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Precision Farming Market by Technology, Application, Offering And Geography - Global Forecast to 2023

Precision Farming Market: Global Forecast until 2023

  • May 2018
  • 186 pages
  • ID: 4612801
In this report:
The precision farming market for irrigation controllers is expected to grow from USD ##.## million in 2017 to USD ##,##.## million by 2023, at the highest CAGR of ##.##% between 2018 and 2023.
The United Nations Food and Agriculture Organization (FAO) estimated that if the current pattern of food consumption persists, ##% more food would be needed to be produced globally by 2050 Demand for food is expected to rise by ##% globally, as per Farming First

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Precision farming market anticipated to grow at a CAGR (Compound annual growth rate) of ~13.4 percent from 2018 to 2023

The precision farming market is forecasted to be worth ~$5.1B in 2018 and is projected to extend ~$9.5B by 2023, at a compound annual growth rate (CAGR) of ~13.4 percent between 2018 and 2023. Top factors driving the rise of the precision farming market contain pressure on overall food supply owing to increasing world population, substantial cost cutting made possible by precision farming, and government actions to take modern agricultural techniques. Main restraints for the precision farming market contain high initial investment and the lack of technical knowledge among farmers. Precision farming requires big initial investment, efficient farming tools, and skilled labor.

Market for variable-rate technology forecasted to grow at topmost cagr during projection period

The wide adoption of VRT in precision farming is because of the different benefits combined with it.VRT allows input application rates to be varied across fields for site-specific management of the field variability.

This technology helps in reducing the input usage, thereby decreasing environmental impacts including greenhouse gas emission, soil erosion and degradation, and genetic erosion. The industry for VRT is anticipated to rise at a better compound annual growth rate than that for other technologies as this technology helps in applying the right amount of input at the right place on the field, which minimizes the input waste and increases land and crop productivity.

Market for weather tracking and forecasting application to grow at topmost cagr during forecast horizon

Growing demand for climate information services according to their benefits that enable farmers to deal with climate change and variability to enhance decision-making in agriculture is the main reason behind the high increase of the market for weather tracking and forecasting between 2018 and 2023. Furthermore, the rising demand of cloud platform for climate services is a main factor propelling the rise of the precision farming market for this application.

Precision farming market in Asia-Pacific to grow at topmost cagr during projection period

The growing adoption of precision farming technologies including guidance system, remote sensing, and variable-rate technology by farmers in Asia-Pac is anticipated to propel the increase of the precision farming market during the outlook period.The adoption rate of precision farming techniques is anticipated to grow at an important rate in Asia-Pacific as this area comprises emerging countries such as india (IN) and China (CN), and other Southeast Asian countries.

Quickly rising population, the availability of arable farms, and government support through subsidies are the factors driving the adoption of smart agriculture techniques in Asia-Pac.

The breakup of primaries conducted during the market research is depicted below:

• By Company category: Tier 1 - 35 %, Tier 2 - 40.0 percent, and Tier 3 -25.0 percent

• By Description: C-suite executives - 57.0 percent, Directors - 29.0 percent, and Others - 14.0 percent

• By Area: Americas- 40.0 percent, EU - 30.0 percent, Asia-Pacific - 20.0 percent, and rest of the world - 10.0 percent

Top players operating in the precision farming market are Deere & Organization, Trimble, AGCO Corporation, AgJunction, Raven Sectors, AG Leader, Precision Planting, The Climate Corporation, Descartes Labs, ec2ce, Gamaya, and Decisive Farming.

Segment Research

This business report includes the precision farming market established on offering, technology, application, and area.The precision farming market established on offering has been split into hardware, software, and services.

On the basis of application type, the precision farming market has been divided into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, financial management, and others.On the basis of technology, the precision farming market has been categorized into guidance system, remote sensing, and variable-rate technology.

On the basis of area, the precision farming market has been broken down into the Americas, Europe (EU), Asia-Pac, and RoW.

Key Benefits of Buying This Report

• this business report includes the industry statistics pertaining to offering, application, technology, and area, together with their size of market.

• In-depth review of the value chain has been done to furnish exhaustive insight into the precision farming market.

• Major drivers, market restraints, opportunities, and alternatives pertaining to the precision farming market have been precised in this industry report.

• Illustrative segmentation, study, and estimate for the market based on offering, application, technology, and area have been conducted to provide an global view of the precision farming market.

• The report includes a thorough analysis and ranking of main actors.

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