HOME Top Market Reports Precision Farming Market by Technology (Guidance Systems, Variable Rate Application, Remote Sensing), Hardware Devices and Software & Services, Application, and Geography - Global Forecast to 2020

Precision Farming Market by Technology (Guidance Systems, Variable Rate Application, Remote Sensing), Hardware Devices and Software & Services, Application, and Geography - Global Forecast to 2020

By: marketsandmarkets.com
Publishing Date: January 2016
Report Code: SE 2831

 

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The precision farming market is valued at USD 2.76 Billion in 2015 and is expected to grow at a CAGR of 11.7% during the forecast period. The base year used for this study is 2014 and the forecast period is 2015 to 2020. This report provides a detailed analysis of the precision farming market, based on technologies, hardware devices and software & services, applications, and regions. The increasing use of precision farming assists in increasing the yield production and helps in monitoring crop health, which helps in improving the quality of the field, that is, soil property, fertility, chemistry, moisture, and others, which acts a driving factor for the precision farming market. Besides this, the precision farming helps in reducing the input wastage on field and enhances the efficiency of land and crop. This factor is also fuelling the growth of the precision farming market.

To estimate the size of the precision farming market, top players in the market and their market share in the said market have been considered. This research study involves extensive use of secondary sources such as study of annual and financial reports of top players, presentations, press releases, journals, paid databases, and interviews with industry experts. The research methodology is explained below.

  • Analysis of the overall size of the individual markets with the help of primary and secondary research
  • Analysis of the several market segments and subsegments
  • Analysis of supply and demand sides of precision farming ecosystem
  • Analyzing the market trends in various regions and countries, supported by the on-going research & development in these respective regions
  • Overall market sizes finalized by triangulation with supply-side data which includes the product developments, supply chain, and estimated sales of precision farming market

After arriving at the overall market size, the total market has been split into several segments and subsegments and confirmed with the key industry experts. The figure below shows the breakdown of primaries on the basis of company type, designation, and region conducted during the research study.

Precision Farming Market

The precision farming ecosystem comprises satellite service providers, sensors manufacturers, components, OEMs, research organizations, distributors and suppliers, and end users, such as Ag Junction (U.S.), Deere & Company (U.S.), Raven Industries Inc. (U.S.), Trimble Navigation Ltd. (U.S.), AGCO Corporation (U.S.), Precision Planting Inc. (U.S.), SST Development Group, Inc. (U.S.), AG Leader Technology (U.S.), TeeJet Technologies (U.S.), and Topcon Precision Agriculture (U.S.).

The target audience for the report include:

  • Satellite service providers
  • Technology developers
  • Sensor manufacturers
  • Consultants, component suppliers
  • Government bodies
  • Farmers, field agents
  • GNSS-SBAS signal providers
  • Remote sensing providers

The market covered under this report has been segmented as follows:

This research report categorizes the global precision farming market based on hardware devices and software & services, applications, technologies, and geographies.

Global Precision Farming Market, by Hardware Devices

  • Automation and Control System
    • Display
    • Guidance & Steering
    • GPS/GNSS System
    • Mobile Devices
    • Flow and Application Control Devices
    • Others
  • Sensing and Monitoring Devices
    • Yield Monitors
    • Soil Sensors
      • Moisture Sensors
      • Temperature Sensors
      • Nutrient Sensors
    • Water Sensors
    • Climate Sensors
    • Others

Global Precision Farming Market, by Software & Services

  • Farm Management Software
    • Local/Web-Based
    • Cloud-Based
  • Software Services
    • Design Integration and Consultation
    • Managed Services
    • Maintenance and Support

Global Precision Farming Market, by Technology

  • Guidance System
    • Global Positioning System (GPS)
    • Geographic Information System (GIS)
  • Remote Sensing
    • Handheld
    • Satellite
  • Variable Rate Technology (VRT)
    • Variable Rate Fertilizer
    • Variable Rate Pesticide
    • Variable Rate Seeding

Global Precision Farming Market, by Application

Global Precision Farming Market, by Hardware Application

  • Yield Monitoring
  • Variable Rate Application
  • Field Mapping
  • Soil Monitoring
  • Crop Scouting
  • Others

Global Precision Farming Market, by Software Application

  • Crop Management
  • Financial Management
  • Farm Inventory Management
  • Personnel Management
  • Weather Tracking and Forecasting
  • Others

Global Precision Farming Market, by Geography

  • Americas
    • North America
    • South America
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • APAC
    • China
    • Japan
    • India
    • Rest of APAC
  • RoW (Rest of the World)
    • Australia
    • Middle East
    • Africa
    • Others

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Geographical Analysis:

  • Qualitative analysis of the RoW precision farming market for countries such as South Africa, Israel, and more.

