Precision farming is about accurately managing field variations, developing more food with less resources, and subduing production costs. It can make a positive change in food production, facing the challenge of a growing world population, and can assist growers achieve: increased sustainability, environmental protection, higher productivity, and financial benefits.

What’s happening in the industry?

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The highest adoption prices of precision farming are observed in the United States, Germany, Australia and Brazil, while the Asia-Pacific region is supposed to show history adoption prices in the forecast period. With the governments of various places providing financial aid to farmers for the usage in their cultivation, the adoption rates are anticipated to increase in additional regions also. The industry is dominated by different technologies including GNSS / GPS Systems, GIS, Remote Sensing & VRT, where VRT is probably the fastest growing portion with a solid CAGR of sixteen % over the forecast time.

AGCO Corporation acquired Cimbria, a Dutch tools store of powders, seed and grain. Cimbria’s acquisition will geographically enable them to expand and strengthen their business in Denmark. The company also offers mobile tools that provide comfortable access to large data and information about crops, which will be very useful for farmers. John Deere acquired Monsanto’s Precision Planting. The acquisition is going to help the company maximize digital agriculture and aid in the seamless collection of infield agronomics information.

Precision Farming – Market Dynamics

The decreasing availability of prosperous land, the constant change in climatic conditions and also the strict regulatory framework have risen demand for a more powerful and efficient agricultural sector. With the creation and implementation of modern technologies, managing of the agricultural land becomes more competent. The use of receptors, large data assessment devices, and automation engineering, for instance, helps evaluate the climate and soil data, increasing overall effectiveness of agriculture.

Agriculture is just one of the areas where development and technology have led to major improvements. The latest technologies incorporate sensing technologies, software applications, communication systems, data analytics solutions plus positioning technologies. The progress has been supported by many technologies as drones, crop dusters, and driverless machinery.

In 2016, North America had a share of about fifty % of the perfection farming market. The market share in this region is led by the Country and Canada. The market in the area will be driven by large-scale farmlands, the ever-growing need to increase the yield and excessive labor costs. Farmers are open and skilled to new technologies. Most agriculture farms as well as farmers, nevertheless, rely heavily on exports to preserve prices and revenues, that may change market dynamics in the future. The Asia-Pacific region has been labeled as a location which has yet to attain its maximum potential in this domain.

Is precision farming set up to see unprecedented growth rate until 2022?

The worldwide precision farming industry is estimated to reach USD 5.98 billion by 2022, growing at a CAGR of 12.97 % between 2017 and twenty two, in accordance with a report by market intelligence. In the past 10 years, precision growing has moved from good science to good procedure and has witnessed unprecedented expansion around the globe. seventy to 80 % of the brand new farm equipment offered today, features some sort of precision farming component. Asia-Pacific is expected to end up being the fastest growing market with a CAGR of about twenty one % during 2017 2022. The key factor stimulating market development in Asia Pacific is augmented yield and productivity, which in turn is pressing farmers toward crop monitoring technology. Australia holds the main share of the industry in this region.

Competition Analysis

This market report includes competitive by nature vendor landscaping of 17 companies involved in the precision farming industry, which includes big energy players, like AGCO Corporation, Ag Leader Technology, Monsanto, Company and Deere, and Lindsay. With the presence of several local along with regional players, the market is fairly fragmented. Precision farming continues to be an emerging market, but brand loyalty is good in a few segments, in accordance with industry insiders. Brand loyalty is very apparent in the segments of farm machinery and support services.

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