The precision farming market has been forecast to increase at a compound annual growth rate (CAGR) of 13.36% over the next five years, reaching a value of approximately $3.72 billion by the end of 2018.
Key factors set to drive growth in the market include augmented yield & profitability, energy & cost saving, and government assistance.
Precision farming is a farming management concept based on observing, measuring and responding to inter and intra-field variability in crops. Crop variability typically has both a spatial and temporal component which makes statistical/computational treatments quite involved.
The ever increasing global food demand and environmental issues have plagued countries across the globe; there are now growing concerns to tackle both these issues, simultaneously. In this challenging situation, precision farming presents a way ahead by offering increasing yields, and at the same time, reducing the wastage and environmental degradation.
According to a recent market report, ‘Precision Farming Market: Global Forecast & Analysis 2013-2018,’ North America represents the largest region within the precision farming market, as this area has the maximum adoption rate.
The US will continue to dominate the precision farming industry over the next five years, due to high adoption rates, financially strong growers, and continuous development.
APAC is the emerging market for precision framing and has been enjoying the highest growth rate among all the geographic regions. APAC has been forecast to increase at a CAGR of 25.16% from 2013 to 2018.
Despite all efforts precision farming practices are still not widely adopted. Simply stated, it’s not an easy and seamless process to add precision agriculture technology, and until it becomes virtually invisible, adoption will come slowly to those farmers who are less technologically inclined.
Key players currently dominating the precision faming market include Deere & Co. (U.S.), Trimble Navigation (U.S.), Topcon positioning systems (U.S.), Raven Industries (U.S.), Precision Planting (U.S), and AGCO (U.S.).
(Source – https://uk.finance.yahoo.com/news/precision-farming-market-worth-3-000000969.html)