Company Information:

  • Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Year Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 22)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions and Limitations
           2.4.1 Assumptions

3 Executive Summary (Page No. - 29)

4 Premium Insights (Page No. - 34)
    4.1 Attractive Opportunities in the Precision Farming Market
    4.2 Precision Farming Market, By Hardware Devices and Software & Services
    4.3 Precision Farming Market, By Technology and Region
    4.4 Regional Analysis of the Precision Farming Market
    4.5 Life Cycle Analysis

5 Market Overview (Page No. - 38)
    5.1 Introduction
           5.1.1 Evolution
    5.2 Market Segmentation
    5.3 Precision Farming Market, By Technology
    5.4 Precision Farming Market, By Hardware Devices and Software & Services
    5.5 Precision Farming Market, By Application
    5.6 Precision Farming Market, By Geography
    5.7 Market Dynamics
           5.7.1 Drivers
                    5.7.1.1 Increasing Global Demand for Food
                    5.7.1.2 Monitoring Crop Health for Yield Production
                    5.7.1.3 Extended Profitability & Production
                    5.7.1.4 Government Assistance
                    5.7.1.5 Cost Reduction
                    5.7.1.6 Advancement in the Agricultural Industry
           5.7.2 Restraints
                    5.7.2.1 Huge Capital Investment
                    5.7.2.2 Lack of Awareness About Technology
           5.7.3 Opportunities
                    5.7.3.1 Usage of Unmanned Aerial Vehicles(UAV)
                    5.7.3.2 Expansion of Smartphone Technology in Precision Agriculture
           5.7.4 Challenges
                    5.7.4.1 Management of Data for Productive Decision Making
           5.7.5 Burning Issue
                    5.7.5.1 Environmental Protection

6 Industry Trends (Page No. - 50)
    6.1 Introduction
    6.2 Supply Chain Analysis
    6.3 Industry Trends
    6.4 Porter’s Analysis
           6.4.1 Bargaining Power of Suppliers
           6.4.2 Bargaining Power of Buyers
           6.4.3 Threat of New Entrants
           6.4.4 Threat of Substitutes
           6.4.5 Degree of Competition
    6.5 Pestle Analysis
           6.5.1 Political Factors
           6.5.2 Economic Factors
           6.5.3 Social Factors
           6.5.4 Technological Factors
           6.5.5 Legal Factors
           6.5.6 Environmental Factors

7 Market, By Technology (Page No. - 61)
    7.1 Introduction
    7.2 Guidance Systems
           7.2.1 Global Positioning System (GPS)
           7.2.2 GNSS Application in Precision Farming
           7.2.3 Geographical Information System
           7.2.4 GIS Adoption Rate in the U.S.
    7.3 Remote Sensing
           7.3.1 Handheld Devices
           7.3.2 Satellite Sensing
    7.4 Variable Rate Technology (VRT)
           7.4.1 Variable Rate Fertilizer
           7.4.2 Variable Rate Pesticide
           7.4.3 Variable Rate Seeding

8 Market, By Hardware Device and Software & Services (Page No. - 75)
    8.1 Introduction
    8.2 Hardware
           8.2.1 Automation & Control System
                    8.2.1.1 Display
                    8.2.1.2 Guidance & Steering
                    8.2.1.3 GPS/GNNS System
                    8.2.1.4 Mobile Devices
                    8.2.1.5 Flow and Application Control Devices
                    8.2.1.6 Others
           8.2.2 Sensing and Monitoring Devices
                    8.2.2.1 Yield Monitors
                    8.2.2.2 Soil Sensors
                               8.2.2.2.1 Moisture Sensors
                               8.2.2.2.2 Temperature Sensors
                               8.2.2.2.3 Nutrient Sensors
                    8.2.2.3 Water Sensors
                    8.2.2.4 Climate Sensors
                    8.2.2.5 Others
    8.3 Software & Services
           8.3.1 Introduction
           8.3.2 Farm Management Software
                    8.3.2.1 Local/Web-Based
                    8.3.2.2 Cloud-Based
           8.3.3 Software & Services
                    8.3.3.1 Design Integration and Consultation
                               8.3.3.1.1 Managed Services
                               8.3.3.1.2 Maintenance and Support

