Recent Developments

Farm and construction equipment manufacturer Escorts Ltd propelled an automated concept tractor, intended for precision farming. The model driverless tractor, which the organization additionally calls a smart tractor, can automate activities like seeding and plowing.

To build up the model automated tractor, Escorts worked together with several innovation mammoths, for example, Microsoft, Wabco, Bosch, AVL, Reliance Jio, and Trimble. Amid 2017-18, local deals in India developed at a hearty 22 percent year on year to 711,478 tractors. Be that as it may, these numbers pursued continuous long stretches of a decrease in household deals in 2014-15 and 2015-16 because of a boundless dry season.

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Market Segmentation

Market Data Forecast published a report named Global Precision Farming Market was worth USD 4.66 billion in 2018 and is projected to grow at a CAGR of 13.7%, to reach USD 8.85 billion by 2023.

Report segmented as:

Technology:

Guidance system
Variable rate technology
Remote sensing
Application:

Yield Monitoring
Field Mapping
Crop Scouting
Weather Tracking & Forecasting
Irrigation Management
Inventory Management
Farm Labor Management
Financial Management
Based on technology, the Guidance system is the largest market segment as it precision agriculture is highly relied on using GPS and GIS systems. Under application, Irrigation management holds the largest market share in the precision farming market due to the increasing scarcity of water and increasing adoption of micro irrigation control systems in agriculture. However, yield monitoring is expected to be the fastest growing segment due to the growing food demand with a rapidly growing population.

Geographical Segmentation:

Based on geography, the global Precision Farming market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America dominated the market due to the increasing adoption of the latest technology, high market penetration and high awareness among the farmers in this region. Asia-Pacific is the fastest growing market segment as this region has the largest agricultural land and huge growth potential for manufacturers.

Key Market Players:

Raven Industries
Deere & Company
AGCO Corporation
Trimble Navigation Ltd
Monsanto Company
Dupont
Agjunction, Inc
Precision Planting, Inc
SST Development Group
Dickey-John Corporation
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The Scope of the report:

The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along with this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.

The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis of prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook on the market along with recommendations from industry experts on the opportunities for investment activity.

What else? Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.

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