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Precision Farming Market Outlook 2020 – Growth Drivers, Opportunities and Forecast Analysis to 2025

Author : Ronak Bora | Published Date : 2020-09-18 

The meteoric rise of the global precision farming market can be rightly accredited to the rapidly evolving automated solutions that have enhanced agricultural practices followed across the world. These innovative solutions have ensured a marked increase in farm efficiency, higher waste reduction, and have further acted as pivotal proponents to ramp up the overall agricultural productivity. It would be prudent to mention that the rise of numerous start-ups has provided a new ray of hope to the farming sector, whose growth has been perpetually marred by innumerable challenges in the recent times.

While observing the transforming landscape of the farming sector, it is quite impossible to not mention that the launch of innovative precision tools by these next-gen start-ups has propelled the growth trajectory of the overall precision farming industry. While the competitive spectrum of the precision farming market consists of numerous top-notch companies, a sizeable portion of the growth of this business space can be attributed to the emergence of start-ups.

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Geomapping technologies are expected to hold a share of over 20% of the precision farming market in 2025. The technology proves to be immensely beneficial in agriculture as it offers a cost-effective alternative for localized & wide-scale monitoring of the crop output. With the evolution of the technology, 3D geomapping techniques have emerged in the market that are particularly useful for the timely detection of existing inefficiencies in the fields, allowing farmers to take immediate corrective measures.

The irrigation management application segment is projected to grow at a CAGR of over 15% between 2019 and 2025. Using precision farming technologies, the site-specific management of irrigation activities can significantly improve the overall water management. Farmers can monitor and control their irrigation pivots from any location using precision irrigation solutions. These solutions enable accurate and uniform water delivery to crops throughout their lifecycle.

Global precision farming market share, over the recent years, has been witnessing meteoric rise owing to the laudable initiatives undertaken by regional governments to combat declining agricultural productivity. The farming sector has perpetually been marred with several challenges including a marked increase in the cost of production, restricted employment opportunities, fragmented land holdings, degrading and diminishing natural resources, etc. Moreover, the rapid pace of urbanization and the burgeoning population has further aggravated and contributed toward further deterioration of the farming sector which already is in shambles.

In order to tackle these massive impediments, the farming community across the world is now gradually incorporating numerous advanced precision tools in their farmlands to accomplish various objectives such as greater sustainability, realize higher financial benefits, and to lower environmental harm. Apparently, as a consequence of the aforementioned aspects, the overall precision farming industry size is bound to record commendable growth in the forthcoming years. precision farming market is estimated to register a striking double-digit growth rate over 2019-2025.

Elaborating further, it is quite prudent to mention that the foremost stakeholders of the precision farming industry have been focused on leveraging the prowess of advanced technologies such as big data and IoT. These technologies have proved to be of immense help to obtain precise insights of farming situations which would further aid in better forecasts about agricultural outcomes.

The Asia Pacific precision farming market will witness a growth rate of over 20% during the forecast period. The factors augmenting the market growth are increasing the awareness about the precision farming technologies and several initiatives taken by the government to improve sustainable agriculture. For instance, in June 2017, the state government of Haryana in India adopted climate-smart agricultural practices to transform the agricultural systems. This also enabled the regulatory bodies to achieve three objectives such as adapting to climate changes, achieving agricultural productivity, and reducing greenhouse gas emissions. The rising adoption of drones and UAVs for capturing crop-related data is also leading to precision farming market growth. For example, in March 2019, the Agriculture Ministry of Japan promoted the use of drones in the agriculture sector. This will help in increasing productivity and improving crop health by closely monitoring the crop condition.

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The companies in the precision farming market are entering into strategic partnerships and acquiring companies to gain more market share. For instance, in September 2018, Topcon Agriculture entered into a licensing agreement with Raven Industries. Under the agreement, Topcon Agriculture's Slingshot Application Programming Interface (API) was used in Raven's software platforms. The software-to-software interface help users to share data between software systems. Some companies are concentrating on new product developments to enhance the capabilities of their existing offerings and to expand their product line up.

Table of Contents (ToC) of the report:

Chapter 6 Precision Farming Market, By Technology

6.1 Key trends, by technology

6.2 High precision positioning systems

6.2.1 High precision positioning systems market size, 2014-2025

6.3 Geomapping

6.3.1 Geomapping market size, 2014-2025

6.4 Remote sensing

6.4.1 Remote sensing market size, 2014-2025

6.5 Integrated electronic communication

6.5.1 Integrated electronic communication market size, 2014-2025

6.6 Variable Rate Technology (VRT)

6.6.1 VRT market size, 2014-2025

Chapter 7 Precision Farming Market, By Application

7.1 Key trends, by application

7.2 Weather monitoring

7.2.1 Weather monitoring market size, 2014-2025

7.3 Yield monitoring

7.3.1 Yield monitoring market size, 2014-2025

7.4 Field mapping

7.4.1 Field mapping market size, 2014-2025

7.5 Irrigation management

7.5.1 Irrigation management market size, 2014-2025

7.6 Waste management

7.6.1 Waste management market size, 2014-2025

7.7 Financial management

7.7.1 Financial management market size, 2014-2025

7.8 Others

7.8.1 Others market size, 2014-2025

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/precision-farming-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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