Precision Farming Market Outlook 2018: Size Development Trends, Competitive Landscape and Key Regions 2026
According to a new study published by Polaris Market Research the Precision Farming Market is anticipated to reach over USD 13,016 million by 2026. In 2017, the yield monitoring application dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the market revenue during the forecast period. There has been an increasing adoption of precision farming across the world owing to growing agricultural industry, and high-demand for food crops.
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Precision Farming Market is driven by the increasing need to improve the quality of crops produced, maximizing crop production, and enhanced crop monitoring. Technological advancement along with government subsidies further boosts the market growth. However, high initial investment and lack of awareness limit the market growth.
Various applications of precision farming include irrigation management, crop scouting, yield monitoring, weather tracking and forecasting, field mapping, inventory management, and farm labour management. In 2017, yield monitoring accounted for the largest share in the Precision Farming Market, and was estimated at $1,974 million in 2017, registering a CAGR of 13.2% during the forecast period. This is attributable to the benefits offered by yield monitoring such as reduced cost, improved yields, and enhanced decision making. Yield monitoring is further divided into on-farm yield monitoring, and off-farm yield monitoring.
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The well-known companies profiled in Precision Farming Market research report include Ag Leader Technology, AGCO Corporation, Deere and Company, Topcon Corporation, Trimble, Inc., The Climate Corporation, Farmers Edge Inc., and AgJunction, Inc. among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. This is due to high cost of labour, and presence of large farmlands in the North American region. Increasing investments and subsidies in the agriculture sector by governments boost the Precision Farming Market growth during the forecast period in the region. Increasing need to improve food quality and productivity along with increased industrialization of farming equipment further supplements market growth.
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TOC of Precision Farming Market:
Chapter 1. Overview and Scope
Chapter 2. Executive Summary
Chapter 3. Market Insights
Chapter 4. Size and Forecast
Chapter 5. Dynamics and Segmentation
Chapter 6. Detailed Insight on Company Profiles
TOC Continued…...!!!
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on Friday October 19 2018, 5:30 AM EDT.
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