According to a report published by Grand View Research, Inc.; the precision farming/agriculture market is likely to reach a valuation of around USD 10.23 billion by 2025. Increasing government support for implementing modern agricultural techniques and increasing requirement to monitor crop health to improve yield production due to demand for food can propel the market growth over the forecast period (2014 to 2025)
Precision farming involves a vast array of technologies such as bio-engineering, imagery and sensors, robotics and automation, big data, and digitization. Digital farming technology comprises cloud-based software and smart technologies like hybrid software/hardware products. Rising awareness about Internet-of-Things (IoT) devices and advanced analytics tools among farmers can positively drive the market in the coming years. IoT-based tactics can reduce the risks and helps in increasing crop yields. The labor expenses can be also minimized with the help of automated data collection using field sensors.
The field sensors can provide readings on soil moisture, nutrition, thermal, and growth monitoring, and weed recognition. Moreover, rising applications of telematics is likely to drive the market growth in the years to come. These techniques are extensively used to collect and transfer data from the farm equipment via sensors, which are installed on tractors as well as another field monitoring equipment. Telematics services include Global Navigation Satellite System (GNSS) can be used to display the precise position of the equipment. The practice of site-specific crop management will help in reducing the cost of nitrogen fertilizers and pesticides and improving crop yields. It can deliver better information for management decisions and better farm records which are crucial for sale.
Full Research Report On Precision Farming/Agriculture Market Analysis:
Moreover, advancements in agricultural Global Positioning System (GPS) systems, Geographical Information System (GIS), electronics miniaturization, and drones are playing a major role in driving the adoption rate of remote sensing technology. The images captured from this technology can be used for many purposes like mapping soil properties, crop water stress detection, and monitoring of weeds and diseases on crops.
However, the market may face restraints due to low adoption rates of the technology among farmers in developing economies. In addition, the absence of standards and restrictions on the data exchange between the systems limits the implementation of modern agricultural equipment of different brands and companies.
The worldwide precision farming/agriculture market can be segmented on the basis of offering, application, and region. Based on offering, the market can be categorized into hardware, software, and services. The services segment is expected to grow at a CAGR of 16.0% over the forecast period. Application-wise, the market can be split into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, farm labor management, inventory management, and irrigation management.
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Geographically, the market can be divided into North America, Europe, Asia Pacific, South America, and Middle East and Africa (MEA).
In 2016, North America estimated for the largest revenue share. Increasing government efforts to develop modern agriculture technology can create positive opportunities in the market in the coming years. For instance, the Canadian government put lots of investment in Clean Seed Capital Group for the development and commercialization of precision agriculture technology. The aim of this effort was to decrease the additional use of fertilizers and pesticides. The company established the CX-6 SMART Seeder for farmers by utilizing this fund.
Moreover, increasing awareness programs in the region can also make positive impact on the market. To create awareness among farmers, the National Institute of Food and Agriculture (NIFA), a part of the U.S. Department of Agriculture has been conducting programs on precision, geospatial, and sensor technologies. Collaborating with Land-Grand universities, the NIFA supports farmers in developing strong sensors, software, and devices for analyzing and observing several complex biological resources and procedures.
European market is expected to show significant growth in the coming years due to increasing with government financial incentives and growing digital revolution in agriculture sector.
Key players of the precision farming market include Farmers Edge, Inc.; Granular, Inc.; Agribotix LLC (U.S.), SST Development Group, Inc.; and Deere & Company.
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