Home News Business Precision farming market to reach $3.72 billion by 2018

Precision farming market to reach $3.72 billion by 2018

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US: The global market of precision farming is going to grow at an estimated CAGR of 13.36% from 2013 to 2018, according to a MarketsandMarkets report. The market is estimated to reach $3.72 billion by 2018.

Analysts have mentioned that augmented yield and profitability are the major drivers for this market. They are the major contributing factors for farmers to go for precision farming. Other drivers like energy and cost saving, and government assistance have also been contributing to the market growth. High initial investments and lack of awareness could pose a challenge to the growth of this market. North America, currently, leads the market share for precision farming as this region has the maximum adoption. APAC is the emerging market for precision framing and has been enjoying the highest growth rate among all the geographic regions. It is believed that the APAC market will grow at a CAGR of 25.16% from 2013 to 2018. Deere & Co., Trimble Navigation, Topcon positioning systems, Raven Industries, Precision Planting and AGCO have been mentioned as major players in the industry.

Source: money.msn.com