Global $7 Billion Precision Farming Market to 2023

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Sep 20, 2018, 13:15 ET

DUBLIN, Sept 20, 2018 /PRNewswire/ --

The "Precision Farming Market - Forecasts from 2018 to 2023" report has been added to ResearchAndMarkets.com's offering.

The precision farming market is projected to grow at a CAGR of 15.21% to reach US$7.013 billion in 2023 from US$2.998 billion in 2017.

Precision farming is an agriculture management technique that measures and responds to the intra-field crop variability for both temporal and spatial components. The technology includes real-time monitoring, weather forecasting, and optimal field requirements among others to ensure the maximum yield with minimum human efforts and wastage. Increasing global population coupled with declining per capita arable land is the key driver of the global precision farming market.

Changing weather conditions due to global warming have further necessitated the adoption of precision farming across the globe in order to enhance the productivity and crop yield. Growing global agro-industry along with technological advancements across various emerging economies will provide a great opportunity for the expansion of the precision farming solution vendors. Moreover, increasing awareness regarding good health and fitness is augmenting the demand for organic foods, thereby impacting the growth of precision farming market significantly during the forecast period.

North America and Europe regions will experience a steady precision farming market growth owing to rising agricultural and farming activities in the countryside. However, APAC region is anticipated to witness the fastest market growth owing to expanding population in the region and growing demand for food in economies such as China and India. Moreover, rising use of smartphones by farmers in India allows them to access real-time information, thereby offering greater mobility and ease of operation.

Advancements in domains such as agronomy, agro-engineering, and IT coupled with supportive government initiatives will further propel the regional market growth in the next five years. Factors such as high capital investment, lack of technical expertise, and lack of awareness about the technology among farmers, especially in developing countries will restrain the precision farming market growth during the forecast period.

Major industry players profiled as part of the report are Topcon Positioning Group, Deere & Company, Raven Industries, Inc., and Trimble Inc. among others.

Segmentation:

By Solution

Hardware
Software
Service

By Technology

Guidance System
Variable Rate Technology
Remote Sensing

By Application

Yield Monitoring
Field Mapping
Crop Scouting
Weather tracking & Forecasting
Irrigation Management
Inventory Management
Farm Labor Management

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

5. Precision Farming Market By Solution

6. Precision Farming Market By Technology

7. Precision Farming Market By Application

8. Precision Farming Market By Geography

9. Competitive Intelligence

10. Company Profiles

Topcon Positioning Group
Deere & Company
TeeJet Technologies
Trimble Inc.
AGCO Corporation
Raven Industries, Inc.
AgJunction
Precision Planting LLC
Ag Leader Technology
Proagrica

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https://www.researchandmarkets.com/research/58523r/global_7_billion?w=5

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SOURCE Research and Markets