Prominent players in the precision farming market are focusing on awareness programs addressing issues of soil degradation, and are informing farmers about the benefits of implementing precision farming techniques.
ROCKVILLE, MD / ACCESSWIRE / April 21, 2020 / Backed by substantial cost savings associated with machined farming methods, the demand is increasing for solutions in precision farming techniques. Projecting the market growth at a stellar CAGR of 12% over 2019 - 2029, a new report by Fact.MR provides an inclusive analysis of the precision farming market. The growth is primarily fueled by governments supporting the adoption of modern farming techniques and preference among farmers in various countries for precision farming services over conventional farming methods.
Precision Farming Market - Key Takeaways
- The global precision farming market is expected to triple its market value by the end of the forecast period.
- Hardware offerings such as variability detectors will account for the majority of share on the back of preference among farmers for new machines over cloud-enabled advanced software.
- Services such as weather forecasts and soil assessment are expected to witness substantial growth owing to their ability to improve product yield.
- Variable-rate technology is expected to provide significant revenue opportunities while growing at a stupendous CAGR of 16% during the forecast period.
- Owing to their efficiency in security, maintenance, and preventive care of the farming grounds, the guidance systems will account for more than 40% over market value.
- Invigorated by surging adoption, North America will remain the most lucrative region for manufacturers in the precision farming market.
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Precision Farming Market - Key Driving Factors
- The precision farming technology is further gaining traction, owing to government initiatives supporting modern farming techniques to produce higher quality and quantity of crops
- Rigorous change in weather patterns on the back of global warming is propelling the demand for precision farming as farmers across the world are on the lookout for helpful solutions.
- Increasing trends of plant-based and vegan diets are further increasing the demand from farmers who are focusing on expanding production.
- Rising labor costs and low availability of skilled labor is driving farmers to implement advanced solutions to ensure healthy crop production, thereby increasing the sales.
Precision Farming Market - Key Restraint
- Lack of technological knowledge among the end-users and lower adoption rates in emerging economies are likely to affect the rapid growth of the market.
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Competition Landscape
Some of the key players in the precision farming market are Deere & Company, Trimble, Agco, Agjunction, Raven Industries, AG Leader Technology, SST Development Group, Teejet Technologies, Topcon Positioning Systems, Dickey-John Corporation, and Cropmetrics. In addition to creating awareness among the end-users regarding the benefits of precision farming, the market players are focusing on geographical expansion and new product innovation to stand out in competition.
About the Report
The 170-page offers an unbiased analysis of the precision market, presenting historical data (2014-2018) and forecast statistics for the period of 2019-2029. The study divulges essential insights on the precision farming market on the basis of application (yield monitoring, field mapping, crop scouting, weather tracking & forecasting, irrigation management, inventory management, farm labor management, and others), technology (guidance system, remote sensing, and variable-rate technology), offering (hardware, software, and services), and across six key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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SOURCE: Fact.MR