The global Precision Farming Market size is anticipated to reach USD 16.35 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.1% over the forecast period. Precision farming, also known as site-specific crop management or satellite farming, is a farm management concept that uses information technology to ensure optimum health and productivity of crops. The precision farming technique largely depends on specialized equipment such as sensing devices, antennas and access points, and automation and control systems. It also involves maintenance services and managed services. Additionally, it incorporates a broad range of technologies such as bio-engineering, robotics and automation, imagery and sensors, and big data.
The growing number of applications for telematics in
agriculture is anticipated to drive demand for precision farming over the
projected period. Telematics services include tracking devices using the Global
Navigation Satellite System (GNSS) to show the position of the equipment for
management purposes. Major manufacturers of agriculture equipment are adopting
telematics services for their equipment to improve farm efficiency, thereby
reducing the cost of agricultural operations and maximizing profitability.
Additionally, improved management can help reduce environmental impact.
Telematics technology is used to capture and transfer data from the farm
equipment through sensors installed on tractors and other field
monitoring equipment. The increasing adoption of telematics systems by
agricultural equipment companies is expected to drive market growth.
Furthermore, with advancements in GPS guidance
and automation, drones are poised to transform the agriculture industry. The
ability of drones to precisely analyze the soil at the beginning of the crop
cycle and detect a plant infected with bacteria or fungus is anticipated to
propel the growth of the drone segment.
However, the low rate of technology adoption among
farmers is likely to hamper market growth over the forecast period. This may be
due to factors such as the absence of stringent standards and limitations on
the exchange of data. Furthermore, farmers lack independent consulting and
advisory services owing to the absence of validated agronomic models for
Variable Rate Technology (VRT) to make decisions on investments. Independent
services are not linked to co-operatives, government bodies, and farmer
associations where farmers can get additional information to make improved
decisions.
Related Press
Release @ Precision
Farming Market Report
Precision Farming Market Report Highlights
- Increasing
government support for adopting modern agricultural techniques and the
growing need for efficiently monitoring the health of crops are expected
to drive market growth
- The
cloud-based software model is anticipated to gain significant market share
over the projected period as it reduces energy consumption and provides
storage for a large amount of data while facilitating cost saving
- Innovations
in GPS mapping and related farming applications are enabling farmers to operate
more efficiently and increase their profit margins
- Demand
for drones is expected to grow in the agriculture field as they are
increasingly used in monitoring irrigation systems
- Yield
monitoring finds wide applications in soil monitoring as it helps detect
the properties of soil for increasing yields
- The
digital revolution in the agricultural sector, along with government
financial incentives to farms, is likely to drive demand for precision
farming in Europe in the forthcoming years
- Asia
Pacific is expected to witness the fastest growth owing to the
availability of the largest agricultural land, which provides growth
opportunities in countries such as China, India, Australia, and Japan
- Key
players in the precision agriculture market include AgEagle Aerial Systems
Inc. (Agribotix LLC); Deere and Company; Proagrica (SST Development Group,
Inc.); Farmers Edge, Inc.; and Granular, Inc.
About Us:
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, the company offers market intelligence studies ensuring relevant
and fact-based research across a range of industries including technology,
chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment