Precision Farming Market

Market Leadership - Precision Farming Market

The precision farming market is estimated to grow from USD 7.0 billion in 2020 to USD 12.8 billion by 2025, at a CAGR of 12.7%. Major drivers for the precision farming market include the high demand for agricultural products due to population growth; increased adoption of VRT, remote sensing technology, and guidance technologies by worldwide farmers; and strong government support for promoting the use of precision farming techniques Precision farming is gaining tremendous popularity among farmers due to the increasing need for optimum crop production with limited available resources. Further, the changing weather patterns due to increasing global warming have necessitated the adoption of advanced technologies to enhance farm productivity and crop yield.

John Deere (US) held the first position in the precision farming market. The company has adopted acquisition as a key business strategy for its growth. In October 2019, John Deere acquired Unimil (Brazil), which mainly deals with aftermarket services for sugarcane harvesters. Similarly, in September 2017, John Deere acquired an artificial intelligence start-up—Blue River Technology, which develops cutting-edge machine vision tools that help farmers scan fields and assess crops. The company regularly announces developments regarding product enhancements and launches. In February 2019, the company upgraded its 19-1 software to enhance the automation, documentation, functionality, and security of Generation 4 4600 Command Centre and 4640 Universal Displays. The company is also involved in collaborations with leading industry players. For example, in July 2017, John Deere collaborated with Granular, a leading software and data science company, to deliver advanced business software tools for farm operations. Product enhancements and collaborations are expected to help the company offer innovative and improved technology and performance solutions in the precision farming market.

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AGCO Corporation (US) was ranked second in the precision farming market. The company focuses on acquisitions, product launches, and partnerships for its growth. The focus on introducing updated and innovative products is its main strength. In January 2020, AGCO introduced the new Fendt Momentum planter to North American row crop producers. Similarly, in January 2020, AGCO partnered with Global Growers Network (GGN) to expand its flagship agriculture learning center in the US. Apart from introducing new products, the company focuses on acquisitions. In September 2017, AGCO acquired Precision Planting LLC, a leading manufacturer of high-tech planting equipment, to expand the companys precision farming technology offerings globally.

Trimble (US) was ranked third in the precision farming market. Trimble’s agriculture division provides solutions that solve complex technological challenges across the agricultural landscape. These solutions enable farmers and advisors to allocate scarce resources to produce a safe and reliable food supply in a profitable and environmentally sustainable manner. The company offers a wide range of products and services in the precision farming market. It has made consistent product enhancements and launched products from 2017 to 2019. For example, in April 2019, the company launched Farmer Core, which is an entry-level Trimble Ag Software subscription that enables farmers to connect all aspects of their farm operations. The company has partnered with other companies operating in the precision farming market.

AgJunction (US) held the fourth position in the precision farming market. The company supports advanced farming practices through its cloud services. It strongly focuses on agreements, and mergers and acquisitions to achieve growth in the market. For instance, in October 2019, AgJunction Inc. entered into a strategic, two-year partnership agreement with Farmer’s Business Network, Inc. (FBN). Similarly, in March 2017, AgJunction signed a strategic agreement with Hemisphere GNSS (US). To further strengthen its product portfolio, the company has been emphasizing on product launches and developments. In 2019, AgJunction launched its updated Whirl app. to empower farmers to turn any mobile device into the display for AgJunction’s Wheelman autosteer products.

Raven Industries (Japan) held the fifth position in the precision farming market. Raven Industries operates in 3 segments: Applied Technology Division, Engineered Films Division, and Aerostar Division. Raven Industries has wide presence. The company is strategically expanding its product portfolio and improving its technology through investments in R&D. Raven is focusing on product launches, mergers, acquisitions, and collaborations. In November 2019, the company acquired DOT Technology Corp. (DOT), a leader in autonomous agriculture solutions. This acquisition enables Raven Industries to accelerate the development of precision agriculture technology from semi-autonomous to fully autonomous solutions. In November 2019, the company acquired Smart Ag Inc., a technology company that develops autonomous farming solutions for agriculture. With this acquisition, the company is likely to become the industry leader in autonomous agriculture solutions.

Related Reports:

Precision Farming Market by Technology (Guidance, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Variable Rate Application), Offering (Hardware—Sensors, GPS, Yield Monitors; Software; Services) and Geography - Global Forecast to 2025

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Report Code
SE 2831
RI Published ON
3/20/2020
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