Precision farming is about accurately managing field variations, developing much more food with fewer resources, and decreasing manufacturing costs. It is able to make a difference in food production, facing the challenge of a growing world population, and can help growers achieve: increased sustainability, environmental protection, higher productivity, and financial benefits.
What’s going on in the market?
Probably The highest adoption rates of precision farming are observed in the United States, Germany, Brazil and Australia, while the Asia Pacific region is expected to show report adoption rates in the forecast time. With the governments of various countries giving subsidies to farmers for the usage within their cultivation, the adoption prices are anticipated to increase in all the other regions also. The industry is dominated by various technologies including GNSS / GPS Systems, GIS, Remote Sensing and VRT, where VRT is probably the fastest growing portion with a solid CAGR of sixteen % over the forecast period.
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AGCO Corporation acquired Cimbria, a Dutch equipment store of grain, seed, and powders. The acquisition of Cimbria helps broaden as well as strengthen their business geographically in Denmark. The company also offers mobile tools that offer easy access to big data as well as info about crops, which is usually quite great for farmers. John Deere acquired Monsanto’s Precision Planting. This acquisition will help the business maximize digital agriculture and helps in seamless collection of infield agronomics data.
Market Dynamics for Precision Farming
The decreasing availability of prosperous land, the constant change in climatic conditions plus the strict regulatory framework have raised desire for a very effective and efficient agricultural sector. The management of farming land gets more proficient with the launch and use of modern technologies. For instance, automation technology, sensors, geo mapping, and big data analysis devices help evaluate weather and soil information, which boosts the overall efficiency of agriculture.
Agriculture is only one of the areas where development and technology have resulted in major advancements. The newest technologies include sensing technologies, software applications, communication systems, data analytics solutions and positioning technologies. Several technologies, like driverless machinery and drone crop dusters, provide vital programs because of the growth.
In 2016, North America dominated the accuracy farming industry with a share of about 50 %. The Country and Canada take over the market share in this region. The market in the region will likely be pushed by large-scale farmlands, the ever growing need to enhance the yield and high labor costs. The growers are highly skilled and willing to embrace new technologies. Nevertheless, virtually all of the agriculture farms & farmers rely heavily on exports to sustain revenues and prices, which could load market dynamics in the future. The Asia-Pacific region continues to be labeled as a location which has yet to attain its maximum potential in this specific domain.
Will global precision farming show an unprecedented upward growing trend till 2022?
The worldwide precision farming industry is believed to achieve USD 5.98 billion by 2022, developing at a CAGR of 12.97 % between 2017 along with 22, based on a report by market intelligence. In the past ten years, precision agriculture has moved from good science to good technique and has witnessed unprecedented progress around the globe. 70 to 80 % of the new farm equipment marketed today, features some form of precision farming component. The Asia Pacific region is expected to end up being probably the fastest growing market during 2017 2022, with a CAGR of aproximatelly twenty one %. The primary factor stimulating market development in the Asia-Pacific is increased yield and profitability, what is forcing farmers toward crop monitoring technology. The market share in this region is contained by Australia.
The report includes competitive by nature vendor landscaping of 17 suppliers in the precision farming industry, which includes major players including Monsanto, Deere & Company, AgCO Corporation and also Lindsay. The market of is somewhat fragmented with the presence of a number of nearby and local players. The market of precision farming is still an emerging market, nevertheless, brand loyalty in a few segments is reportedly good. Farm machinery and service support are often the 2 major segments with brand loyalty.