9 Market, By Application (Page No. - 90)
    9.1 Introduction
    9.2 Hardware Application
           9.2.1 Yield Monitoring
                    9.2.1.1 On-Farm Yield Monitoring
                    9.2.1.2 Off-Farm Field Monitoring
           9.2.2 Variable Rate Application
                    9.2.2.1 Map-Based VRA
                    9.2.2.2 Sensor-Based VRA
                    9.2.2.3 Fertilizer VRA
                    9.2.2.4 Nitrogen VRA
                    9.2.2.5 Phosphorus VRA
                    9.2.2.6 Lime VRA
                    9.2.2.7 Seeding VRA
                    9.2.2.8 Pesticide VRA
           9.2.3 Field Mapping
                    9.2.3.1 Boundary Mapping
                    9.2.3.2 Drainage Mapping
           9.2.4 Soil Monitoring
                    9.2.4.1 Moisture Monitoring
                    9.2.4.2 Nutrient Monitoring
           9.2.5 Crop Scouting
    9.3 Software Applications
           9.3.1 Crop Management
           9.3.2 Financial Management
           9.3.3 Farm Inventory Management
           9.3.4 Personnel Management
           9.3.5 Weather Tracking and Forecasting
           9.3.6 Others

10 Geographic Analysis (Page No. - 103)
     10.1 Introduction
     10.2 Americas
             10.2.1 North America
                        10.2.1.1 U.S.
                        10.2.1.2 Canada
                        10.2.1.3 Mexico
             10.2.2 South America
                        10.2.2.1 Brazil
                        10.2.2.2 Argentina
             10.2.3 Others
     10.3 Europe
             10.3.1 Germany
             10.3.2 U.K.
             10.3.3 France
             10.3.4 Others
     10.4 APAC
             10.4.1 China
             10.4.2 Japan
             10.4.3 India
             10.4.4 Others
     10.5 Rest of the World
             10.5.1 Australia
             10.5.2 Middle East
             10.5.3 Africa
                        10.5.3.1 Contribution of South Africa in the Precision Farming Market
             10.5.4 Others

11 Competitive Landscape (Page No. - 138)
     11.1 Overview
     11.2 Market Share Analysis
     11.3 Competitive Situation and Trends
             11.3.1 New Product Launches
             11.3.2 Agreements, Partnerships, and Collaborations
             11.3.3 Acquisitions and Joint Ventures
             11.3.4 Expansions

12 Company Profiles (Page No. - 146)
(Overview, Products and Services, Financials, Strategy & Development)*
     12.1 Introduction
     12.2 Deere & Company
     12.3 Trimble Navigation Limited
     12.4 AGCO Corporation
     12.5 Agjunction Inc.
     12.6 Raven Industries Inc.
     12.7 AG Leader Technology
     12.8 Precision Planting Inc.
     12.9 SST Development Group, Inc.
     12.10 Teejet Technologies
     12.11 Topcon Precision Agriculture

*Details on Overview, Products and Services, Financials, Strategy & Development Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 174)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Introducing RT: Real-Time Market Intelligence
     13.4 Available Customizations
     13.5 Related Reports


List of Tables (74 Tables)

