculture is anticipated to drive the 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. It also offers a real-time view of the
position, coolant temperature, ground speed, and the duration before which
maintenance is required. Major agriculture equipment manufacturers are adopting
telematics services for their equipment in order to improve farm efficiency.
Improving the efficiency of
agricultural machinery reduces the cost of agricultural operations and
maximizes profitability. Additionally, good management might reduce the
environmental impact. Farmers are increasingly using telematics technology to
collect and manage information from their field equipment.
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
demand in the precision farming market.
Trimble Ag Software’s Connected
Farm uses cellular and wireless technology to transfer data. Furthermore, the
company uses Farm Works software to manage data transferred from the farm
equipment. Raven Industries, Inc. provides a telematics service called
Slingshot. It uses cell phone networks to offer data transfer, real-time
kinematic GPS correction signals, and real-time technical support in the
fields. Additionally, Slingshot allows users to track the vehicle’s location.
However, the lack of technology
adoption among farmers is likely to restrain the market growth over the
forecast period. The lack of standards and limitations on the exchange of data
between the systems limits the adoption of modern agricultural machinery of different
brands and companies. Furthermore, farmers lack independent consulting and
advisory services owing to the lack of validated agronomic models for Variable
Rate Technology (VRT) to make a decision on investments. Additionally,
independent services are not linked to co-operatives, government bodies, and
farmer’s associations where farmers can get additional information to take
decisions.
Browse full research report on Global
Precision Farming Market: http://www.grandviewresearch.com/industry-analysis/precision-farming-market
Further key findings from the report suggest:
- The increasing government support for adopting modern agricultural techniques and the growing need for monitoring crop health for yield production are expected to drive the market demand.
- The services segment is expected to portray a significant growth rate over the projected period, growing at a CAGR of 16.0%.
- The cloud-based software model is anticipated to gain market share over the projected period as it reduces energy consumption and large data storage, and facilitates cost saving.
- Innovations in GPS mapping and related applications concerning farms are helping farmers to operate more efficiently and increase their profit margins.
- Drones are expected to witness enormous growth in the agriculture field as they are increasingly used in monitoring irrigation systems.
- Soil monitoring is a major application of the yield monitoring segment as it is used to detect soil properties to increase the yield.
- Digital revolution in the agricultural sector along with government financial incentives to farms is likely to drive the demand in the European precision farming market in the coming years.
- The key players of the precision farming 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.), among others
Read our blogs by Grand View Research: http://www.grandviewresearch.com/blog/precision-agriculture-market-size-share-research
Grand View Research has segmented
the precision farming market based on offering, application, and region:
Precision Farming/Agriculture Offering Outlook (Revenue,
USD Million, 2014 - 2025)
- Hardware
- Automation & control systems
o Drones
o Application
control devices
o Guidance
systems
o GPS
o GIS
o Remote
sensing
o Handheld
o Satellite
sensing
o Driverless
tractors
o Mobile
devices
o VRT
o Map-based
o Sensor-based
o Wireless
modules
o Bluetooth
technology
o Wi-Fi
technology
o Zigbee
technology
o RF
technology
Sensing devices
o Soil
sensor
o Nutrient
sensor
o Moisture
sensor
o Temperature
sensor
o Water
sensors
o Climate
sensors
o Others
Antennas/access points
Software
Web-based
Cloud-based
Services
System integration & consulting
Maintenance & support
Managed services
o Data
services
o Analytic
services
o Farm
operation services
Assisted professional services
o Supply
chain management services
o Climate
information services
Precision Farming/Agriculture Application Outlook
(Revenue, USD Million, 2014 - 2025)
- Yield monitoring
- On-farm
- Off-farm
- Field mapping
- Crop scouting
- Weather tracking & forecasting
- Irrigation management
- Inventory management
- Farm labor management
Precision Farming/Agriculture Regional Outlook (Revenue,
USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Russia
- Asia Pacific
- China
- Japan
- India
- Australia
- 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 information: www.grandviewresearch.com
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