The precision agriculture Market is segmented into technology and component. The component segment is bifurcated into hardware and software. Hardware is likely to stimulate market growth for precision agriculture in the anticipated period.
Precision Agriculture Market
Precision agriculture or site specific crop management is a farming concept based on measuring, observing and responding to intra and inter field variability in crops. The main aim of precision agriculture is to make a decision making, support system for the entire farm management with the aim of enhancing returns on inputs while preserving resources
Precision agriculture is gaining acceptance amongst farmers owing to the surging need to make use of available resources to obtain maximum resources. The altering weather conditions owing to the rise in global warming have ruled out other option and adoption of advanced technologies has become a necessity in order to enhance the crop yield and boosting productivity. With the help of technologies such as weather forecasting, real-time farm monitoring and other similar products, farmers are able to grow good crops, predict outcomes and take necessary measures to prevent their production. Precision agriculture allows the farmers to escalate their yields with least wastage and human efforts. Additionally, the technologies allow farmers to access and manage their resources in the real time via smartphones, thus providing mobility and ease of operation. Moreover, GPS-based guidance technology allows farmers to reduce overlapping of equipment thus saving labor cost, time and fuel. However, High initial investment in R&D and affordability of the technology along with lack of technical knowledge and awareness about its benefits among farmers is estimated to hinder market growth in the forecast period.
The precision agriculture Market is segmented into technology and component. The component segment is bifurcated into hardware and software. Hardware is likely to stimulate market growth for precision agriculture in the anticipated period. The yield monitoring sensor categorized under hardware segment is estimated to hold a substantial share. The application of yield monitoring in farming to understand field variability and also help growers in maximizing their yields is expected to boost growth. It is a tool which collects data to help analyze the variability in the field precisely. This data interpretation helps farmer to take necessary measures and decision. This will help support market growth in the long run.
On the basis of region the precision agriculture market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is anticipated to show growth during the predicted period. The region will hold a significant share owing to the early adoption of precision farming technologies by developed countries in the region such as U.S and Canada.
Farmers in North American region are aggressively adopting advanced farming techniques, tools and equipment to harvest, manage and protect their yielding.
Noticeable players included in the report are Trimble, Deere & Company, AGCO Corporation, Raven Industries, DeLaval, AgJunction Inc., Lely, GEA Farm Technology, AG Leader Technology and Antelliq among others.