According to the new market research report “Precision Farming Market by Technology (Guidance Systems, Variable Rate Application, Remote Sensing), Hardware Devices and Software & Services, Application, and Geography – Global Forecast to 2020”, published by marketsandmarkets, the market is estimated to reach USD 4.80 Billion by 2020, at a CAGR of 11.7% between 2015 and 2020.
The factors which are driving the precision farming market include expanding global food demand and increase profitability and production by precision farming techniques.
Guidance systems expected to lead, the precision farming market
Guidance systems, in terms of value, are expected to hold the largest share of the precision farming market by 2020. GPS technology under guidance systems provides various benefits for precision farming such as it minimizes overlapping and spraying gap, reduces fertilizer and chemical costs, and has less impact on environmental. It helps in monitoring complete field activities and marking the field ready for effective and efficient crop production.
Software application dominates the precision farming market
The market for precision farming is expected to grow at a high CAGR between 2015 and 2020. This is mainly because the benefits provided by the software application in farming such as efficient crop, higher yield, low input wastage, reduction in financial losses, and others. The software allows growers to utilize the accumulated data over the past few years to analyze the average yield data, create formula-based prescriptions, import soil test results, and generate profit maps.
APAC expected to hold the largest market share during the forecast period
The APAC Precision Farming Market is expected to grow at the highest CAGR between 2015 and 2020;China is the fastest-growing country in the APAC precision farming market. Chinese scientists from domains such as agronomy, agro-engineering, information technology, and geography have been involved in this research. The Government of China has put in lots of efforts to promote precision farming research and funded several projects.
Major players involved in the development of precision farming include Ag Junction (U.S.), Deere & Company (U.S.), Raven Industries Inc. (U.S.), Trimble Navigation Ltd. (U.S.), AGCO Corporation (U.S.), Precision Planting Inc. (U.S.), SST Development Group, Inc. (U.S.), AG Leader Technology (U.S.), TeeJet Technologies (U.S.), and Topcon Precision Agriculture (U.S.).
This research report categorizes the global precision farming market based on technology, application, hardware devices and software & services, and region. This report describes the drivers, restraints, opportunities, and challenges with respect to the precision farming market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the precision farming market.
(Source – http://www.prnewswire.com/news-releases/precision-farming-market-worth-480-billion-usd-by-2020-566058131.html)