Precision farming is about correctly managing field variations, growing more food with much less resources, and decreasing manufacturing costs. It can make an improvement in food production, facing the challenge of a thriving world population, and can assist growers achieve: increased sustainability, higher productivity, environmental protection, and financial benefits.
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What’s happening in the industry?

Probably The highest adoption prices of perfection farming are observed in the United States, Germany, Brazil and Australia, while the Asia Pacific region is likely to show history adoption rates in the forecast period. With the governments of various countries providing financial assistance to farmers for the usage within their cultivation, the adoption fees are anticipated to increase in all the other regions too. The industry is dominated by different technologies for example GNSS / GPS Systems, GIS, Remote Sensing & VRT, where VRT is the fastest growing part with a solid CAGR of 16 % over the forecast period.

AGCO Corporation acquired Cimbria, a Dutch tools supplier of powders, grain and seed. Cimbria’s acquisition will geographically enable them to expand and enhance their business in Denmark. The company also offers mobile tools that have access to huge information and data relevant to crop, which more improves farming. John Deere acquired Monsanto’s Precision Planting. The acquisition will help the company maximize digital agriculture and aid in the seamless assortment of infield agronomics data.

Market Dynamics for Precision Farming

The decreasing availability of productive land, the ceaseless change in climatic conditions as well as the strict regulatory framework have increased need for a more successful and efficient farming sector. The management of agricultural land is a lot more competent with the introduction and application of modern technologies. For example, automation technology, sensors, geo mapping, and big data analysis instruments help examine local weather and soil data, that increases the overall efficiency of agriculture.

Agriculture is merely one of the places where innovation and technology have resulted in major improvements. The newest technologies include sensing technologies, software applications, communication systems, data analytics solutions and positioning technologies. The advancement is being supported by numerous technologies like drones, driverless machinery, and crop dusters.

In 2016, North America dominated the accuracy farming market with a share of aproximatelly 50 %. The market share in this area is led by the United States plus Canada. Large-scale farmlands, ever-existing want to improve yield, and high labor costs are going to drive the industry in the region. The growers are willing and skilled highly to embrace new technologies. But, virtually all of the agriculture farms & farmers rely heavily on exports to sustain prices and revenues, which might change the market dynamics in the future. Asia-Pacific has been labeled as a location which is yet to achieve its maximum potential in this specific domain.

Is precision farming set to see unprecedented growth rate until 2022?

The worldwide precision farming industry is believed to achieve USD 5.98 billion by 2022, growing at a CAGR of 12.97 % between 2017 and twenty two, in accordance with a report by industry intelligence. In the past ten years, precision farming has moved from great science to good practice and has witnessed unprecedented growth around the globe. 70 to 80 % of the brand new farm equipment marketed today, includes some sort of perfection farming component. Asia-Pacific is expected to become the fastest growing industry with a CAGR of about 21 % during 2017 2022. The main factor stimulating market growth in Asia Pacific is augmented yield and earnings, which is pushing farmers toward crop monitoring technologies. The market share in this area is held by Australia.

Competition Analysis

The report includes competitive by nature vendor landscaping of 17 vendors in the precision farming business, which includes major players like Monsanto, Deere & Company, AgCO Corporation and Lindsay. The market place of is somewhat fragmented with the presence of several local and regional players. The market of precision farming is still an emerging market, nonetheless, brand loyalty in a few segments is reportedly good. Brand loyalty is most obvious in the segments of farm machinery and support services.

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