The
global precision farming market is anticipated to reach USD 10.23
billion by 2025, according to a new report by Grand View Research, Inc.
Precision farming, also known as site-specific crop management or satellite
farming, is a concept of farm management that uses information technology to
ensure optimum health and productivity of the crops. The precision farming
technique largely depends on specialized equipment, IT, and software services.
Furthermore, this farming technique involves a broad range of technologies
including bio-engineering, robotics & automation, imagery & sensors,
and big data, as well as digitization. The adoption of site-specific crop
management would reduce the cost of nitrogen fertilizers, improve crop yields,
reduce the usage of pesticides, provide better farm records that are essential
for sale, and provide better information for management decisions.
The growing application
of telematics in agriculture is anticipated to drive the demand for precision
farming over the projected 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 farm efficiency.
Improving the efficiency
of agricultural machinery reduces the cost of agricultural operations and
maximizes profitability. Additionally, good management might reduce the
environmental impact. Farmers are increasingly using telematics technology to
collect and manage information from their field equipment.
Telematics technology is
used to capture and transfer data from the farm equipment through sensors
installed on tractors and other field monitoring equipment. The increasing
adoption of telematics systems by agricultural equipment companies is expected
to drive the demand in the precision farming market.
Trimble Ag Software’s
Connected Farm uses cellular and wireless technology to transfer data.
Furthermore, the company uses Farm Works software to manage data transferred
from the farm equipment. Raven Industries, Inc. provides a telematics service
called Slingshot. It uses cell phone networks to offer data transfer, real-time
kinematic GPS correction signals, and real-time technical support in the
fields. Additionally, Slingshot allows users to track the vehicle’s location.
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 owing to the lack of validated agronomic
models for Variable Rate Technology (VRT) 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.
Browse full report by Grand View
Research :
Further key findings from the report suggest:
·
The
increasing government support for adopting modern agricultural techniques and
the growing need for monitoring crop health for yield production are expected
to drive the market demand.
·
The
services segment is expected to portray a significant growth rate over the
projected period, growing at a CAGR of 16.0%.
·
The
cloud-based software model is anticipated to gain market share over the
projected period as it reduces energy consumption and large data storage, and
facilitates cost saving.
·
Innovations
in GPS mapping and related applications concerning farms are helping farmers to
operate more efficiently and increase their profit margins.
·
Drones
are expected to witness enormous growth in the agriculture field as they are
increasingly used in monitoring irrigation systems.
·
Soil
monitoring is a major application of the yield monitoring segment as it is used
to detect soil properties to increase the yield.
·
Digital
revolution in the agricultural sector along with government financial
incentives to farms is likely to drive the demand in the European precision
farming market in the coming years.
·
The
key players of the precision farming market include Agribotix LLC (U.S.), Deere
& Company (U.S.), SST Development Group, Inc. (U.S.), Farmers Edge, Inc.
(Canada), and Granular, Inc. (U.S.), among others
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has
segmented the precision farming market based on offering, application, and
region:
Precision
Farming/Agriculture Offering Outlook (Revenue, USD Million, 2014 - 2025)
·
Hardware
o
Automation
& control systems
o Drones
o Application control
devices
o Guidance systems
o GPS
o GIS
o Remote sensing
o Handheld
o Satellite sensing
o Driverless tractors
o Mobile devices
o VRT
o Map-based
o Sensor-based
o Wireless modules
o Bluetooth technology
o Wi-Fi technology
o Zigbee technology
o RF technology
o
Sensing
devices
o Soil sensor
o Nutrient sensor
o Moisture sensor
o Temperature sensor
o Water sensors
o Climate sensors
o Others
o
Antennas/access
points
·
Software
o
Web-based
o
Cloud-based
·
Services
o
System
integration & consulting
o
Maintenance
& support
o
Managed
services
o Data services
o Analytic services
o Farm operation services
o
Assisted
professional services
o Supply chain management
services
o Climate information
services
Precision
Farming/Agriculture Application Outlook (Revenue, USD Million, 2014 - 2025)
·
Yield
monitoring
o
On-farm
o
Off-farm
·
Field
mapping
·
Crop
scouting
·
Weather
tracking & forecasting
·
Irrigation
management
·
Inventory
management
·
Farm
labor management
Precision
Farming/Agriculture Regional Outlook (Revenue, USD Million, 2014 - 2025)
·
North
America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
UK
o
France
o
Russia
·
Asia
Pacific
o
China
o
Japan
o
India
o
Australia
·
South
America
o
Brazil
·
Middle East and Africa
(MEA)
Access press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-precision-farming-market
About Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: http://www.grandviewresearch.com
