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: www.grandviewresearch.com/industry-analysis/precision-farming-market
Further key findings from the study 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
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the precision farming market based on
offering, application, and region:
Precision
Farming/Agriculture Offering Outlook (Revenue, USD Million, 2014 - 2025)
- Hardware
- Automation
& control systems
- Drones
- Application
control devices
- Guidance
systems
- GPS
- GIS
- Remote
sensing
- Handheld
- Satellite
sensing
- Driverless
tractors
- Mobile
devices
- VRT
- Map-based
- Sensor-based
- Wireless
modules
- Bluetooth
technology
- Wi-Fi
technology
- Zigbee
technology
- RF
technology
- Sensing
devices
- Soil
sensor
- Nutrient
sensor
- Moisture
sensor
- Temperature
sensor
- Water
sensors
- Climate
sensors
- Others
- Antennas/access
points
- Software
- Web-based
- Cloud-based
- Services
- System
integration & consulting
- Maintenance
& support
- Managed
services
- Data
services
- Analytic
services
- Farm
operation services
- Assisted
professional services
- Supply
chain management services
- Climate
information services
Precision
Farming/Agriculture Application Outlook (Revenue, USD Million, 2014 - 2025)
- Yield
monitoring
- On-farm
- Off-farm
- Field
mapping
- Crop
scouting
- Weather
tracking & forecasting
- Irrigation
management
- Inventory
management
- Farm
labor management
Precision
Farming/Agriculture Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Russia
- Asia
Pacific
- China
- Japan
- India
- Australia
- South
America
- Brazil
- Middle
East and Africa (MEA)
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-precision-farming-market
About Grand
View Research:
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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