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.
Australia Precision Farming Market by Offering, 2014 -
2025 (USD Million)
Browse full research report on Precision
Farming/Agriculture 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
For more information: http://www.grandviewresearch.com
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