Precision Farming Market Set For Rapid Industry Growth, To Continue at a Good Pace By 2024

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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.

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.

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.

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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.

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.

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 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.

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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.