Precision Farming Market Growth Analysis by Top Leading Key Players: Agribotix, LLC, CropX, Trimble Navigation Limited, AGCO Corporation, AgSmarts, Boumatic LLC, Deere & Company, AgSense LLC, CropMetrics LLC, Precision Planting

Market Overview: -

Global precision farming market share, over the recent years, has been witnessing meteoric rise owing to the laudable initiatives undertaken by regional governments to combat declining agricultural productivity. The farming sector has perpetually been marred with several challenges including a marked increase in the cost of production, restricted employment opportunities, fragmented land holdings, degrading and diminishing natural resources, etc. Moreover, the rapid pace of urbanization and the burgeoning population has further aggravated and contributed toward further deterioration of the farming sector which already is in shambles. In order to tackle these massive impediments, the farming community across the world is now gradually incorporating numerous advanced precision tools in their farmlands to accomplish various objectives such as greater sustainability, realize higher financial benefits, and to lower environmental harm.

Precision farming market is projected to surpass USD 10 billion by 2024. The technology is an integrated and production-oriented agricultural system developed for improving site-specific, long-term farm production efficiency. It helps in minimizing the impact of unfavorable environmental conditions or phenomena by facilitating effective weather monitoring. Precision agriculture enables farmers to identify, analyze, and manage temporal and spatial variability in the fields to ensure optimum product quality and profitability. By minimizing production costs, sustainability and protection of the land resources can be achieved using precision agriculture.

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Top Key Players: -

Some of the key players operating in the advanced farming market are, Agribotix, LLC, CropX Inc., Trimble Navigation Limited, AGCO Corporation, AgSmarts Inc, Boumatic LLC., , Deere & Company, AgSense LLC, CropMetrics LLC, Dickey-John Corporation, Farmers Edge Inc., Monsanto Company, Delaval Corporation, GEA Group AG, Precision Planting, Topcon Positioning Systems Inc. and Raven Industries Inc.

Market share calculation in this report is not done based on companies covered in it. The calculation of precision farming market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

Speaking of the prospective growth of the precision farming industry, US is likely to emerge as the strongest contender due to its swift adoption of progressive technologies in the farming sector. The well-developed infrastructure and presence of supportive government policies would further assist in rapid product penetration in the nation. For instance, one of the chief federal agencies of US Department of Agriculture, the National Institute of Food and Agriculture (NIFA), has unveiled a precision, geospatial, and sensor technology program to deliver decision tools that would enhance management capabilities of enterprises partaking in precision farming industry.

Asia Pacific precision farming market is expected to exhibit fastest growth over the forecast period with a CAGR of over 19% between 2017 and 2024. Adoption of digital farming technology to improve farm productivity in resource-poor regions struggling with low per capita productivity is resulting in significant increase in the yield. In countries such as India where most of the farms are rain fed and are inadequately irrigated, precision agriculture solutions are proving extremely useful for improving and maintaining overall farm production with increased per capita productivity.

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Partial Chapter of the Table of Content

Chapter 1. Methodology & Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope, definition and research parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2. Executive Summary
2.1. Precision Farming industry 360º synopsis, 2014 - 2024
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Component trends
2.1.4. Technology trends
2.1.5. Application trends
Chapter 3. Industry Insights
3.1. Introduction
3.1.1. Components of precision farming
3.2. Industry segmentation
3.3. Precision farming market
3.4. Precision farming ecosystem analysis
3.5. Precision farming evolution
3.6. Technology & innovation landscape
3.7. Regulatory landscape
3.7.1. National Pollutant Discharge Elimination System (NPDES).
3.7.2. Emergency Planning & Community Right to Know Act (EPCRA)
3.7.3. Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA)
3.7.4. EPA Office of Pesticide Programs Endangered Species Protection Program
3.7.5. Integrated Administration and Control System (IACS)
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.1.1. Rising demand for food due to rapidly increasing population
3.8.1.2. Proliferation of Big Data
3.8.1.3. Increasing investment in agriculture technology
3.8.1.4. Adoption of IoT in agriculture
3.8.2. Industry pitfalls & challenges
3.8.2.1. Low adoption in the developing countries
3.8.2.2. Management of data
3.9. Growth potential analysis
3.10. Porter's analysis
3.11. PESTEL analysis

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Apart from government initiatives, numerous major US based precision farming industry players have been releasing cutting edge products to retain their preeminence in this highly combative business space. For instance, Illinois headquartered Precision Planting recently launched a total of 3 new products in the precision farming market. The firm has released a 20|20 monitor which offers an advanced agronomic picture which enables farmers to optimize planting and harvest decisions with a smart interface.

The second product is named as SeederForce, which is a progression automated downforce control system utilized in the air-seeder market. The third product on the list is a multi-hybrid planting system that allows for two hybrids to be planted in a single field by deploying a meter with a seed selector and a dual compartment hopper.

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