Precision Farming/Agriculture Market Analysis By Offering, By Application And Segment Forecasts, 2014 - 2025
LONDON, Aug. 24, 2017 /PRNewswire/ -- Precision Farming/Agriculture Market Analysis By Offering (Hardware, Software, Services), By Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking, Irrigation Management, Inventory Management), And Segment Forecasts, 2014 - 2025
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The global precision farming market is anticipated to reach USD 10.23 billion by 2025, according to a new report by Grand View Research, Inc.
Precision farming, also known as site-specific crop management or satellite farming, is a concept of farm management that uses information technology to ensure optimum health and productivity of the crops. The precision farming technique largely depends on specialized equipment, IT, and software services. Furthermore, this farming technique involves a broad range of technologies including bio-engineering, robotics & automation, imagery & sensors, and big data, as well as digitization. The adoption of site-specific crop management would reduce the cost of nitrogen fertilizers, improve crop yields, reduce the usage of pesticides, provide better farm records that are essential for sale, and provide better information for management decisions.
The growing application of telematics in agriculture is anticipated to drive the demand for precision farming over the projected period. Telematics services include tracking devices using Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. It also offers a real-time view of the position, coolant temperature, ground speed, and the duration before which maintenance is required. Major agriculture equipment manufacturers are adopting telematics services for their equipment in order to improve farm efficiency.
Improving the efficiency of agricultural machinery reduces the cost of agricultural operations and maximizes profitability. Additionally, good management might reduce the environmental impact. Farmers are increasingly using telematics technology to collect and manage information from their field equipment.
Telematics technology is used to capture and transfer data from the farm equipment through sensors installed on tractors and other field monitoring equipment. The increasing adoption of telematics systems by agricultural equipment companies is expected to drive the demand in the precision farming market.
Trimble Ag Software's Connected Farm uses cellular and wireless technology to transfer data. Furthermore, the company uses Farm Works software to manage data transferred from the farm equipment. Raven Industries, Inc. provides a telematics service called Slingshot. It uses cell phone networks to offer data transfer, real-time kinematic GPS correction signals, and real-time technical support in the fields. Additionally, Slingshot allows users to track the vehicle's location.
However, the lack of technology adoption among farmers is likely to restrain the market growth over the forecast period. The lack of standards and limitations on the exchange of data between the systems limits the adoption of modern agricultural machinery of different brands and companies. Furthermore, farmers lack independent consulting and advisory services owing to the lack of validated agronomic models for Variable Rate Technology (VRT) to make a decision on investments. Additionally, independent services are not linked to co-operatives, government bodies, and farmer's associations where farmers can get additional information to take decisions.
Further key findings from the report suggest:
- The increasing government support for adopting modern agricultural techniques and the growing need for monitoring crop health for yield production are expected to drive the market demand.
- The services segment is expected to portray a significant growth rate over the projected period, growing at a CAGR of 16.0%.
- The cloud-based software model is anticipated to gain market share over the projected period as it reduces energy consumption and large data storage, and facilitates cost saving.
- Innovations in GPS mapping and related applications concerning farms are helping farmers to operate more efficiently and increase their profit margins.
- Drones are expected to witness enormous growth in the agriculture field as they are increasingly used in monitoring irrigation systems.
- Soil monitoring is a major application of the yield monitoring segment as it is used to detect soil properties to increase the yield.
- Digital revolution in the agricultural sector along with government financial incentives to farms is likely to drive the demand in the European precision farming market in the coming years.
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