The precision farming market is growing with a considerable rate due to augmented yield and profitability of the agriculture industry. The growing population and government assistance to farmers are other factors responsible for the growth of the global precision farming market. Penetration of broadband and mobile technologies and unmanned aerial vehicles (UAV) applications are some of the factors providing ample opportunities to the precision farming market to grow in the coming years.
Precision farming is used to make farming more effective and informative by enabling enhanced decisions about several outlooks of crop production. Precision farming helps the farmers in evaluating the right amount of pesticides and fertilizers needed for enhanced yield production, and the right time to plant and harvest their crops through informative measures. The information assists in cutting down fuel usage, input costs and labor, and removes the environmental impact. The recent innovations in precision farming have further helped the farmers to increase their farming efficiency. .
On the basis of technology, the precision farming market can be categorized as variable rate technology (VRT), remote sensing, and guidance systems. Variable rate technology includes variable rate pesticide, variable rate fertilizer, and variable rate seeding. Remote sensing includes satellite and handheld; and guidance systems include geographic information system, global positioning system, global navigation satellite system (GNSS), and geographic information system (GIS).
On the basis of hardware the global precision farming market can be categorized as sensing and monitoring devices, automation and control system, climate sensor, and water sensor. Sensing and monitoring devices include soil sensors and yield monitors. Automation and control system include mobile devices, guidance and steering, flow and application control devices, display, and global navigation satellite system or global positioning system. On the basis of farm management systems, the precision farming market can be categorized as consulting and services, and software.
On the basis of applications precision farming market can be categorized as variable rate application (VRA), yield monitoring, farm labor management systems, crop scouting, soil monitoring, weather tracking and forecasting, and field mapping. Variable rate application (VRA) include field applications, map-based VRA, lime VRA, fertilizer VRA, sensor-based VRA, pesticide VRA, phosphorus VRA, nitrogen VRA and seeding VRA. Yield monitoring includes off-farm field monitoring and on-farm yield monitoring. The soil monitoring on the other hand includes moisture monitoring and nutrient monitoring; and field mapping includes boundary mapping and drainage mapping. Variable rate application dominates the precision farming market among the applications category due to multiple applications and high adoption rate of VRA.
Some of the factors driving the growth of the precision farming market include increasing awareness among farmers about cost and energy saving through this technology, enhanced crop health and inextricable link between sustainable development and precision farming. Abundance of available arable lands around the globe is providing ample opportunities to the growth of precision farming market in the coming years. Some of the restraints in the precision farming market include absence of dedicated education of precision farming among the farming sector, high initial investment, lack of standards and constraints on exchange of data between systems, and shortage of technical acumen.
Some of the competitors in the precision farming market are Teejet Technologies, LLC, Dickey-John Corporation, AGCO Corporation, Trimble Navigation Limited, Precision Planting Inc., Ag Leader Technology, Inc., Deere & Company, Agjunction Inc., Raven Industries Inc. and Topcon Precision Agriculture Pty. Ltd.
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