The global Precision Farming/Agriculture Market is expected to witness a major overhaul in the years to come. This could be credited to the fact that precision farming holds potential of increasing crop yield using next level IT-based farming methods. The precision farming market is also getting catalyzed by excessive use of IoT in farming. As such, farm producers and managers are encashing on capacities of IoT devices like automated steering systems, GNSS & GPS systems, and sensors for files mapping, temperature monitoring, soil sampling, irrigation management, and various other applications. The devices mentioned above do make way for real-time insights on ways of improving agricultural practices for more efficiency.
The ever-increasing adoption of drone technology to monitor crops, identify planting flaws, and detect and control diseases and pests is the other factor driving the precision farming market. For example – QuestUAV, in May 2017, did launch “DATAhawkAG”, an all-round package to enable mapping of precision farming. Q-100 DATA hawkAG, on being equipped with MicaSense RedEdge camera, does help in capturing images in 5 diverse spectral bands; thereby detecting patterns pertaining to nutrient content and plant stress.
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The precision agriculture market is segmented based on component, technology, application, and geography. By component, the segmentation spans hardware (sensors, automated steering system, drones, camera, UAV, mobile device, GNSS & GPS, and others), software, and service (consulting & training, maintenance & updates, managed services, integration, and other professional service). By technology, the market comprises high precision positioning system, geomapping, remote sensing, integrated electronic communication, and VRT. By application, the segmentation constitutes weather monitoring, yield monitoring, field monitoring, irrigation management, waste management, financial management, and others.
By geography, the segmentation says North America, Europe, Asia Pacific, LATAM, and MEA. North America holds the largest market share; thanks to growing awareness regarding crop quality coupled with initiatives by the federal government of the U.S. to bring about innovation. Plus, in 2018, the same government did pass “Precision Agriculture Connectivity Act” for meeting connectivity requirements in this regard. Asia Pacific comes in second.
The players contributing to the precision farming market include Topcon Positioning Systems, Inc.; Raven Industries, Inc.; Trimble Navigation Ltd.; Precision Planting; Monsanto Company; GEA Group AG; CropX Inc.; Farmers Edge Inc.; Delaval Corporation; Dickey-John Corporation; Deere & Company; AgSmarts Inc.; CropMetrics LLC; AGCO Corporation; Boumatic LLC; AgSense LLC; and Agribotix LLC. Inorganic growth is on the anvil. For instance – AGCO, in Sep 2017, acquired Precision Planting LLC equipment business from “The Climate Corporation” (Monsanto Corporation’s subsidiary). The basic objective of this acquisition was to strengthen ACGO’s position as full-line partner for farmers at the global level.
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Market Segment:
Precision Farming Offering Outlook (Revenue, USD Million, 2014 – 2025)
• Hardware
• Automation & Control Systems
• Drones
• Application Control Devices
• Guidance Systems
• GPS
• GIS
• Remote Sensing
• Handheld
• Satellite Sensing
• Driverless tractors
• Mobile Devices
• VRT
• Map-based
• Sensor-based
• Wireless Modules
• Bluetooth Technology
• Wi-Fi Technology
• Zigbee Technology
• RF Technology
• Sensing Devices
• Soil Sensor
• Nutrient Sensor
• Moisture Sensor
• Temperature Sensor
• Water Sensors
• Climate Sensors
• Others
• Antennas & Access Points
• Software
• Web-based
• Cloud-based
• Services
• System Integration & Consulting
• Maintenance & Support
• Managed Services
• Data Services
• Analytic Services
• Farm Operation Services
• Assisted Professional Services
• Supply Chain Management Services
• Climate Information Services
Precision Farming Application Outlook (Revenue, USD Million, 2014 – 2025)
• Yield Monitoring
• On-farm
• Off-farm
• Field Mapping
• Crop Scouting
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Farm Labor Management
Precision Farming Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Russia
• Italy
• Asia Pacific
• China
• India
• Japan
• Australia
• Singapore
• South America
• Brazil
• Middle East and Africa (MEA)
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