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Deere & Company (U.S.) Held the First Position in the Precision Farming Market
The major drivers for the precision farming market includes increasing global demand for food, focus on farm efficiency and productivity, adoption of new technologies to reduce production cost, and the government’s support in the adoption of precision farming. Also, increasing use of smartphones with agricultural hardware and software, and Unmanned Aerial Vehicles (UAVs)/drones is creating growth opportunities for the precision farming market. Currently, the key players in the precision farming market are adopting development strategies such as contracts, partnerships, agreements, mergers, acquisitions, expansions, new product launches, and research and development
According to the present scenario, the hardware component holds a major share of the precision farming market. The precision farming market for the services segment is expected to grow at the highest rate between 2016 and 2022. In terms of market leadership, Deere & Company (U.S.) is leading the precision farming market.
Deere & Company (U.S.) held the first position in the precision farming market in 2015. Deere & Company is one of the key players that provides efficient precision farming solutions. The company is one of the largest agricultural Original Equipment Manufacturers (OEMs) in the world and the only major OEM with its own line of vertically integrated precision agricultural products. The Deere precision agriculture offering is largely targeted toward the existing Deere farm equipment customer base. The company has a strong brand name and has a well-established distribution network which makes it a leading market player. The company introduces new product enhancements and launches regularly. For instance, in February 2016, the company upgraded its 800M-Series Tracked Feller Bunchers and 800MH-Series Tracked Harvesters which would help the farmers in real-time planning. The company is also involved in collaborations with the leading industry players. For instance, in February 2016, the company acquired Monosem, the European market leader in precision planters, to help extend the company’s market reach in precision planting equipment and add engineering expertise to further develop the planting technology. These product upgradation and collaborations are expected to help the company to provide innovative and improved technology and performance solutions in the precision farming market.
Trimble, Inc. (U.S.) held the second position in the precision farming market in 2015. The company is one of the leading providers of location-based solutions having expertise in Global Positioning System (GPS), laser, optical, and inertial technologies with application software, wireless communications, and services to provide complete commercial solutions to maximize productivity and enhance profitability. The company has made consistent product enhancements and launched new products between 2013 and 2016. For instance, in 2016, the company introduced FactoryFit, a wireless IoT platform for water management, and agriculture software platform. The company has entered into partnerships with other companies operating in the agricultural technology industry. For instance, in August 2016, the company acquired AXIO-NET GmbH (Germany) and AgriTrend (Canada) and collaborated with AGCO Corporation (U.S.) and Mapshots, Inc. (U.S.). Therefore, it is anticipated that with the growing competition in the precision farming market, the experience and financial capability of Trimble, Inc. would help it to go for market consolidation strategy.
Precision Farming Market by Technology (Guidance System, Remote Sensing, Variable Rate Technology), Offering (Hardware Automation & Control System, Sensor & Monitoring Device, Software, Services), Application, and Geography - Global Forecast to 2022
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