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.
Browse full research report on Precision
Farming Market: http://www.grandviewresearch.com/industry-analysis/precision-farming-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
Access
Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-precision-farming-market
About
Grand View Research, Inc:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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