Table 1 Incresaing Global Food Demand and Advancement in Agricultural Industry to Drive the Market for Precision Farming Products
Table 2 Huge Capital Investment Restraining the Growth of Precision Farming Market
Table 3 Usage of Unmanned Aerial Vehicles are an Opportunity for the Market
Table 4 Management of Data to Assist Decision Making—A Challenge to the Growth of Market
Table 5 Precision Farming Market Size, By Technology, 2013–2020 (USD Million)
Table 6 Precision Farming Market Size, By Guidance System, 2013–2020 (USD Million)
Table 7 Types of Satellite Remote Sensing Images
Table 8 Precision Farming Market Size, By Remote Sensing, 2013–2020 (USD Million)
Table 9 Precision Farming Market Size, By Variable Rate Technology (VRT), 2013–2020 (USD Million)
Table 10 Precision Farming Market Size for Hardware Devices and Software & Services, 2013–2020 (USD Million)
Table 11 Precision Farming Market Size for Hardware Devices, 2013–2020 (USD Million)
Table 12 Precision Farming Market Size for Automation & Control Systems, 2013–2020 (USD Million)
Table 13 Precision Farming Market Size for Sensing & Monitoring Devices, 2013–2020 (USD Million)
Table 14 Precision Farming Market Size for Soil Sensors, 2013–2020 (USD Million)
Table 15 Precision Farming Market Size for Software & Services, 2013–2020 (USD Million)
Table 16 Precision Farming Market Size for Farm Management Software, 2013–2020 (USD Million)
Table 17 Precision Farming Market Size for Software & Services, 2013–2020 (USD Million)
Table 18 Americas: Precision Farming Market Size for Hardware Devices and Software & Services, 2013–2020 (USD Million)
Table 19 Europe: Precision Farming Market Size for Hardware Devices and Software & Services, 2013–2020 (USD Million)
Table 20 APAC: Precision Farming Market Size for Hardware Devices and Software, & Services 2013–2020 (USD Million)
Table 21 RoW: Precision Farming Market Size for Hardware Devices and Software & Services, and Services 2013–2020 (USD Million)
Table 22 Precision Farming Market Size, By Application, 2013–2020 (USD Million)
Table 23 Benefits of Yield Monitoring
Table 24 Precision Farming Market Size, By Hardware Application, 2013–2020 (USD Million)
Table 25 Precision Farming Market Size, By Software Application, 2013–2020 (USD Million)
Table 26 Precision Farming Market Size, By Geography, 2013–2020 (USD Million)
Table 27 Automation & Control Systems Market Size, By Geography, 2013–2020 (USD Million)
Table 28 Sensing & Monitoring Devices Market Size, By Geography, 2013–2020 (USD Million)
Table 29 Farm Management Software Market Size, By Geography, 2013–2020 (USD Million)
Table 30 Software & Services Market Size, By Geography, 2013–2020 (USD Million)
Table 31 Precision Farming Market Size for Yield Monitoring, By Geography, 2013–2020 (USD Million)
Table 32 Precision Farming Market Size for Variable Rate Application (VRA), By Geography, 2013–2020 (USD Million)
Table 33 Precision Farming Market Size for Field Mapping, By Geography, 2013–2020 (USD Million)
Table 34 Precision Farming Market Size for Soil Monitoring, By Geography, 2013–2020 (USD Million)
Table 35 Precision Farming Market Size for Crop Scouting, By Geography, 2013–2020 (USD Million)
Table 36 Precision Farming Market Size for Other Hardware Applications, By Geography, 2013–2020 (USD Million)
Table 37 Precision Farming Market Size for Crop Management, By Geography, 2013–2020 (USD Million)
Table 38 Precision Farming Market Size for Financial Management, By Geography, 2013–2020 (USD Million)
Table 39 Precision Farming Market Size for Farm Inventory Management, By Geography, 2013–2020 (USD Million)
Table 40 Precision Farming Market Size for Personnel Management, By Geography, 2013–2020 (USD Million)
Table 41 Precision Farming Market Size for Weather Tracking and Forecasting, By Geography, 2013–2020 (USD Million)
Table 42 Precision Farming Market Size for Other Software Applications, By Geography, 2013–2020 (USD Million)
Table 43 Americas: Precision Farming Market Size, 2013–2020 (USD Million)
Table 44 Americas: Automation & Control Systems Market Size, 2013–2020 (USD Million)
Table 45 Americas: Sensing & Monitoring Devices Market Size, 2013–2020 (USD Million)
Table 46 Americas: Farm Management Software Market Size, 2013–2020 (USD Million)
Table 47 Americas: Software & Services Market Size, 2013–2020 (USD Million)
Table 48 North America: Precision Farming Market Size, By Country, 2013–2020 (USD Million)
Table 49 North America: Automation &Control Systems Market Size, By Country, 2013–2020 (USD Million)
Table 50 North America: Sensing & Monitoring Devices Market Size, By Country, 2013–2020 (USD Million)
Table 51 North America: Farm Management Software Market Size, By Country, 2013–2020 (USD Million)
Table 52 North America: Software & Services Market Size, By Country, 2013–2020 (USD Million)
Table 53 South America: Precision Farming Market Size, By Country, 2013–2020 (USD Million)
Table 54 South America: Automation & Control Systems Market Size, By Country, 2013–2020 (USD Million)
Table 55 South America: Sensing & Monitoring Devices Market Size, By Country, 2013–2020 (USD Million)
Table 56 Europe: Precision Farming Market Size, By Country, 2013–2020 (USD Million)
Table 57 Europe: Automation & Control Systems Market Size, By Country, 2013–2020 (USD Million)
Table 58 Europe: Sensing & Monitoring Devices Market Size, By Country, 2013–2020 (USD Million)
Table 59 Europe: Farm Management Software Market Size, By Country, 2013–2020 (USD Million)
Table 60 Europe: Software & Services Market Size, By Country, 2013–2020 (USD Million)
Table 61 APAC: Precision Farming Market Size, By Country, 2013–2020 (USD Million)
Table 62 APAC: Automation &Control Systems Market Size, By Country, 2013–2020 (USD Million)
Table 63 APAC: Sensing & Monitoring Devices Market Size, By Country, 2013–2020 (USD Million)
Table 64 APAC: Farm Management Software Market Size, By Country, 2013–2020 (USD Million)
Table 65 APAC: Software & Services Market Size, By Country, 2013–2020 (USD Million)
Table 66 RoW: Precision Farming Market Size, By Country, 2013–2020 (USD Million)
Table 67 RoW: Automation & Control Systems Market Size, By Geography, 2013–2020 (USD Million)
Table 68 RoW: Sensing & Monitoring Devices Market Size, By Geography, 2013–2020 (USD Million)
Table 69 RoW: Farm Management Software Market Size, By Geography, 2013–2020 (USD Million)
Table 70 RoW: Software & Services Market Size, By Geography, 2013–2020 (USD Million)
Table 71 New Product Launches, 2013–2015
Table 72 Agreements, Partnerships, and Collaborations, 2013–2015
Table 73 Acquisitions and Joint Ventures, 2013–2015
Table 74 Expansions, 2013–2015


