Precision Farming Market And Key Players are AGCO Corporation, AgJunction, Deere and Company

Precision Farming is the new Agricultural Revolution of the century. It refers to the precise application of agricultural inputs based on soil, climate and harvest prerequisite to amplify sustainable productivity, quality and be cost effective. It incorporates the utilization ofrecent advances such as remote sensing (RS), GPS, and geographical information system (GIS) with an aim to improve efficiency. Precision Farming allows farmers the ability to use resources like fertilizers, pesticides, and irrigation water more effectively.

The Precision Farming Market has experienced high growth in the recent years. It has expanded due to government investments, increased consumption of the population, need for healthier crops, cost-effective farming practices and integration of I.T. related systems. The market is expected to accelerate rapidly during 2016 and 2022.

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Market Dynamics:
Here we will analyse the market dynamics such as drivers, trends and industry-specific challenges for the precision farming market.

Market Drivers:
Major factors which are driving the adoption of precision farming are urbanization, climate, the demand for new technological advancement and a price reduction of crops. Due to GIS and GNSS ecosystems, cheaper sensors and mobile revolution, there has been an increase in adoption of navigation systems and application in the domain of agriculture. Other major driving factors are the wide reach of mobile connectivity and smart phones, competitive supplier's prices, raw materials and population growth.

Market Trends:

One of the emerging trends is using unmanned aerial vehicles - Drones. Mobile Technology enables better exchange of information with various investors. Robotics in the field of agriculture can be implemented in tasks like planting greenhouse crops and trimming vineyards. Precision Mobile Drip Irrigation can help maintaining the soil moisture during water scarcity. Internet of Things helps to connect systems like field sensors and management application which interact and transmit data over long distances.

Restraint &Challenges:

Some of the constraints are lack of standardization across global markets of agriculture and no proper management of data for industrious decision. Thus, operational uniformity is the need of the hour. Furthermore, the technology is comparatively expensive, making it quite affordable to farmers in emerging countries. It has been widely adopted in the developed countries but in India it is still in its infancy stage. This is due to poor infrastructure, farmers' resistance towards technology, and the socioeconomic and demographic conditions.

Market Segmentation:

The market is segmented by Components:
Hardware and Software: Hardware relates to all the navigation and monitoring systems in place which includes soil, water and climate sensors, drones, Variable Rate Technology (VRT), radar, GPS, driverless tractors and other mobile satellite. The software includes the application of GIS, crop management software, weather tracking and forecasting, inventory management software etc.

The hardware segment has dominated the market in terms of revenue and was valued at USD 2,209.3 million in 2016.To guide farmers, predictive soft wares are used to assist in crop rotation, soil management, ideal planting and harvesting times. These include the implementation of web-based and cloud-based apps that control precision farming.

The market is segmented by Application of technology
Yield monitoring aids farmers with real-time information and tracksthe quality of produce. Crop scouting analyses the crop performance, pest infestations and effectiveness of pest control devices. Real-time dataof rainfall aids farmers to avoid post-harvest losses. Sensors in irrigation help to determine the right amount of irrigation water. VRT is a form of planter and sprayer technology, which distributes the requiredpesticides and seeds across the field equally.

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Geographic analysis:

Precision Farming has a great demand in the Asia Pacific countries where farming is one of their main occupancyand to enhance their yields. Countries such as India, China, Japan, Indonesia and Bangladesh represent a huge market for precision agriculture.There is a lot of scope in the European countries as it is just waiting to be tapped. The largest market for precision farming is North America, where US has shown steady growth in adoption of precision farming.

Key Players:
The major players in the market include:
AGCO Corporation, AgJunction, Deere and Company, Trimble Navigation, CropX, AgSmarts Inc, AgSense LLC, Ag Leader Technology

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