The "Precision Farming Market by Technology (Guidance, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Variable Rate Application), Offering (Hardware-Sensors, GPS, Yield Monitors; Software; Services) and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The precision farming market is expected to grow from USD 7.0 billion in 2020 to USD 12.8 billion by 2025, at a CAGR of 12.7%.
Major drivers for the precision farming market include the high demand for agricultural products due to population growth, increased adoption of VRT, remote sensing and guidance technologies by worldwide farmers, substantial cost-cutting achieved by the implementation of modern agricultural techniques, and strong government support for promoting the use of precision farming techniques. Major restraints for the precision farming market include the high upfront cost of modern agriculture equipment and the limited technical knowledge and skills of farmers or growers. Precision farming requires large initial investments, efficient farming tools, and skilled labor.
The market for variable-rate technology (VRT) estimated to grow at highest CAGR during the forecast period
The wide adoption of VRT in precision farming is because of various benefits associated 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 such as greenhouse gas emission, soil erosion and degradation, and genetic erosion. The market for VRT is expected to grow at a higher CAGR 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. Other technologies such as remote sensing and variable rate technology are also expected to grow at a significant rate during the forecast period. Variable-rate technology (VRT) enables the variable application of inputs and allows farmers to control the number of inputs they apply in a specific location. VRT mounted on equipment allows the input application rates to be varied across fields for site-specific management of field variability.
The market for weather tracking and forecasting application to grow at higher CAGR during the forecast period
Increasing demand for climate information services owing to their benefits that enable farmers to deal with climate change and variability to improve decision-making in agriculture is the major reason behind the high growth of the market for weather tracking and forecasting between 2020 and 2025. Moreover, the increasing demand for the cloud platform for climate services is a major factor propelling the growth of the precision farming market for this application.
A variable-rate application is expected to witness an attractive rate of growth during the forecast period. The variable-rate application involves the use of technologies such as weather-based controllers, rain sensors, temperature sensors, network elements, water meters, and sensor-based controllers. The increasing demand for water conservation and food production and reduction in the wastage of resources are the major driving factors for the growing adoption of precision tools for variable rate applications.
The precision farming market in APAC to grow at highest CAGR during the forecast period
The increasing adoption of precision farming technologies such as guidance systems, remote sensing, and variable-rate technology by farmers in APAC is expected to propel the growth of the precision farming market during the forecast period. The adoption rate of precision farming techniques is expected to grow at a high rate in APAC as this region comprises emerging countries such as India and China, as well as other Southeast Asian countries. Rapidly increasing population, the availability of arable farms, and government support through subsidies are the factors driving the adoption of smart agriculture techniques in APAC.
Market Dynamics
Drivers
- High Demand For Agricultural Products Due To Population Growth
- Increased Adoption Of Vrt, Remote Sensing Technology, And Guidance Technologies By Worldwide Farmers
- Strong Government Support For Promoting Use Of Precision Farming Techniques
- Substantial Cost Cutting Achieved By Implementation Of Modern Agricultural Techniques
Restraints
- High Upfront Cost Of Modern Agricultural Equipment
- Limited Technical Knowledge And Skills Of Farmers Or Growers
Opportunities
- Integration Of Smartphones With Hardware Devices And Software Applications
- Use Of Unmanned Aerial Vehicles Or Drones In Agricultural Farms
Challenges
- Management Of Data For Productive Decision Making
- Lack Of Standardization In Precision Farming Industry
Companies Profiled
- Deere & Company
- Trimble
- Agco
- Agjunction
- Raven Industries
- Ag Leader Technology
- Ageagle
- Teejet Technologies
- Taranis
- Topcon Positioning Systems
- Hexagon Agriculture
- Granular
- Prospera Technologies
- Autonomous Tractor Corporation
- Autocopter Corp.
- The Climate Corporation (Subsidiary Of Monsanto)
- Vision Robotics
- Cropx Technologies
- Descartes Labs
- Ec2Ce
For more information about this report visit https://www.researchandmarkets.com/r/z284zl
View source version on businesswire.com: https://www.businesswire.com/news/home/20200330005501/en/
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