Global precision farming market is presumed to accumulate over US $13,016 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Owing to the expanding agricultural industry and huge demand for food crops, there has been a massive increase in the worldwide adoption of precision farming. As per the report, the growth of the global precision farming market is triggered by the rising need to enhance the quality of crops, advance crop monitoring, and maximize crop production. While on one hand, the market growth is supplemented by technological advancements and government subsidies, on the other hand, lack of awareness and high initial investment are said to restrict the growth of the precision farming market.
Based on the hardware type spectrum, the global precision farming market is bifurcated into automation & control, sensing devices, and antennas/access points. The automation & control segment is further sub-divided into drones, application control devices, remote sensing, guidance system, driverless tractors, VRT, mobile devices, and wireless module. The precision farming market is segmented into cloud based and web-based/local segments on the basis of deployment type. The service landscape of the global market is divided into system integration, maintenance & support, managed services, and consulting.
Precision farming finds extensive applications in the areas of irrigation management, yield monitoring, crop scouting, farm labor management, inventory management, weather tracking & forecasting, and field mapping. Reportedly, the yield monitoring segment held the biggest market fragment, evaluated at US $1,974 million, in 2017, registering a 13.2 percent CAGR over the forecast timeline. This can be credited to the advantages offered by yield monitoring such as improved yields, reduced costs, and enhanced decision making.
The latest report provides an insightful analysis of the global precision farming market dynamics, drivers, restraints as well as opportunities, besides expounding the present market scenario and future prospects. A comprehensive analysis of the business sphere in view of the existing industry trends, Porter's five forces, regional landscape, competitive ranking analysis, and competitive vistas, has also been detailed in the report.
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Speaking of the geographical presence, the global precision farming market consists of five major regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is further divided into the Unites States, Mexico, and Canada. The European region comprises the United Kingdom, Italy, France, Germany, and Russia. The Asia Pacific market covers India, Japan, China and Australia, while the Latin American market includes Brazil.
The report cites that North America generated the highest market revenue in the global precision agriculture market during 2017 and is anticipated to become the leading contributor to the worldwide market revenue over the projected timeframe. This is attributable to high labor costs and presence of large farmlands in the regional market. Market growth in the region is further supported by multiplying investments and subsidies by governments in the agriculture sector. Other factors driving regional market growth include growing need to enhance food quality & productivity, as well as augmented industrialization of farming equipment.
Leading contenders of the global precision farming market profiled in the report are AGCO Corporation, Topcon Corporation, Ag Leader Technology, Deere and Company, The Climate Corporation, AgJunction Inc., Trimble Inc. and Farmers Edge Inc. These companies are focusing on partnering with other market leaders in a bid to innovate and introduce new products and fulfil the growing needs of consumers.