|11-10-2018 01:28 PM CET - IT, New Media & Software||
Precision Farming Market Outlook and Analysis to 2026 – Leading Top Companies are AgJunction, Inc, Agribotix LLC, Deere and Company, The Climate Corporation, Topcon Corporation and Trimble
Press release from: Polaris Market Research & Consulting
The global precision farming market was valued at 3,833 million in 2017 and is anticipated to grow at a CAGR of more than 14.7% during the forecast period. Precision farming is an accurate and controlled method of crop farming aimed at maximizing quality, productivity, sustainability, and profitability. It is also known as site specific crop management (SSCM) and satellite farming. It involves collection, tracking, monitoring, and analyzing of real-time data regarding crops, soil, water requirements, weather conditions, nutrient demand, and other environmental factors. Various technologies such as high precision positioning systems such as GPS, geomapping, automated steering systems, sensors and remote sensing, variable rate technology, and integrated electronic communication systems are applied to precision farming. These technologies enable farmers to use crop inputs such as pesticides, fertilizers, and irrigation water effectively based on soil, crop, and weather requirements to enhance crop yield while reducing environment pollution.
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Precision farming is increasingly being adopted across the world owing to increasing need to maximize crop production along with enhancing environmental protection. Growing demand for food crops owing to population increase coupled with increasing requirement to monitor crop health for production of high quality crops primarily drives the market growth. Other factors driving the growth of this market include growth in the global agricultural industry, limitations of land use and declining arable land. Integration of technologies such as big-data analytics and telematics along with support and subsidies from governments further supplement the growth of this market. However, high initial investment restricts the growth of the precision farming market. Furthermore, low awareness, and lack of standardization impede the growth of this market.
The global precision farming market is segmented on the basis of hardware, services, deployment, application and region. Based on the type of hardware, the market is further segmented into automation & control system, sensing devices, and access points. The application segment is categorized into irrigation management, crop scouting, yield monitoring, weather tracking and forecasting, field mapping, inventory management, and farm labor management. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Russia. Asia-Pacific is bifurcated into China, India, Japan, and Australia. North America accounts for the largest share in the global precision farming market owing to high labor costs, presence of large scale farmlands, and growing need to improve agricultural productivity.
Other leading players in the market include AgJunction, Inc, Agribotix LLC, Deere and Company, The Climate Corporation, Topcon Corporation, and Trimble, Inc. among others.
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.
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This release was published on openPR.
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