Global Precision Agriculture Market Anticipated to Reach $10.55 Billion by 2025
DUBLIN, Aug. 29, 2018 /PRNewswire/ --
The "Global Precision Agriculture Market: Focus on Solution (Hardware System, Software, and Service) and Application (Irrigation, Field Monitoring, Spraying, Fertilization, Planting, and Data Management) - Analysis and Forecast, 2018-2025" report has been added to ResearchAndMarkets.com's offering.
To address the escalating demand for food from the limited farmlands and labor, established agriculture machinery developers and technology vendors are introducing innovative solutions to the farming arena. These solutions are focused on helping farmers close the supply-demand gap, by ensuring high yields, profitability, and protection of the environment.
Wide-scale adoption of precision agriculture technologies is expected to enhance the potential Return on Investments (ROI) to farmers. Rising awareness coupled with the increased governmental support for sustainable farming technologies are expected to propel the market growth of precision agriculture. These solutions positively impact the agricultural value chain and create various disruptive business opportunities for companies such as agricultural machinery manufacturers, instrument developers, cloud service providers, and agri-input suppliers.
High growth in the market is expected to be driven by the need to apply site-specific farming solutions to manage raw materials and resources as per requirements effectively. Deployment of automation, control and sensing systems to steer the application of agricultural inputs is expected to augment the growth of the market. In emerging countries, growth of the market is expected to be driven by rising awareness among governments of different countries about the need to elevate farm produce while taking care of the environment.
Presently, North America is at the forefront of the global precision agriculture market, with high market penetration rate in the U.S. Mexico and other emerging countries in the North American region, such as Cuba, Panama, Honduras, and Jamaica, among others, are expected to display robust market growth in the coming five years.
The European market for precision agriculture technologies is quite developed with major growth opportunities arising from countries in the Eastern European region. Farmers' increasing adaptability of modern technologies and the positive support from the government is also expected to augment the growth in the region. The fastest growth is expected from the Asia-Pacific and South America region. Presence of key agricultural producing countries such as China, India, Indonesia, Brazil, and Argentina in this region is estimated to boost the market for advanced farming techniques.
The competitive landscape for the precision agriculture market demonstrates an inclination toward companies adopting strategies such as partnerships and collaborations along with new product launches to introduce new technologies or develop further on the existing product portfolio. Moreover, acquisition activities have increased in the market during the last five years. Presently, the big four agricultural companies, namely Monsanto, DuPont, Syngenta, and BASF are constantly increasing their investment for the digitization of the farming sector, by acquiring or collaborating with the data sciences company.
Rising interest in IoT amongst the agricultural machinery vendors, such as AGCO Corporation, Deere & Company, CLAAS, Kubota Corporation, and CNH Industrial, has been a significant trend in the market.
Moreover, players including agri-input giants, such as DuPont, Syngenta, Monsanto (acquired by Bayer in June 2018), ICL Ltd., and BASF, are also focusing on incorporating data analytics and farm management systems in their product offerings.
The major precision agriculture technology vendors are Trimble Inc., Raven Industries, Topcon Positioning Systems, Hexagon Agriculture, AG Leader Technology, and DICKEY John Corporation, among others.
Report Highlights
In May 2018, ICL Ltd. partnered with CropX, to invest and develop advanced solutions for the agricultural sector, providing farmers with advanced soil sensor technologies and cloud-based analytics. In February 2018, Syngenta completed its acquisition of FarmShots Inc., a North Carolina-based innovator of high-resolution satellite imagery, to further develop its solutions for farm management and decision-making tools.
With the increasing growth in the global market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, in February 2018, CNH Industrial partnered with Climate Corporation to extend and develop a portfolio of data sharing capabilities enabling farmers with real-time agronomic visualization and decision-making solutions.
Key Topics Covered
Executive Summary
1 Market Dynamics
1.1 Market Drivers
1.1.1 Increasing Concerns over Global Food Insecurity
1.1.2 Cost-Effective Farming Solutions
1.1.3 Favorable Government Initiatives and Investments
1.1.4 Growing Market Penetration of ICT in Farming
1.2 Market Restraints
1.2.1 High Initial Investment
1.2.2 Lack of Awareness and Infrastructure in Emerging Economies
1.3 Market Opportunities
1.3.1 Increasing Growth Opportunities in the Developing Countries
1.3.2 Advent of Agricultural Drones
1.3.3 Farm Data Management Using Big Data Analytics
2 Competitive Insights
2.1 Key Market Developments and Strategies
2.2 Market Share Analysis
2.2.1 Market Share Analysis of Global Precision Technology Vendors
2.2.2 Market Share Analysis of Global Precision Agriculture-based Equipment Manufacturers
3 Industry Analysis
3.1 Precision Agriculture Market Ecosystem
3.2 Supply Chain Analysis
3.3 Key Venture Capital Investments
3.4 Upcoming Trends in the Precision Agriculture Market
3.4.1 Driverless Tractors
3.4.2 Nanotechnology-based Precision Agriculture
3.4.3 Securing the Agriculture Value Chain with Blockchain
3.5 Industry Attractiveness
4 Global Precision Agriculture Market (by Solution)
4.1 Assumptions for Analysis and Forecast of the Global Precision Agriculture Market
4.2 Limitations for Analysis and Forecast of the Global Precision Agriculture Market
4.3 Market Overview
4.4 Hardware Systems
4.4.1 Robotics and Automation Systems
4.4.2 Sensing, Monitoring, and Navigation Systems
4.4.3 Other Systems
4.5 Software
4.5.1 On-Cloud Delivery Model
4.5.2 On-Premise Delivery Model
4.6 Services
4.6.1 Integration and Deployment
4.6.2 Maintenance and Support
4.6.3 Other Services
5 Global Precision Agriculture Market (by Application)
5.1 Precision Irrigation
5.2 Field Monitoring
5.3 Precision Spraying
5.4 Precision Fertilization
5.5 Precision Planting
5.6 Data Management
5.7 Others
6 Global Precision Agriculture Market (by Region)
7 Company Profiles
- AGCO Corporation
- AGJunction
- CNH Industrial
- Deere & Company
- DICKEY-john
- DJI Innovations
- Hexagon Agriculture
- Raven Industries
- Lindsay Corporation
- Topcon Positioning Systems
- Trimble Inc.
- Valmont Industries Inc.
- AG Leader Technology
- Conservis Corporation
- Farmers Edge
- The Climate Corporation
- FarmLogs
- Iteris Inc.
- 365FarmNet GmbH
- Agrivi
- Agroptima S.L.
- Granular Inc.
For more information about this report visit https://www.researchandmarkets.com/research/dsj579/global_precision?w=5
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