DALLAS, Oct. 21, 2014—According to a new market research report “Precision Farming Market – by Technology (GPS/GNSS, GIS, Remote Sensing & VRT), Components (Automation & Control, Sensors, FMS), Application (Yield Monitoring, VRA, Mapping, Soil Monitoring & Scouting) and Geography – Global Forecasts to 2020”, published by MarketsandMarkets, the total value of precision farming market is expected to reach $4.55 Billion by 2020, growing at a CAGR of 12.2% from 2014 to 2020.
The need for precision farming products is evolving and growing continuously. The precision farming techniques are utilized for site specific farming, which means better efficiency, high yield, and profitability with optimum usage of resources. Precision farming products have a special place in different agro-based applications. Precision agriculture techniques find its major applications in yield monitoring, Variable Rate Application (VRA), mapping, soil monitoring, and crop scouting.
The precision farming market is expected to benefit from emerging market investments that are lifting the standards of agriculture, while the developed markets are expected to continue investing in more efficient precision farming techniques, systems, and procedures, which offer high yields and profits. The increasing demand for food is pushing the growers to adopt precision farming techniques and optimize their resources efficiently with minimum wastages.
MarketsandMarkets report provides a detailed segmentation by technology, component, and application. The geographic analysis covers all existing and emerging technologies in the Precision Farming Market. The market based on technology is segmented into guidance system, remote sensing, and Variable Rate Technology (VRT). The market based on components is segmented into automation & control systems, sensing and monitoring devices, and Farm Management System (FMS). The report also covers major applications of precision farming techniques such as yield monitoring, filed mapping, Variable Rate Application (VRA), soil monitoring, and crop scouting with qualitative and quantitative industry insights.
One of the objectives of the report was to analyze market trends for each of the Precision Farming Market segments and their respective growth rates. Apart from market segmentation the report also covers an in-depth analysis such as Porter’s five force analysis, supply chain with a detailed process flow diagram, and market dynamics such as drivers, restraints, and opportunities for the precision farming market.
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