Global Precision Farming Market 2018-2023 | Industry Share, Size, Key Players, Trends, Competitive and Regional Analysis and Forecast to 2023

The market for precision farming market has reached about $ 3.5 billion in 2017 and is expected to double by 2023. The increase in the market is attributed to the factors, such as increasing demand for innovative technology to increase the yield to meet the rising demand for food, increasing investments to improve the standards of agriculture, government interventions by encouraging with subsidies for using technological equipment and technological support. However, the market is likely to witness the retarded growth due to the factors, such as lack of technological skills, high initial investment costs, and reluctance to adopt the latest technologies in farming practices, especially in the developing countries.

The adoption rate of technology has been increasing in agriculture to increase efficiency and manage costs. Precision farming, also known as precision agriculture, is the combination of farming methodology with technology. Technology has become an indispensable part of agribusiness from farmer to retailer to agronomist and is driving the method of farming from land and labor-intensive to technology-enabled smart farming. Technology used in the precision farming span across all agricultural practices, including sowing or planting or spraying or fertilizing and to irrigation. Precision Farming is expected to have a positive impact on farm productivity, environment (by lowering Greenhouse Gas (GHG) emissions) and economics, by lowering production costs to provide higher or equal yields than conventional farming practices.

The precision farming technologies are majorly categorized into three types – data acquisition technologies, data analysis and evaluation technologies, and precision application technologies.

Request for PDF Sample of this Market Research Report@ https://www.supplydemandmarketresearch.com/home/contact/6234?ref=Sample-and-Brochure&toccode=SDMRSE6234

Precision agriculture is trending toward complete automated solutions for farm efficiency, better yield, and less environmental emission and waste by using all available information and expertise. Several startups have been focusing on the Precision Farming, aiming to provide good agricultural data but approaching from different angles to some extent. For example, The CropX software system, by CropX Ltd., (Israel) for advanced adaptive irrigation not only informs farmers about the amount of inputs (such as water, fertilizer and pesticide) needed by each plant at specific times, but also controls the irrigation system accordingly. Tevatronic LTD., (Serot, Israel) has risen more than $ 2.5 million from private and angel investors and the Israel Innovation Authority, and has done pilots in Israel and Australia. Tevatronics’s wireless sensors collect precise data from soil in each zone of the farm and the controllers measure each plant’s stress level to determine when to start and stop irrigation.

The market for hardware components, including automation and control systems, and sensing and monitoring systems accounted for a major part of the precision farming market. However, the market for software is expected to hold promising in the future to analyze and monitor all the aspects of precision farming and also connect all the environments across the value chain.

Some of the key players in the precision farming market include Deere & Company (US), Trimble Inc. (US), AgSmarts Inc. (US), AGCO Corporation(US), Raven Industries Inc. (US), AgJunction Inc. (US), Monsanto Company(US), Dickey-John Corporation (US), Ag Leader Technology (US), Cropmetrics LLC. (US), and Yara International ASA (Norway).

Get Instant Discount on this report@ https://www.supplydemandmarketresearch.com/home/contact/6234?ref=Discount&toccode=SDMRSE6234

Secondary Research:
Our research methodology involves in-depth desk research using various secondary sources. Data is gathered from association/government publications/databases, company websites, press releases, annual reports/presentations/sec filings, technical papers, journals, research papers, magazines, conferences, tradeshows, and blogs.

Key Data Points through secondary research-
• Macro-economic data points
• Import Export data
• Identification of major market trends across various applications
• Primary understanding of the industry for both the regions
• Competitors analysis for the production capacities, key production sites, competitive landscape
• Key customers
• Production Capacity
• Pricing Scenario
• Cost Margin Analysis

Browse Full Market Research Report@ https://www.supplydemandmarketresearch.com/home/purchase?code=SDMRSE6234

Contact Us
info@supplydemandmarketresearch.com
https://supplydemandmarketresearch.com
Global Contact: +1-276-477-5910

About Supply Demand Market Research(SDMR)

We have a strong network of high powered and experienced global consultants who have about 10+ years of experience in the specific industry to deliver quality research and analysis.
Having such an experienced network, our services not only cater to the client who wants the basic reference of market numbers and related high growth areas in the demand side, but also we provide detailed and granular information using which the client can definitely plan the strategies with respect to both supply and demand side.

302-20 Misssisauga Valley, Missisauga,
L5A 3S1, Toronto

This release was published on openPR.