Precision Farming Solutions Market : A Well-Defined Technological Growth Map With An Impact-Analysis

Precision farming is an approach toward farm management that employs information technology to increase productivity of crops and soil. Increasing global warming and changing weather patterns fuel the adoption of advanced farming technologies in the farming industry. In the current technological world, farmers need to adopt advanced farming technologies that are expected to help maximize yields and productivity. Integration of software farming applications and hardware devices, such as sensors, GPS and GIS system and automation and control system, plays a major role in the farming industry

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Global Precision Farming Solutions Market: Key Drivers

Increase in adoption of GPS, GIS, variable rate and new technologies, and utilization of technology-based agricultural equipment in the precision farming industry is a key factor fuelling the demand for precision farming solutions. Adoption of IoT devices in precision farming to provide real-time information about temperature and water content in the soil is expected to boost the precision farming solution market

Integration of smartphones; hardware devices; such as sensors, GPS receivers, etc.; and farming applications in the farming industry is estimated to boost the demand for precision farming solutions during the forecast period. Limited technical knowledge about precision farming among farmers is expected to hinder the precision farming solution market. Rising labour cost due to unskilled labour is also a key factor restraining the precision farming solutions market

New product launches and expansion of technology in the precision farming industry offer various opportunities for the precision farming solutions market. Availability of large-sized farms offer significant opportunities for precision farming solutions in various regions

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Impact of COVID-19 on the Global Precision Farming Solutions Market

Increasing cases of COVID-19 across the globe is resulting in economic slowdown. This pandemic has created disruptions in supply chain management in the precision farming industry, which have led to a shortage of equipment. Companies are searching for new ways to connect with farmers in the precision farming industry by using advance agricultural management technologies in order to boost the demand for precision farming solutions during COVID-19. Increasing adoption of wireless platforms for yield monitoring and crop monitoring have further raised the demand for precision farming solutions during the COVID-19 situation

North America to Hold Major Share of Global Precision Farming Solutions Market

In terms of region, the global precision farming solutions market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to be a prominent market for precision farming solutions during the forecast period. Rise in adoption of advanced technology in the farming industry to enhance productivity from existing farms fuels the precision farming solution market in the region.

Increase in demand for advanced farming system due the presence of large farms in Asia-Pacific boosts the adoption of precision farming solutions in APAC region. Rapid adoption of precision farming machinery in Middle East & Africa fuels the adoption of precision farming solutions in the region.

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Global Precision Farming Solutions Market: Competition Landscape

Several players have a strong presence in the precision farming solutions market owing to rapid technological advancements. In January 2020, AGCO Corporation, a key player in the precision farming solutions market, launched the new Fendt Momentum planter in North America for row crop farmers. This planter is easy to use and established new standards for seed plating accuracy and provides new technologies to farmers, which helps to overcome the planting conditions.

In March 2020, AgJunction Inc partnered with GeoSurf Corporation (GeoSurf) and Anhui Zhongke Intelligent Sense to provide precision agriculture solutions for rice and onion transplanters in Asia Pacific

Key Players Operating in the Global Precision Farming Solutions Market Include:

AgJunction, Inc.
AGCO Corporation
Ag Leader Technology
Agsmart Pty Ltd.
CropX Technologies
Descartes Labs, Inc
Deere & Company
Hexagon AB
Monsanto Company
Raven Industries Inc.
Topcon Positioning Systems Inc.
The Climate Corporation
Trimble Navigation Limited
Tetra Laval Holdings B.V.
TeeJet Technologies
Yara International ASA

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