List of Figures (61 Figures)

Figure 1 Global Precision Farming Market, By Hardware Devices and Software & Services
Figure 2 Precision Farming Market: Research Design
Figure 3 Precision Farming Market: Bottom-Up Approach
Figure 4 Precision Farming Market: Top-Down Approach
Figure 5 Variable Rate Technology Expected to Grow at the Highest Rate During the Forecast Period
Figure 6 The Americas Expected to Hold the Largest Share of the Global Precision Farming Market in 2015
Figure 7 Variable Rate Application Expected to Have High Growth Rate in the Precision Farming Market Based on Application in 2015
Figure 8 Precision Farming Market in the Americas Expected to Have the Largest Share in 2015
Figure 9 Precision Farming Market Between 2015 and 2020
Figure 10 Automation and Control Systems Expected to Hold the Largest Share of the Precision Farming Market Based on Hardware Devices and Software & Services in 2015
Figure 11 Guidance Systems Estimated to Hold the Largest Market Share in 2015 (USD Million)
Figure 12 Americas Precision Farming Market Estimated to Have Lagrest Market Share in 2015
Figure 13 The Overall Life Cycle for Precision Farming Expected to Be Long and Steadily Growing
Figure 14 Aspects of Precision Farming
Figure 15 Evolution of Precision Farming
Figure 16 Increasing Global Food Demand to Boost the Growth of the Precision Farming Market
Figure 17 World Food Consumption in KCAL/ Person/Day, By 2030
Figure 18 USDA Budget Authority, USD Billion, 2012–2016
Figure 19 Reasons for Not Using Precision Agriculture Techniques in the U.K, 2012
Figure 20 Precision Farming Market: Supply Chain Analysis
Figure 21 Big Data Opportunities—The Leading Trend Among Key Market Players
Figure 22 Overall Porters Five Force Model for Precision Farming Market
Figure 23 Porter’s Five Forces Analysis, 2014
Figure 24 Bargaining Power of Suppliers in Precision Farming Market, 2014
Figure 25 Bargaining Power of Buyers in Precision Farming Market, 2014
Figure 26 Threat of New Entrants in Precision Farming Market, 2014
Figure 27 Threat of Substitutes in Precision Farming Market, 2014
Figure 28 Degree of Competition in Precision Farming Market, 2014
Figure 29 Precision Farming Market, By Technology
Figure 30 Variable Rate Technology (VRT) Poised to Grow at the Highest Rate Between 2015 and 2020
Figure 31 GNSS Technology Accuracy Levels
Figure 32 GNSS Application Pyramid
Figure 33 GIS in Precision Agriculture
Figure 34 GIS Adoption Rate in the U.S., 2013–2018
Figure 35 Remote Sensing Systems
Figure 36 Variable Rate Seeding
Figure 37 Precision Farming Market, By Hardware Device and Software & Services
Figure 38 Farm Management Software Expected to Witness the Highest Growth Rate of 16.5% Between 2015 and 2020
Figure 39 Precision Farming Market, By Application
Figure 40 Variable Rate Application (VRA) Expected to Have A High Adoption Rate in 2015
Figure 41 Field Application Analysis in the U.S. Market
Figure 42 Precision Farming Market Segmentation, By Geography
Figure 43 Geographic Snapshot: APAC Emerging as A Key Growth Region for the Precision Farming Market During the Forecast Period
Figure 44 Asia-Pacific and RoW to Witness the Highest Growth During the Forecast Period
Figure 45 Precision Farming Market Snapshot for the Americas
Figure 46 Precision Farming Market Snapshot for Europe
Figure 47 APAC Market Snapshot
Figure 48 Companies Adopted New Product Launches as the Key Growth Strategy Between 2013 and 2015
Figure 49 Precision Farming Market Share, By Key Player, 2014
Figure 50 Battle for Market Share: New Product Launches Key Strategy for 2013-2015
Figure 51 Geographic Revenue Mix of Top Players
Figure 52 Derre & Company : Company Snapshot
Figure 53 Deere & Company: SWOT Analysis
Figure 54 Trimble Navigation Limited : Company Snapshot
Figure 55 Trimble Navigation Limited: SWOT Analysis
Figure 56 AGCO Corporation: Company Snapshot
Figure 57 ACGO Corporation: SWOT Analysis
Figure 58 Agjunction Inc.: Company Snapshot
Figure 59 Agjunction Inc.: SWOT Analysis
Figure 60 Raven Industries Inc.: Company Snapshot
Figure 61 Raven Industries Ltd.: SWOT Analysis

