Crop Monitoring Technology in Precision Farming Market Expected to Arise at 13.14% of CAGR with AGCO CORPORATION, AG JUNCTION, JOHN DEERE, DICKEY-JOHN CORPORATION, TEEJET TECHNOLOGIES ILLINOIS, RAVEN INDUSTRIES, LINDSAY CORPORATION by 2023

Crop Monitoring Technology in Precision Farming Market is expected to register a CAGR of 13.14%, during the forecast period (2018-2023). The scope of the report is limited to Solutions offered by major players, which include Content Management, Case Management, Workflow Management, Record Management, and Digital Asset Management.

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Over the last two decades, PF (precision farming) has successfully made the transition from being an academic research topic to a highly beneficial practice in the field of agriculture. Around 70-80% of the new equipment purchases have been deemed to contain some form of PF tools. PF practices can be better analyzed as a cyclical approach rather than a sequential one (as depicted in the adjacent pictorial representation).

The major players include –
AGCO CORPORATION, AG JUNCTION INC., JOHN DEERE, DICKEY-JOHN CORPORATION, TEEJET TECHNOLOGIES ILLINOIS LLC, RAVEN INDUSTRIES INC., LINDSAY CORPORATION, MONSANTO COMPANY, VALMONT INDUSTRIES INC., YARA INTERNATIONAL ASA, TOPCON PRECISION AGRICULTURE, TRIMBLE NAVIGATION LIMITED, E. I. DU PONT DE NEMOURS AND COMPANY (DUPONT), LAND O'LAKES INC., and BASF SE, amongst others.

Key Developments in the Market
• March 2018 u2013 DTN has acquired Spensa technologies in a definitive agreement. The acquisition of Spensa technologies has boosted the product portfolio of DTN in agricultural modelling, predictive analytics etc
• September 2017 u2013 John Deere has acquired an agricultural start-up Blue River Technology for about USD 305 million. This acquisition can be highly beneficial to John Deere in terms of the scope for innovations

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Growing Demand for Food Products around the World Emphasizes the Need for Crop Protection in Precision Farming
According to a survey conducted by the UN DESA organization, the world population is expected to grow from around 7.35 billion in 2015 to 8.3 billion in 2030. The growth, in addition to rising disposable incomes, has contributed to the sustained rise in demand for food across the globe. The farming community is coming under severe pressure to meet the growing demand for food. The demand can be met by either increasing agricultural land, or by making optimal use of the available agricultural land. Farmers in developed countries are increasingly veering toward “sustainable intensification”, which advocates the use of precision farming techniques and tools to optimize crop productions. The methods have been met with success in developing markets, such as Latin America and Africa. The use of PF tools can be instrumental to mitigating the negative environmental impacts, such as over-utilization and the depletion of ground water. Large-scale institutional investors in the developing regions have made concrete commitments to assist the farming community in a bid to address the supply-demand problem.

Yield Monitoring is One of the Primary Aspects for Crop Monitoring in Precision Farming
By means of yield monitoring, farmers can be aware of the geo-referenced information about their agriculture fields, which helps in understanding underlying potential threats. Yield monitoring systems enable farmers to export the field and crop information to personal computing devices and make the data available in various formats (equipment displays, printed, at-home devices, etc.). In the developed countries, yield monitoring was introduced in the early 1990’s and modern agriculture has been considering it as a conventional farming practice. As the technology has been evolving since its inception, yield monitoring is increasingly becoming critical for making the best usage of geo-spatial technologies and site-specific crop management practices.

United States is One of the Prime Markets for the Ar & Mr Technology
It is estimated that only 20% of the total acreage in the United States and 58% of the producers implement precision agricultural technologies. AgLeader, Agri-vision, Blue River Technologies, Crop Venture Incorporated, Farm Works, and Holland Scientifics are some of the precision agriculture companies based in the United States. The Federal Aviation Administration (FAA) has laid out its restrictions toward the flying of drones; but as per their new rules passed in 2016, drones for commercial purposes, weighing up to 55 lb. can be used in the United States during daylight hours. This is seen as a big boost for the use of drone technology in agriculture, and the use of drone in forecast period will grow rapidly due to these rules by FAA.

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