Global Yield Monitoring System Market multiply at an impressive CAGR by 2027 & Top Key Players AGCO Corporation, Raven Industries Ltd., Mouser Electronics and Case IH
The changing weather patterns due to increasing global warming have necessitated the adoption of advanced technologies to enhance the productivity and crop yield. The factor contributing to the yield monitoring system market growth is the increasing application of drones and aircrafts for precision farming/agriculture operations. Drones have emerged as an excellent alternative to the traditional surveying & data gathering methods in agricultural operations. By using drones for crop monitoring, farm owners can significantly lower their production costs and can reduce the required man-hours and work-load.
On the basis of regional analysis, the yield monitoring system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America market is anticipated to capture the largest market share in the yield monitoring system market owing to increasing adoption of yield technology by farmers for crop management. Further, the Europe market is anticipated to induce a growth on the back of rising government subsidies to improve the infrastructure of agricultural system and crop management. With increasing demand for precision farming technologies, Asia Pacific region is expected to hold a significant revenue share by 2027.
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Increasing Use of Technologies
The yield monitoring system involves a broad range of technologies including bio-engineering, robotics & automation, imagery & sensors, and big data, as well as digitization. This would result in adoption of site specific crop management which would reduce the cost of nitrogen fertilizers, improve crop yields, reduce usage of pesticides, provide better farm records that are essential for sale and provide better information for management decisions. Thus, the increasing application of tech for radar systems will fuel the market growth during the forecast period.
Growth of Telematics
The growing application of telematics in agriculture is anticipated to derive the demand for precision farming over the forecast period. Telematics services include tracking devices using Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. It also offers a real-time view of the position, coolant temperature, ground speed, and the duration before which maintenance is required. Major agriculture equipment manufacturers are adopting telematics services for their equipment in order to improve the farm efficiency.
However, the lack of technology adoption among farmers is likely to restrain the market growth over the forecast period. The lack of standards and limitations on the exchange of data between the systems limits the adoption of modern agricultural machinery of different brands and companies. Furthermore, farmers lack independent consulting and advisory services to make a decision on investments. Additionally, independent services are not linked to co-operatives, government bodies, and farmer's associations where farmers can get additional information to take decisions.
The report titled “Yield Monitoring System Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of yield monitoring market in terms of market segmentation By technology, by component, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of yield monitoring system market which includes AGCO Corporation, Raven Industries Ltd., Mouser Electronics and Case IH and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of yield monitoring system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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