US: According to a new market research report “Precision Farming Market by Technology (GPS/GNSS, GIS, Remote Sensing & VRT), Components (Automation & Control, Sensors, FMS), Applications (Yield Monitoring, VRA, Mapping, Soil Monitoring, Scouting) – Global Forecast & Analysis (2013 – 2018)” published by MarketsandMarkets, the overall global precision farming market will be worth $3,721.27 million by 2018, at an estimated CAGR of 13.36%.
Precision farming is a technology based in field management system that optimises the overall farming practices and input resources. The major drivers for the global precision farming market are profitability & enhancement in the yields, government assistance, energy & cost saving, and the growing agro industry. The restraints for the growth of this market are high initial investments, and lack of technical know-how. The UAV (Unmanned Aerial Vehicle) and penetration by broadband and mobile technologies are the key opportunities in the Precision Farming Market.