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Precision Farming Market Size, Share 2018 Industry Trends, Growth Insight, Share, Competitive Analysis, Statistics, Regional, And Global Industry Forecast To 2023 | 360 Market Updates

Precision Farming

Precision Farming Market (2018 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Precision Farming market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.

Precision Farming Market report is anticipated to register a CAGR of 12.61% over a five years forecast period (2018 – 2023).”

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List of Major Key players operating in the Global Precision Farming Market are –

  • AGCO Corporation
  • AG Junction Inc.
  • John Deere Co.
  • Dickey-john Corporation
  • Teejet Technologies Illinois LLC
  • Raven Industries Inc.
  • Lindsay Corporation
  • Monsanto Company
  • Valmont Industries Inc.
  • Topcon
  • Precision Agriculture
  • Trimble Navigation Limited
  • E. I. Du Pont De Nemours and Company (Dupont)
  • Land O’lakes Inc.
  • BASF SE
  • Yara International ASA.

The Global Precision Farming Market was valued at USD 3.58 billion in 2017, and is expected to reach a value of USD 7.30 billion by 2023, at a CAGR of 12.61% over the forecast period (2018 – 2023).

Over the past two decades, PF (precision farming) has successfully made the transition from being an academic research topic to a highly beneficial practice in the field of agriculture. Around 70-80% of the new equipment purchases has been deemed to contain some form of PF tools. PF practices can be better analyzed as a cyclical approach rather than a sequential one (as depicted in the adjacent pictorial representation).

By the end of 2030, PF is touted to become the most influential trend in agriculture, eclipsing other advancements. Currently, the adoption of PF practices has largely been uneven, owing to several factors.

The adoption was found to be high, in areas where labor costs are high and land costs are relatively inexpensive. The skewed nature of adoption can be attributed to the presence of several exogenous factors, such as the availability of financial aid and initial effectiveness.

Rising Global Demand for Food Products is Driving the Growth of the Market

According to a survey conducted by the UN DESA organization, the world population is expected to grow from around 7.35 billion in 2015 to 8.3 billion in 2030. The growth, in addition to rising disposable incomes, has contributed to the sustained rise in demand for food across the world.

The farming community is coming under severe pressure to meet the growing demand for food. The demand can be met by either increasing agricultural land, or by making optimal use of the available agricultural land.

Farmers in developed countries are increasingly veering toward “sustainable intensification”, which advocates the use of precision farming techniques and tools to optimize crop productions.

Global Positioning System (GPS)/ Global Satellite Navigation System (GNSS) Held the Largest Share of the Market in 2017

Agriculture contributes to 2% of the global revenue of GNSS systems, considering the receivers, navigation, maps, and software. Of the four billion GNSS devices used worldwide, Asia-Pacific has the highest contribution, which is higher than both Europe and North America, combined.

Miniaturization and improved accuracy of the global navigation satellite system (GNSS) technology (of which, GPS is mostly in use, at present) makes it possible for wide-scale adoption of PF technologies for geo-positioning and field mapping. The scope of GNSS devices in PF includes applications in automatic steering, variable rate application, farm machinery guidance, yield monitoring, biomass monitoring, soil condition monitoring, livestock tracking, and virtual fencing. The market size of GNSS devices includes the scope of tractor guidance, automatic steering, variable rate technologies, and asset management. The tractor guidance segment is the largest contributor, with more than half of the GNSS device’s contribution.

United States Held the Largest Share in the Market

As per estimates of the US Department of Agriculture, nearly 2.06 million farms in the United States used 911 million acre land with a production value of USD 355.9 billion in 2016.

It is estimated that only 20% of the total acreage in the United States and 58% of the producers implement precision agricultural technologies. AgLeader, Agri-vision, Blue River Technologies, Crop Venture Incorporated, Farm Works, and Holland Scientifics are some of the precision agriculture companies based in the United States.

The Federal Aviation Administration (FAA) has laid out its restrictions toward the flying of drones; but as per their new rules passed in 2016, drones for commercial purposes, weighing up to 55 lb can be used in the United States during daylight hours.

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Scope of the Report:

The report analyses Precision Farming market, which includes –

  • Analysis of the growth of Precision Farming market in global and regional level including Asia-Pacific, Americas, and EMEA.
  • The report provides Precision Farming market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
  • The report offers country level Precision Farming market volume and value by end-user segment for the period 2012-2023.
  • Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Precision Farming market are discussed.
  • The report provides competitive landscape at country level for the year 2018. It also covers key policies and initiatives, key deals, and key upcoming projects.

Highlighted points of Precision Farming Market Report:

  • Varying dynamics of the Precision Farming industry.
  • Prospective changes in sales volumes and worldwide share growth in upcoming years (2018-2023).
  • Precision Farming market report recognizes the key drivers of growth and challenges of the key industry players.
  • Competitors profiles along with product description, overview, and business data.
  • A complete analysis of market risks, opportunities, limitations, and growth of the market.
  • Market driving and restraining factors.
  • Delivers information on the historical and current market size and the future potential of the market.
  • Precision Farming market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.

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Reasons to Purchase Precision Farming Market Report:

  • The report analyses how stringent emission control norms will drive the global Precision Farming market.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
  • Study on the product type that is expected to dominate the market.
  • Study on the regions that are expected to witness the fastest growth during the forecast period.
  • Identify the latest developments, market shares and strategies employed by the major Precision Farming market players.
  • 3 months’ analyst support along with the Market Estimate sheet (in excel).

In this study, the years considered to estimate the market size of Precision Farming:

History Year: 2013-2017
Base Year: 2017
Estimated Year: 2018
Forecast Year 2018 to 2023

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Mr. Ajay More

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