The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The Precision Farming Market was valued at USD 4.51 billion in 2019?and is expected to reach USD 9.15?billion by 2025, at a CAGR of 12.50% over the forecast period 2020?- 2025. Over the last two decades, PF (precision farming) has successfully made the transition from being an academic research topic to a highly beneficial practice in the field of agriculture. PF practices can be better analyzed as a cyclical approach rather than a sequential one (as depicted in the adjacent pictorial representation). By the end of 2030, PF is touted to become the most influential trend in agriculture, eclipsing other advancements. Currently, the adoption of PF practices has largely been uneven, owing to several factors.
- The adoption was found to be high, in areas where labor costs are high and land costs are relatively inexpensive. The skewed nature of adoption can be attributed to the presence of several exogenous factors, such as the availability of financial aid and initial effectiveness.
- In some cases, farmers were found to be expecting a quick return on investment, which remains largely elusive. Awareness programs could be very helpful in educating farmers on the benefits of using PF practices, especially in the case of developing countries.
- Management time could also be another factor determining the adoption of PF tools. Farmers are on the lookout for easily accessible information, which also partly explains the hike in demand for the service segment in the market.
Scope of the Report
Precision agriculture (PA) is an approach to farm management that brings in information technology IT to ensure that the crops and soil get precisely what they need for health and productivity. The goal of PA is to guarantee profitability, sustainability, and protection of the environment. PA is also recognized as satellite agriculture, as-needed farming and site-specific crop management (SSCM).
Key Market Trends
Soil Sensors: the key to precision agricultural production.
- Soil sensors are used to measure a variety of essential soil properties and relay it to a display device, through a reliable means of communication. Soil sensors are generally used in conjunction with the variable rate applications or GPS to generate field maps, categorized according to the properties of the soil.
- Soil sensors are very crucial to monitor the feasibility of the growth of the crops during the harvesting period. The soil sensors segment, hence, occupy a market share of 25.99% of the sensors and monitoring systems in the hardware components of the entire precision farming market.
- Sensors are used to generate real-time information after analyzing the data, and cause the corresponding changes in the application rate. Conventional models of utilizing a map-based approach are considered to be more effective, as they allow room for problem analysing, and subsequently adjusting the variable rate application in the following steps.
- The type of sensors being integrated for soil monitoring purposes include the electromagnetic, optical, mechanical, acoustic, and electrochemical, as far as industrial research has reached.
Precision Agriculture in the United States has Made Great Advancements.
- As per estimates of the US Department of Agriculture, nearly 2.06 million farms in the United States used 911 million-acre land with a production value of USD 355.9 billion in 2016. It is estimated that only 20% of the total acreage in the United States and 58% of the producers implement precision agricultural technologies. AgLeader, Agri-vision, Blue River Technologies, Crop Venture Incorporated, Farm Works, and Holland Scientific are some of the precision agriculture companies based in the United States.
- The Federal Aviation Administration (FAA) has laid out its restrictions toward the flying of drones; but as per their new rules passed in 2016, drones for commercial purposes, weighing up to 55 lb can be used in the United States during daylight hours. This is seen as a big boost for the use of drone technology in agriculture and the use of a drone in the forecast period will grow rapidly due to these rules by the FAA.
The precision farming market consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on precision farming technologies to strengthen their product capabilities.
- April 2019 - The Climate Corporation (Climate), a subsidiary of Bayer, and Lindsay Corporation, a leading global manufacturer and distributor of irrigation technology, today announced a platform agreement that will establish two-way data connectivity between The Climate Corporation’s Climate FieldVie digital agriculture platform and Lindsay’s FieldNET platform. Through the collaboration, mutual farmer customers will be able to make faster, more-informed field and irrigation management decisions.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support