Precision Farming Market: Current Business Trends & Growth Opportunities 2017-2024
Date: 2018-08-10   Author: Ronak Bora  Category: #market

The Precision Farming Market is set to grow from its current market value of more than $3.4 billion to over $10 billion by 2024; according to a new research report by Global Market Insights, Inc.

The technology is an integrated and production-oriented agricultural system developed for improving site-specific, long-term farm production efficiency. It helps in minimizing the impact of unfavorable environmental conditions or phenomena by facilitating effective weather monitoring. Precision agriculture enables farmers to identify, analyze, and manage temporal and spatial variability in the fields to ensure optimum product quality and profitability. By minimizing production costs, sustainability and protection of the land resources can be achieved using precision agriculture.

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Factors such as degrading and diminishing natural resources, decline in overall productivity, fragmented land holdings, and stagnating farm incomes have become critical concerns for agricultural growth and development. Moreover, increasing demand for food to support the rapidly growing population around the world is also a major concern contributing to the increasing adoption and research and development related to advanced farming technology.

Technological advancements such as the GPS modernization program to strengthen the GPS infrastructure are expected to provide traction to the precision farming market growth over the forecast period. Also, advancements in IoT and its adoption for precision agriculture systems to connect office-based farm management systems with field-based machinery are likely to contribute to the market growth during the forecast timeline.    

The competition in precision farming market is primarily characterized by strategic collaborations and acquisitions by key market players to diversify their product portfolio and extend their presence to newer regional markets. As the technology is rapidly advancing with innovations in sensor-based crop sensing solutions and advancements in GPS-enabled location-based capabilities, companies are consistently involved in new product development and upgradation initiatives.

North America held a major share of the global precision agriculture market in 2016 and is expected to maintain this dominance over the forecast timeline between 2017 and 2024. Large scale adoption of advanced farming solutions such as soil mapping, yield mapping, Variable Rate Technologies (VRT) and guidance and steering systems by U.S. based farmers is driving the growth of North America advanced farming market. Asia Pacific precision farming market is expected to exhibit fastest growth over the forecast period with a CAGR of over 19% between 2017 and 2024. Adoption of digital farming technology to improve farm productivity in resource-poor regions struggling with low per capita productivity is resulting in significant increase in the yield. In countries such as India where most of the farms are rain fed and are inadequately irrigated, precision agriculture solutions are proving extremely useful for improving and maintaining overall farm production with increased per capita productivity.   

Browse Full Report @ https://www.gminsights.com/industry-analysis/precision-farming-market

The players operating in the advanced farming market are focusing on developing advanced sensor-based products which can provide quantitative metrics about the health and yield potential of crops. For instance, March 2017, SLANTRANGE, a provider of remote sensing and in-field analytics, announced the release of their new 3p multispectral sensor system for agricultural drones. The system, immediately after a drone flight, provides quantitative metrics about the crop’s health and enables growers to effectively scale their operations. Some of the key players operating in the advanced farming market are, Agribotix, LLC, CropX Inc., Trimble Navigation Limited, AGCO Corporation, AgSmarts Inc, Boumatic LLC., , Deere & Company, AgSense LLC, CropMetrics LLC, Dickey-John Corporation, Farmers Edge Inc., Monsanto Company, Delaval Corporation, GEA Group AG, Precision Planting, Topcon Positioning Systems Inc. and Raven Industries Inc.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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