A new market study, titled “Discover Global Precision Agriculture Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Global precision agriculture market is expected to grow at a CAGR of XX% to reach market value of USD XXX million by 2026.
Precision agriculture is a farm management approach that uses information technology. The goal of precision agriculture is to ensure profitability, sustainability and protection of the environment. It is also known as satellite agriculture.
Precision agriculture provides access to data about the situations of the crops, soil and ambient air, along with other information such as hyper-local weather predictions, labor costs and equipment availability for farmers. Predictive analytics software uses the data to provide information about crop rotation, optimal planting times, soil management, and harvesting times. Sensors in the agriculture field measure the moisture and temperature of the soil and surrounding air. Satellites and robotic drones provide farmers with images of individual plants and its surrounding.
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The optimization of resources is one of the major driver boosting the global precision agriculture market.
Agricultural resources like seeds, irrigation, and fertilizers account for a huge cost to farmers and are observing a rise in prices. Farmers have strived to mitigate the costs associated with agricultural resources and simultaneously increase yields. Precision agriculture technologies such as variable-rate technology (VRT) provide benefit as they facilitate control of the timing, quantity, and placement of resources for any given area on the farm.
Precision agriculture allows for better efficiency of planting because it allows farmers to optimize and customize inputs and reduce the misapplication of products. For instance, these tools can be used to evaluate the natural soil variability of a field and thus reduce irrigation in areas where soil is detected to better retain water.
The use of guidance and mapping capabilities, supported by GPS and WAAS (Wide Area Augmentation System), which provides location information and allows extremely precise steering of agricultural equipment and input application. The use of precision agriculture helps the farmer avoid overlaps and missed sections on the field, reducing use of fertilizer and fuel.
Huge investment required for precision agriculture equipment is hampering the global precision agriculture market.
The global precision agriculture market is segmented based on type, which includes Software, Hardware, and Services. Hardware holds the major market share in 2017 and it is expected to remain dominant over the forecast period, due to the increasing launch of new products.
For instance, in January 2018, Farmers Edge introduced SmartPro designed exclusively for agricultural professionals, SmartPro is a scalable solution for providing sampling, scouting, and variable Rate programs across more fields, in less time. In 2017, Bosch introduced Plantect smart agriculture solutions for disease prediction service using sensors and artificial intelligence.
The increase in strategic partnership between companies to develop sensors for precision agriculture is driving the global precision agriculture market.
For instance, in October 2018, Maxar Technologies company partnered with Vodafone Spain, and had introduced Sensing4Farming, an Internet of Things (IoT) product for smart, digital and precision agriculture. Sensing4Farming provides crucial insights about crop health to farmers, agronomists, and agrobusinesses via computer, mobile phone or tablet to optimize agriculture productions.
Market share of global Precision Agriculture market by offering, in 2016
North America holds the major market share for precision agriculture in 2017, and it is expected to maintain the steady growth over the forecast period. It is one of the most advanced regions that has adopted farm mechanization and thus is the most attractive market for precision agriculture.
Most of the farmers have large-sized farms, and use machine-intensive techniques for farming. They are highly professional and are willing to learn and adopt new farm technologies. Also, high costs of labor relative to capital intensive investment make labor-saving techniques particularly attractive.
Many universities like University Of Nebraska and University of Minnesota offer courses and are also involved in research of precision farming. This will further propel the market for precision agriculture.
The increasing adoption of IoT enabled devices and the superior data collection functions would fuel the market growth. For instance, in October 2018, IBM introduced a range of new AI-enabled IoT to help organizations accelerate their IoT programs from strategy, implementation, and security, to managed services and daily operations. The new platform gathers data from multiple sources such as the weather, IoT-enabled tractors and irrigators, satellite imagery, and other sources, to provide a single, overarching, predictive view of farm data in a single app.
Market share of global Precision Agriculture market by region, 2017
North America 40%
Asia Pacific 12%
South America 4%
Rest of the World 9%
New product launch and collaboration between companies for the development of precision agriculture products are some of the key strategies adopted by the leading players to improve their market presence in the global precision agriculture market.
In May 2016, SlantRange, introduced two new sensors, 2i and 2p that will allow growers and agronomists to obtain and process data faster and more efficiently.
In May 2018, NITI Aayog and IBM signed a Statement of Intent (SoI) to develop a crop yield prediction model using Artificial Intelligence (AI) to provide real time advisory to farmers in Aspirational Districts.
In August 2018, John Deere introduced new precision ag solutions and updated software. These new products include the 4240 Universal Display, AutoTrac Universal 300 guidance solution and updated 18-2 Gen 4 software, these are designed to help farmers farm even better in 2019 and beyond.
In September 2018, Deere & Company has acquired Blue River Technology for advance machine learning capabilities in agriculture.
Why purchase the report?
• Visualize the composition of the precision agriculture market across each indication, in terms of offering type, by application, and by technology highlighting the key commercial assets and players.
• Identify commercial opportunities in precision agriculture market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of the precision agriculture market – level 4/5 segmentation
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Product mapping in excel for the precision agriculture products of all major market players
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Table of Contents
1. GLOBAL PRECISION AGRICULTURE MARKET-SCOPE AND METHODOLOGY
2. GLOBAL PRECISION AGRICULTURE MARKET –TRENDS AND DEVELOPMENTS
3. INDUSTRY ANALYSIS
4. GLOBAL PRECISION AGRICULTURE MARKET SEGMENTATION
5. GLOBAL PRECISION AGRICULTURE MARKET – BY GEOGRAPHY
6. COMPETITIVE LANDSCAPE
7. COMPANY PROFILES
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