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Precision Farming Market Revenue, Technology, Trends, Demand and Opportunities by 2023
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Precision farming is used to make farming more effective and informative by enabling enhanced decisions about several outlooks of crop production. Precision farming helps the farmers in evaluating the right amount of pesticides and fertilizers needed for enhanced yield production, and the right time to plant and harvest their crops through informative measures. The information assists in cutting down fuel usage, input costs and labor, and removes the environmental impact. The recent innovations in precision farming have further helped the farmers to increase their farming efficiency.
On the basis of technology, the precision farming market can be categorized as variable rate technology (VRT), remote sensing, and guidance systems. Variable rate technology includes variable rate pesticide, variable rate fertilizer, and variable rate seeding. Remote sensing includes satellite and handheld; and guidance systems include geographic information system, global positioning system, global navigation satellite system (GNSS), and geographic information system (GIS).
On the basis of applications precision farming market can be categorized as variable rate application (VRA), yield monitoring, farm labor management systems, crop scouting, soil monitoring, weather tracking and forecasting, and field mapping. Variable rate application (VRA) include field applications, map-based VRA, lime VRA, fertilizer VRA, sensor-based VRA, pesticide VRA, phosphorus VRA, nitrogen VRA and seeding VRA. Yield monitoring includes off-farm field monitoring and on-farm yield monitoring. The soil monitoring on the other hand includes moisture monitoring and nutrient monitoring; and field mapping includes boundary mapping and drainage mapping. Variable rate application dominates the precision farming market among the applications category due to multiple applications and high adoption rate of VRA.
Some of the factors driving the growth of the precision farming market include increasing awareness among farmers about cost and energy saving through this technology, enhanced crop health and inextricable link between sustainable development and precision farming. Abundance of available arable lands around the globe is providing ample opportunities to the growth of precision farming market in the coming years.
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Some of the competitors in the precision farming market are Teejet Technologies, LLC, Dickey-John Corporation, AGCO Corporation, Trimble Navigation Limited, Precision Planting Inc., Ag Leader Technology, Inc., Deere & Company, Agjunction Inc., Raven Industries Inc. and Topcon Precision Agriculture Pty. Ltd.
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