US: The industry research report titled, “Precision Agriculture Market Analysis By Component (Hardware, Software, Services), By Technology (Geomapping, Remote Sensing, VRT, Integrated Electronic Communication, GNSS & GPS), By Application, By Region &Segment Forecasts, 2017-2025”offers a comprehensive analysis of the global precision agriculture market based on technology, component, and geography.
Precision agriculture has rapidly gained popularity among farmers across the globe because of the increasing need for optimum production with the given resources. Additionally, the timely changing weather patterns mainly via increasing global warming has further necessitated the adoption of enhanced technologies such that an efficient productivity and crop yield is attained.
GIS, telematics, VRT, GPS, and remote sensing are some of the key technologies which are covered in the technology segment. Further, the global precision farming market is segmented into two key components: hardware and software wherein hardware includes sensors, drones, ASS, radar, GPS, and others (display, satellite, and mobiles); and the software includes GIS, crop management software, weather tracking and forecasting software, inventory management software, people management software, and financial management software.
The prominent players of this global market namely include- Deere & Company, Trimble, Inc., Raven Industries, Agjunction, Inc., AGCO Corporation, AG Leader Technology, Precision Planting, Inc., SST Development Group, Inc., Teejet Technologies, Topcon Positioning Systems, Inc., Dickey-John Corporation and Cropmetrics LLC; and collaborations, partnerships and mergers & acquisitions are few common strategies which are followed by these players in order to contribute optimally towards the success of this industry.
The market is well investigated mainly across four different geographies: North America, Europe, Asia-Pacific, and LAMEA. It has been discovered that the global precision agriculture market, also known as precision farming, was valued somewhere around USD 3.08 million in 2015 and is further expected to significantly develop in the years to proceed owing to the fast-paced ongoing technological advancements coupled with the growing need for efficient production in order to ultimately improve the supplies in relation to the rising demands for food consumption across the globe.
It has been observed that there is an increasing awareness and interest for Internet of Things (IoT) devices and other associated technologies like Big Data in order to maintain the sustainability of farm production in this industry. IoT based farming approaches have managed to reduce the connected risks; ultimately ameliorating the productivity for global cultivators. Furthermore, due to increasing population and changing climatic conditions; the farmers have lately faced various challenges for increasing the crop yield. Therefore, IoT sensors like field sensors are being given this much importance. Hence, increasing adoption of advanced technologies for lessening production costs and increasing food efficiency is envisioned to persist bolstering the market growth.
Also, the emerging implementation of farming devices involving UAVs, sensors, mobile devices and cameras are expected to even contribute in the growth of hardware segment and with declining prices of these sensors; the demands for wireless and smart sensors have multiplied over the years and in the long run also, is anticipated to foster the industry growth. Basically, this remote sensing technology is projected to mushroom the application of remote sensing images on agricultural vehicles for measuring factors like radiation, light and heat condition in the field.
Geographically, North America precision agriculture market has been noticed to acquire the major share of this industry due to the increasing adoption of the advanced agricultural solutions and equipment like sensors, steering and guidance systems, farm management software and display devices. In future, even the Asia Pacific region is anticipated to grow significantly owing to the ever-growing adoption of smartphones, aggrandized use of cloud technology, booming population, technological advancement, and high initial investments in the industry.
Besides the sensors, there are many other innovative technologies such as real-time farm monitoring, weather forecasting, optimal field requirements and similar others which will come up eventually and are thereby envisioned to make this industry garner a valuation of somewhere around USD 7.8 billion by 2022, registering a decent CAGR of more than 14% at the same time