STUDY PROJECTS PRECISION FARMING MARKET TO REACH $10.70 BILLION BY 2025
Feb. 16, 2017
Source: Grand View Research news release
The global precision farming market is expected to reach USD 10.70 billion by 2025, according to a new report by Grand View Research, Inc. Precision farming is an agriculture technique which enables the efficient farming and improves the productivity with the application of various technologies. The technology provides the sustainable management of the resources for enhancing the food productivity.
Data management developments along with the advancements of geo-location tracking helps the farming to detect and optimize yield operating efficiencies. The technology advancements in the precision farming helps the farmers to get the appropriate information about the planting and harvesting. The factors such as enhanced and improved profitability and yield, cost and energy saving along with the governmental assistance has further fuel the industry demand.
Geographic positioning system (GPS) is projected to contribute majorly in the guidance systems technology segment from 2016 to 2024. The growth is attributed to the ability to assist agriculture service providers and farmers to automatically record the field data and apply the input to small areas within the larger field.
Yield monitoring is considered to be the majorly used application segment in the farming owing to ability to understand field variability and provide assistance in maximizing the yields. The segment provides the information about the soil properties, weather conditions, and fertilizers which further impact the grain production in a positive manner. Furthermore, the services segment is also projected to grow at a significantly over the forecast period.
Although, lack of awareness and high initial capital investments are anticipated to hinder the indsutry growth over the projected period. increasing government initiative for adopting the advanced agriculture technologies is expected to overcome the awareness issue over the forecast period.
Browse full research report with TOC on "Precision Farming/Agriculture Market Analysis By Component (Hardware, Software, Services), By Technology (Variable Rate Technology, Remote sensing, Guidance Systems), By Application, By Region & Segment Forecasts, 2014 - 2025" at: http://www.grandviewresearch.com/industry-analysis/precision-farming-market
Further key findings from the report suggest:
•Precision farming are gaining traction in the market, owing to the increasing awareness for enhanced production and less wastage
•Variable rate technology is anticipated to witness significant growth over the forecast period, owing to the increased adoption of technology across the industry
•The Asia Pacific region is projected to witness enormous growth with the increasing adoption of advanced technology in the countries, which include South Korea, China, and Japan
•The prominent players of the precision agriculture market are Dickey-John Corporation, Precision Planting, Inc., Raven Industries, SST Development Group, Inc.
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Grand View Research has segmented the precision farming market based on component, technology, application, and region:
•Precision Farming Component Outlook (Transaction Revenue, USD Billion, 2014 - 2025)
•Precision Farming Technology Outlook (Transaction Revenue, USD Billion, 2014 - 2025)
◦Variable Rate Technology (VRT)
•Precision Farming Application Outlook (Transaction Revenue, USD Billion, 2014 - 2025)
◦Variable Rate Application
•Precision Farming Regional Outlook (Transaction Revenue, USD Billion, 2014 - 2025)
◦The Middle East and Africa
Read Our Blogs - Precision Farming/Agriculture Market - Analyst View
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.