Dublin, March 30, 2020 (GLOBE NEWSWIRE) -- 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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities In The Precision Farming Market
4.2 Precision Farming Market In Apac, By Application
4.3 Precision Farming Market, By Offering
4.4 Precision Farming Market, By Technology
4.5 Geographic Analysis Of Precision Farming Market
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 High Demand For Agricultural Products Due To Population Growth
5.2.1.2 Increased Adoption Of Vrt, Remote Sensing Technology, And Guidance Technologies By Worldwide Farmers
5.2.1.3 Strong Government Support For Promoting Use Of Precision Farming Techniques
5.2.1.4 Substantial Cost Cutting Achieved By Implementation Of Modern Agricultural Techniques
5.2.2 Restraints
5.2.2.1 High Upfront Cost Of Modern Agricultural Equipment
5.2.2.2 Limited Technical Knowledge And Skills Of Farmers Or Growers
5.2.3 Opportunities
5.2.3.1 Integration Of Smartphones With Hardware Devices And Software Applications
5.2.3.2 Use Of Unmanned Aerial Vehicles Or Drones In Agricultural Farms
5.2.4 Challenges
5.2.4.1 Management Of Data For Productive Decision Making
5.2.4.2 Lack Of Standardization In Precision Farming Industry
5.2.5 Winning Imperatives
5.2.5.1 Environmental Protection
6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.2.1 Major Players In Precision Farming Market
6.3 Supply Chain Analysis
6.4 Technology Roadmap
6.4.1 Technology Roadmap (2010-2025)
6.4.2 Key Industry Trends
7 Precision Farming Market, By Offering
7.1 Introduction
7.2 Hardware
7.3 Software
7.4 Services
8 Precision Farming Market, By Technology
8.1 Introduction
8.2 Guidance Technology
8.2.1 Gps/Gnss-Based Guidance Technology
8.2.1.1 Rising Adoption Of Advanced Farming Technologies To Boost Demand For Gnss Application
8.2.2 Gis-Based Guidance Technology
8.3 Remote Sensing Technology
8.3.1 Handheld Or Ground-Based Sensing
8.3.1.1 Growing Demand For Handheld Sensors Mainly Due To Easy Availability And Wide Use Of This Technology
8.3.2 Satellite Or Aerial Sensing
8.3.2.1 Market For Ground-Based Systems Is Expected To Grow At Highest Cagr From 2020 To 2025
8.4 Variable Rate Technology
8.4.1 Map-Based Vrt
8.4.1.1 Market For Map-Based Vrt Held Largest Market Share In 2019
8.4.2 Sensor-Based Vrt
9 Precision Farming Market, By Application
9.1 Introduction
9.2 Yield Monitoring
9.2.1 On-Farm Yield Monitoring Held The Largest Market Share Of Yield Monitoring Application In 2019
9.2.2 On-Farm Yield Monitoring
9.2.3 Off-Farm Yield Monitoring
9.3 Field Mapping
9.3.1 Market For Drainage Mapping Type To Grow At Highest Cagr From 2020 To 2025
9.3.2 Boundary Mapping
9.3.3 Drainage Mapping
9.4 Crop Scouting
9.4.1 Rising Need For Crop Management To Propel Growth Of Crop Scouting Application
9.5 Weather Tracking And Forecasting
9.5.1 Market For Weather Tracking And Forecasting Application To Grow At Highest Cagr During Forecast Period
9.6 Variable Rate Application
9.6.1 Variable Rate Application To Witness Steady Growth In Precision Farming Market During Forecast Period
9.6.2 Precision Irrigation
9.6.3 Precision Seeding
9.6.4 Precision Fertilization
9.6.4.1 Nitrogen Vra
9.6.4.2 Phosphorous Vra
9.6.4.3 Lime Vra
9.6.5 Pesticide Vra
9.7 Inventory Management
9.7.1 Growing Demand For Gps For Inventory Management To Propel Market Growth
9.8 Farm Labor Management
9.8.1 Increasing Need For Effective Handling Of Labor To Drive Demand For Farm Labor Management
9.9 Financial Management
9.9.1 Financial Management Helps Farmers Or Growers To Make Strategic Decisions
9.10 Others
10 Geographic Analysis
10.1 Introduction
10.2 Americas
10.2.1 North America
10.2.2 South America
10.3 Europe
10.4 APAC
10.5 Rest Of The World
11 Competitive Landscape
11.1 Introduction
11.2 Precision Farming Market Ranking Analysis
11.3 Competitive Leadership Mapping, 2019
11.3.1 Visionary Leaders
11.3.2 Dynamic Differentiators
11.3.3 Innovators
11.3.4 Emerging Companies
11.4 Recent Developments
11.4.1 Product Launches & Developments
11.4.2 Agreements, Partnerships, And Collaborations
11.4.3 Mergers And Acquisitions
12 Company Profiles
12.1 Key Players
12.1.1 Deere & Company
12.1.2 Trimble
12.1.3 Agco
12.1.4 Agjunction
12.1.5 Raven Industries
12.1.6 Ag Leader Technology
12.1.7 Ageagle
12.1.8 Teejet Technologies
12.1.9 Taranis
12.1.10 Topcon Positioning Systems
12.2 Other Important Players
12.2.1 Hexagon Agriculture
12.2.2 Granular
12.2.3 Prospera Technologies
12.2.4 Autonomous Tractor Corporation
12.2.5 Autocopter Corp.
12.3 Start-Up Ecosystem
12.3.1 The Climate Corporation (Subsidiary Of Monsanto)
12.3.2 Vision Robotics
12.3.3 Cropx Technologies
12.3.4 Descartes Labs
12.3.5 Ec2Ce
For more information about this report visit https://www.researchandmarkets.com/r/joypc4
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
