Global Precision Agriculture Industry Market – Analysis, Forecasts and Growth Trends
A new report “Global Precision Agriculture Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast” offered by DecisionDatabases.com gives an analytical study of the Precision Agriculture market, its value chain, latest trends, forecasts, innovation, drivers, and restraints. The historical study from 2015 helps in a better understanding of the market. The report also details about the market players who hold a dominating position in the global business scenario.
Precision agriculture is a farming technique which involves management of inconsistency of nutrients, crop, soil, water, and environmental factors. This employs technological advancements in numerous fields including geo-location tracking, data management, and others to increase productivity. With rapidly decreasing arable land due to robust burgeoning population, the need for efficient farming techniques has boosted demand for precision agriculture to enhance crop production with the sustainable administration of resources. Rising importance of telematics technologies and growing demand for food across the globe are major growth drivers, which are anticipated to augment demand for this market over the coming years. In 2015, New Holland, an Industrial brand, improved its telematics system to unite farmers with their operations, thus facilitating informed real-time decision making.
In addition, increasing population and scarce of food security and advancing IT technologies are expected to open new avenues for the market growth in the near future. Increasing preference of precision agriculture over conventional approaches such as choosing the right amount of fertilizer and the right time to plant to maximize crop-yield will further aid in the market growth. However, high capital investment and lack of knowledge about technology are major challenges, which may hamper market growth in the forthcoming years.
The global market has been segmented based on product into automation & control systems, sensing & monitoring and farm management systems in the report. The automation and control systems is a leading product segment and is estimated to grow at a significant rate over the forecast period owing to the growing demand for this system due various benefits such as display systems, GPS/GNNS system, guidance and steering & flow and application devices.
North America is a major market for precision agriculture and is expected to witness a significant growth over the coming years on account of growing demand for precision agriculture due to high labor costs in the region. There are numerous major agencies such as USDA, NASA and NOAA are focusing on precision agriculture to revolutionize the farming techniques for better productivity in the region. Asia-Pacific is expected to grow at a substantial rate in the near future due to growing agriculture sector and supportive government initiatives in the farming areas.
The major industry players include AGCO Corp., AgJunction Inc., Ag Leader Technology, Deere & Co., Trimble Navigation, Ltd., CNH Industrial, Derr Equipment, DICKEY-john, Monsanto Agrochemical Company, MTS Systems, Raven Industries, Site-Specific Technology Development Group, TeeJet Technologies and Topcon Precision Agriculture. The global market is witnessing rivalry among major players based on cost, ease of use, efficiency and customer access for the services and systems. The competitive atmosphere in this market is anticipated to strengthen further due to the rise in product extensions, technological innovations, and M&A.
In Feb 2016, AgReliant Genetics launched precision agriculture technology platform Westfield and west Lafayette.
In May 2016, Slantrange launched a new product line for precision agriculture to allow agronomists and growers to process and obtain data more efficiently.
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