The global precision farming market accounted for 3. 92 billion in 2017 and is expected to reach $14.09 billion by 2026 growing at an annual rate of 15.3 per cent during the forecast period according to the recent report by Research and Markets.
Today, precision agriculture and technology has become indispensable, especially when it comes to their impact on farms in word-wide. Precision farming is the future and progress of farms in globally. More and more farmers return to the latest technology (GPS monitors and automated systems, sensors, monitoring and control, etc.) to facilitate their work and achieve outstanding results with distributed resources control.
Some of the key factors influencing the market growth include adoption of new inovative solutions and technologies application
for boosting agricultural production, growing proliferation of the internet of things (IoT) and use of advanced analytics by farmers and rising demand for food products.
Innovative systems like precision technologies can help to reduce up to 80% keeping costs under control weeds, reducing the cost of chemicals, reducing working hours and reducing the impact of activities on the environment.
However, high initial investment in reasearch and development is restricting the market growth. Amongst offering, Hardware segment is estimated to have a lucrative growth due to the high adoption of automation and control devices-drones/UAVs, GPS/GNSS, irrigation controllers, guidance and steering systems, yield monitors,wireless sensors variable rate application (VRA), monitors and sensors. The increasing adoption of new technologies and advanced devices for precision farming is expected to drive the growth of the precision farming market for hardware.
The major drivers for the precision farming market include increasing strain on the global food supply owing to increasing population, substantial cost savings associated with precision farming techniques, and government initiatives to adopt modern agricultural techniques. Precision farming is gaining tremendous popularity among farmers due to the increasing need for optimum crop production with limited available resources.
The North America precision farming market is is likely to have a huge demand owing to mechanization and heavy dependence on technology for aiding agribusinesses. The factors that are backing the market growth in the region are estimated to be the increasing awareness about the quality of crops and the introduction of new initiatives to bring innovations to the sector.
Top key players in global Precision Farming market are
Deere and Company, Trimble, Agco, Agjunction, Raven Industries, AG Leader Technology, SST Development Group, Teejet Technologies, Topcon Positioning Systems, Dickey-John Corporation, Cropmetrics, Hexagon Agriculture, Granular, Prospera Technologies, Agribotix, Autocopter Corp., The Climate Corporation (Subsidiary of Monsanto), Gamaya, Descartes Labs, Decisive Farming, Autonomous Tractor Corporation, Ec2ce.
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