Precision Farming Market Will Boom by 2023, by reaching nearly $9.49 Billion

Publish Date : 2018-07-16

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The report “Precision Farming Market By Technology (High Precision Positioning System, Remote Sensing, Geomapping, Integrated Electronic Communication And Variable Rate Technology (Vrt)), Component (Hardware, Services And Software) And Application (Yield Monitoring, Weather Monitoring, Field Monitoring, Waste Management, Irrigation Management And Financial Management) – Global Forecast to 2023”, issued by Crystal Market Research, the market was worth USD 3.08 billion in 2014 and is expected to reach approximately USD 9.49 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 13.32% during the forecast period.

Hardware is the leading the precision agriculture market

Owing to increasing adoption of precision farming devices, for example, drones, sensors, cameras, mobile devices and UAVs, the hardware segment has driven the market significantly in the recent years. These devices are embedded on various kinds of farming equipment, for example, harvesters and tractors. As the technology is quickly advancing, further improvements are anticipated to bring about the advent of new devices with better area and information handling abilities. The hardware comprises of automated steering system, sensors, mobile device, UAVs & camera, GPS and GNSS, drone and others.

North America is the pioneer in the region-wise segment

Inferable from the increased adoption of the propelled communication and information in the farming segment, North America has developed substantially over the recent years. The existence of supportive government policies and well-entrenched infrastructure additionally bolsters the demand.  Moreover, developing government endeavors and activities to drive the adoption of innovation in the district additionally cultivate the precision agriculture market development.

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Yield monitoring is assessed to represent significant share in the precision farming market

Inferable from increasing application of precision farming solutions by makers for ideal arranging and management of harvest, the yield monitoring section is anticipated to be the leading segment over the following years. These solutions empower producers to design enter necessities to accomplish ideal yield. Moreover, the demand for data on real time basis amid the harvesting and necessity of recorded spatial database is increasing the interest for the yield monitoring technology.

In 2016, the high precision positioning systems drove the precision farming market

Due to the essential application of GPS and GNSS frameworks in precision farming solutions, the high precision positioning system propelled the growth of the overall market. These advances fill in as a reason for the working of precision farm systems and devices to decide and process location-based information.

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Some of the well-established players in the market are Agribotix LLC, Dickey-John Corporation, Farmers Edge Inc, BouMatic LLC, AgSmarts Inc, GEA Group, AgSense LLC, AGCO, Delaval Corporation, CropX Inc, CropMetrics LLC and John Deere. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.


About Crystal Market Research:

Crystal Market Research is a market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.


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