PRECISION FARMING MARKET SIZE, SHARE, TRENDS, DEMAND AND GROWTH FORECAST TO 2023

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.

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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 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.

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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.

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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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