What's driving the Precision Farming Market Trends? Ag Leader Technology, AgJunction, Inc, Agribotix LLC, Deere and Company, The Climate Corporation, Trimble and Others
There has been an increasing adoption of precision farming across the world owing to growing agricultural industry, and high-demand for food crops. The global precision farming market is driven by the increasing need to improve the quality of crops produced, maximizing crop production, and enhanced crop monitoring. Technological advancement along with government subsidies further boosts the market growth. However, high initial investment and lack of awareness limit the precision farming market growth.
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The well-known companies profiled in the report include:
• Ag Leader Technology
• Agribotix LLC
• Conservis Corporation
• CropMetrics LLC
• Deere and Company
• Topcon Corporation
• Dickey-John Corporation
• Trimble, Inc
• The Climate Corporation
• Farmers Edge Inc
• AgJunction, Inc.
• Granular, Inc
• Grownetics, Inc.
• Iteris, Inc.
• Raven Industries Inc.
• SST Development Group Inc.
These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
North America generated the highest revenue in the precision agriculture market in 2017, and is expected to lead the global market throughout the forecast period. This is due to high cost of labor, and presence of large farmlands in the North American region. Increasing investments and subsidies in the agriculture sector by governments boost the precision farming market growth during the forecast period in the region. Increasing need to improve food quality and productivity along with increased industrialization of farming equipment further supplements market growth.
Various applications of precision farming include irrigation management, crop scouting, yield monitoring, weather tracking and forecasting, field mapping, inventory management, and farm labor management. In 2017, yield monitoring accounted for the largest share in the global market, and was estimated at $1,974 million in 2017, registering a CAGR of 13.2% during the forecast period. This is attributable to the benefits offered by yield monitoring such as reduced cost, improved yields, and enhanced decision making. Yield monitoring is further divided into on-farm yield monitoring, and off-farm yield monitoring.
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