The global precision agriculture market reached a value of US$ 4.8 Billion in 2017
Precision agriculture is an approach to farm management that uses specialised equipment to produce more food at a fraction of the cost. It is also known as satellite agriculture or site-specific crop management (SSCM) and gives the farmers the ability to use crop inputs, such as pesticides, tillage and irrigation water, and fertilizers. Precision agriculture uses GPS, geographical information system (GIS) and remote sensing (RS) with an objective to improve profitability, productivity, quality and sustainability of the crops.
The major factors driving the precision agriculture market is the growing use of cloud-based technology, rising use of smart phones and the increasing application of technology in farming with the aim of minimising the human efforts and losses. Additionally, the need to maximise food production by the optimum use of resources is spurring the market growth globally.
Further, the government incentives and subsidies towards increasing the productivity and conserving the environment is expected to catalyse the demand for precision agriculture. Some of the other factors affecting the overall growth of the market are changing climatic conditions, rapid urbanisation and the expanding application of navigation systems.
Owing to these factors, the market value is projected to reach US$ 10.0 Billion by 2023, expanding at a CAGR of 13.1% during 2018-2023.
Based on technology, the market has been segmented as GNSS/GPS Systems, GIS, Remote Sensing and Variable Rate Technology (VRT).
On the basis of type, automation and control systems currently dominate the total market. Automation and control systems are followed by sensing and monitoring devices, and farm management systems.
Based on component, the market has been segmented into hardware and software components.
On the basis of application, the market has been segregated as mapping, crop scouting, yield monitoring, precision irrigation, soil monitoring and others.
The competitive landscape of the market has also been examined with some of the key players being