The precision farming market is estimated to exhibit high growth potential till 2020. The total market is expected to reach USD 4.80 Billion by 2020 from USD 2.76 Billion in 2015, at a CAGR of 11.7% between 2015 and 2020. Cost reduction and advancement in the agricultural industry are acting as the drivers for the market. Precision farming helps in reducing the cost of farming such as fertilizers, chemical applications, pollution, and others by applying the right amount of inputs at the right place. For instance, satellite guidance steering, such as GPS or GIS steering, helps in reducing energy, fuel bill, and it enhances driving accuracy.

The largest market in the technology segment is the guidance system owing to use of GPS and GIS technology on the field. GPS technology helps farmers and agriculture service providers to automatically record the field data and apply variable rate of inputs to smaller areas within larger fields. Farmers use GPS for major applications such as guidance and automatic steering, yield monitoring, field mapping, and variable rate application, parallel swathing, utilization of fertilizers, and others.

The software application is expected to account for the largest share for growth mechanism segment of the precision farming market. Crop management is expected to grow at the highest rate during the forecast period. The growth can be attributed to the fact that it helps in crop protection, monitoring & auditing, minimizing waste & pollution management, landscape & soil management, and crop nutrition. It assists in better utilization of resources and improves crop quality.

Hardware devices held the largest market size, in terms of value. The large market share can be attributed to the fact that the use of sensors, GPS/GNSS systems, displays, mobile devices, and others helps in increasing the productivity of land and crop. The market for automation and control systems is expected to grow at the highest rate during the forecast period.

Precision Farming Market

The Americas is expected to hold the largest market share in 2020, and APAC is expected to grow at the highest CAGR during the forecast period. The continuous increase in adoption rate of technology, limited land availability, rising commodity prices, increasing food demand, and government initiatives are driving the growth of the precision farming market in these regions.

Hugh capital investment and lack of awareness about the technology are restraining factors for the precision farming market. The major players in this market include Deere & Company (U.S.), Trimble Navigation Ltd. (U.S.), Ag Junction (U.S.), Raven Industries Inc. (U.S.), and AGCO Corporation (U.S.).These players adopted various strategies such as new product developments, partnerships, collaborations, and business expansion to cater to the needs of the precision farming market.

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