Press release
Precision Farming Market Forecasts Report By Top Key Players: AGCO Corporation, John Deere, DeLaval, GEA Group, Monsanto Company, Topcon Positioning Systems, Trimble Inc., Raven Industries, Precision Planting, Farmers Edge, Ag Leader Technology
U.S. Precision Farming Market Size, By Component, 2016 & 2024 ($Mn)
Precision Farming Market size in 2016 was over USD 3.4 billion and is set to exceed USD 10 billion by 2024. The precision farming market growth is attributed to growing emphasis on improving agricultural productivity owing to rapidly increasing population around the world. Farmers in developed countries are rapidly adopting modern agricultural practices and equipment to boost their yield productivity and reduce agricultural losses. Also, increasing popularity of cloud-based farm management systems to manage precision agriculture activities at scale is also largely contributing to the market growth.
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The hardware segment is expected to hold a majority share of the precision farming market by 2024 owing to large scale installation of different precision farming devices such as sensors, GNSS antennas & receivers, and increasing adoption of mobile devices for running precision farming apps. Moreover, growing popularity of drones for aerial observations and field mapping applications is also expected to drive the hardware market growth between 2017 and 2024.
The high precision positioning system market is projected to hold a significant share of the precision agriculture market between 2017 and 2024 as GPS systems serve as the backbone for these operations. Due to the effective capabilities to collect accurate location and positioning information, the technology facilitates timely management of precision farming functions for enhancing overall yield productivity. On the other hand, remote sensing applications will witness accelerated adoption over the forecast period due to consistent technological advancements in sensor technology and new product development initiatives by the market players.
Weather monitoring applications will dominate the precision farming market during the forecast timeline as they provide key information related to important weather parameters such as moisture levels, relative humidity levels, rainfall and wind directions. Unlike other industries, farm production is most affected by weather conditions and hence, the adoption of these solutions for effective weather monitoring will witness consistent growth over the forecast period.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. AGCO Corporation
2. John Deere
3. DeLaval
4. GEA Group
5. Monsanto Company
6. Topcon Positioning Systems
7. Trimble Inc.
8. Raven Industries
9. Precision Planting
10. Farmers Edge
11. Ag Leader Technology
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Precision Farming Market, By Technology
o High precision positioning systems (GNSS and GPS)
o Geomapping
o Remote sensing
o Integrated electronic communication
o VRT
Precision Farming Market, By Application
o Weather monitoring
o Yield monitoring
o Field mapping
o Irrigation management
o Waste management
o Financial management
North America is the leading country in the precision farming market owing to the widespread adoption of the advanced information and communication in the agriculture sector. The presence of supportive government policies and well-developed infrastructure also supports the demand. Furthermore, increasing government efforts and initiatives to drive the adoption of technology in the region also foster the precision agriculture market growth.
The Asia Pacific precision agriculture market is projected to exhibit fastest growth between 2017 and 2024 due to favorable initiatives being undertaken in countries such as India, China, and Japan to improve sustainable agricultural productivity, and food security. To support the increasing population in the sub-continent, advanced technologies are being increasingly explored and implemented for improving farm productivity and optimizing resource costs. Also, favorable government initiatives are largely contributing to the growing adoption of digital farming market practices in the region.
The companies operating in the precision farming market are Ag Leader Technology, AGCO Corporation, AgJunction, Agribotix, AgSmarts, BouMatic, CropMetrics, CropX Technologies LTD, John Deere, DeLaval, Farmers Edge, GEA Group, Monsanto Company, Precision Planting, Raven Industries, Topcon Positioning Systems, Trimble Inc.
Browse key industry insights spread across 400 pages with 192 market data tables & 29 figures & charts from the report, Precision Farming Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/precision-farming-market
About Global Market Insights
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