Precision Farming Market To Expand AT A Significant CAGR Of 12% During the Forecast Period Of 2019-2022

Posted October 2, 2019 by rahulwgr123

The Global Market of Precision Farming is expected to grow at US ~$7 billion by end of forecast period with compound annual growth rate of 12%. by Forecast 2019-2022

Market Scenario:

Precision Farming is an advance method for farm management with help latest applications and information technology (IT), to make sure that the crops and soil receive exact amount water, fertilization and various other products that are needed for development of crops and maintenances of soil. Precision farming is supported by advance equipment, software & hardware, and strong IT services.

The Precision Farming Market is trending, and more farmers are approaching it, because it makes optimized use of available resources and focus on improve the quality and quantity of crops at same time minimizing the cost of production. Earlier precision farming was limited due lack resources, knowledge, and technology the growth was put onto hold. However, with change of time, strong technology infratsrucer was deployed, along with strong IT backup service.

The precision farming has helped the farmers to achieve a productivity, flexibility, and environmental protection and market will expand more in coming years. Looking at this phenomenal growth, Market Research Future’ recently gave out the market insight till 2022. According to this MRFR analysis the global precision farming market is expected to reach USD $7 billion and set to grow at CAGR of 12% during the forecast period.

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Farm survey by drone: Using the survey drone for understanding yield variants, mapping the weeds and analyzing the soil. The survey drone collects the data and farmer can access this data for decision making regarding the development of farm. The drone is one factor in development of this industry. Without the aerial images the precision farming is not possible.

Smart Tractor: The smart tractor new innovation that can be controlled by GPS systems and drive to given location without driver, this will save the time and fuel. The farmers can track the movement of vehicles with help GPS systems and guide the direction whenever they want.

Apart from this growing population, the awareness for more efficient farming and government taking initiatives for more approach and expanding the benefits of this technology across the small regions. This all are the factors driving the growth of the global precision farming market.

Segmentation Analysis

The global precision farming market is segmented by component and application.

By component, it is segmented into hardware, software, and services. The software segment is deemed to gain a major share of the market due to development of various technology bound to assist farmers. For instance, guidance technology can reduce the overlap between tractors and other equipment on the field.

By application, it is segmented into soil properties analysis, crop scouting, yield mapping, quality mapping, labor management, inventory management, and others. Soil properties analysis can gain precedence in the coming years due to continuous use of chemicals has made the land unviable. Preventive measures for making the land cultivable are likely to drive the segment growth in the precision farming market.

Regional Analysis

Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW) are major regions considered in the precision farming market report.

North America is predicted to dominate the market due to adoption of latest farming methods. Presence of major players in the U.S. and Canada can bode well for the precision farming market till 2023.

Europe has assumed the second position in the market due to adoption of the technology in the U.K., France, and Germany. The use of data-based technologies such as remote sensing, GPS, and the Internet for the management of crops amid the shrinkage of arable land is expected to drive the precision farming market demand.

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The APAC precision farming market can depict a robust growth rate due to agrarian economies of China and India relying on the method for cultivating crops. Acceptance of the technology can drive the demand for precision farming tools augmenting the market growth in the process. The use of precision farming to assist crop growers in increasing their yields and minimize problems of crop cultivation, lack of skilled labor, and low per capita productivity can drive the market growth exponentially.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Last Updated October 2, 2019