Precision Farming Market to Reach $7.87 Billion by 2022: Increasing Use of UAVs/Drones in Precision Farming - Research and Markets

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Jan 17, 2017, 07:10 ET

DUBLIN, Jan 17, 2017 /PRNewswire/ --

Research and Markets has announced the addition of the "Precision Farming Market - Global Forecast to 2022" report to their offering.

The precision farming market, in terms of value, is expected to grow from USD 3.20 Billion in 2015 to USD 7.87 Billion by 2022, at a CAGR of 13.47% between 2016 and 2022.

The major drivers for the precision farming market include the adoption of new technologies to increase farm efficiency and reduce production cost, increasing global demand for food owing to increasing population, increasing need for monitoring crop health for yield production, and the government's support for adoption of modern agricultural techniques.

This report covers the precision farming market based on offering, technology, application, and geography. The yield monitoring application is expected to hold the largest share of the precision farming market between 2016 and 2022. Soil monitoring is the major application of yield monitoring. Soil monitoring is used to detect soil parameters that are needed for an efficient yield production.

The precision farming market for the services segment is expected to grow at the highest rate between 2016 and 2022. The precision farming market for services is segmented on the basis of five broad categories, namely, system integration and consulting, managed services, assisted professional services, connectivity services, and maintenance and support. The increasing demand for managed and assisted professional services is the major reason behind its high growth rate.

The precision farming market for Variable Rate Technology (VRT) is expected to grow at the highest rate between 2016 and 2022. The precision farming market is divided into three technological segments, namely, Guidance System, Remote Sensing, and Variable Rate Technology (VRT). The adoption rate of VRT is expected to be high compared to other technologies because this technology helps in applying the right amount of input at the right place on the field, which minimizes the input waste and increases the productivity of the land and crop.

Scope of the Report:

Drivers

Increasing Focus on Farm Efficiency and Productivity
Increasing Adoption of New Technologies in Farming for Maximum Profitability and Production
Increasing Need for Monitoring Crop Health for Yield Production
Government's Support to Adopt Modern Agricultural Techniques
Increasing Global Demand for Food Owing to Increasing Population

Restraints

High Initial Capital Investment
Lack of Technical Awareness in Precision Farming Technology

Opportunities

Integration of Smartphone With Agriculture Hardware and Software Applications
Increasing Use of Unmanned Aerial Vehicles (UAVs)/Drones in Precision Farming

Challenges

Management of Data for Productive Decision Making
Lack of Standardization in the Precision Farming Industry

Companies Mentioned:

AG Leader Technology
AGCO Corporation
AGJunction, Inc.
Cropmetrics Llc
Deere & Company
Dickey-John Corporation
Precision Planting, Inc.
Raven Industries
SST Development Group, Inc.
Teejet Technologies
Topcon Positioning Systems, Inc.
Trimble, Inc.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Precision Farming Market, by Offering

8 Precision Farming Market, by Technology

9 Precision Farming Market, by Application

10 Geographic Analysis

11 Competitive Landscape

12 Company Profiles

For more information about this report visit http://www.researchandmarkets.com/research/dv3xt7/precision_farming

Media Contact:

Laura Wood, Senior Manager
[email protected]

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SOURCE Research and Markets