The Precision Farming market study drafted by Market Study Report, LLC, delivers a concise outline regarding the potential factors likely to drive the revenue growth of this industry. The report delivers valuable insights on market revenue, SWOT Analysis, market share, profit estimation and regional landscape of this business vertical. Moreover, the report focuses on significant growth factors and obstacles accepted by market leaders in the Precision Farming market.
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The global Precision Agriculture market is anticipated to reach over USD 13,016 million by 2026, According to a new study. 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 global market revenue during the forecast period.
North America generated the highest revenue in the precision agriculture market in 2017, and is expected to lead the global market throughout the forecast period. This is due to high cost of labor, 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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Various applications of precision farming include irrigation management, crop scouting, yield monitoring, weather tracking and forecasting, field mapping, inventory management, and farm labor management. In 2017, yield monitoring accounted for the largest share in the global 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.
There has been an increasing adoption of precision farming across the world owing to growing agricultural industry, and high-demand for food crops. The global 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 precision farming market growth.
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The well-known companies profiled in the 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.
Precision Farming Market share by Major regions included:
Middle East & Africa
Table of Contents
1.Overview and Scope
1.1.Research goal & scope
1.3.1.Primary data sources
1.3.2.Secondary data sources
3.Precision Farming Market Insights
3.1.Precision Farming – Industry snapshot
3.2.Precision Farming – Ecosystem analysis
3.3.Precision Farming Market Dynamics
3.3.1.Precision Farming – Market Forces
220.127.116.11.Precision Farming Market Driver Analysis
18.104.22.168.Precision Farming Market Restraint/Challenges analysis
22.214.171.124.Precision Farming Market Opportunity Analysis
3.3.2.Industry analysis – Porter’s five force
126.96.36.199.Bargaining power of supplier
188.8.131.52.Bargaining power of buyer
184.108.40.206.Threat of substitute
220.127.116.11.Threat of new entrant
18.104.22.168.Degree of competition
3.3.3.Precision Farming Market PEST Analysis, 2016
3.3.4.Precision Farming Market Value Chain Analysis
3.3.5.Precision Farming Industry Trends
3.3.6.Competitive Ranking Analysis
4.Precision Farming Market Size and Forecast, 2017-2026 by Hardware Type
4.2.Automation & Control
4.2.2.Application control devices
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