FERMONT , California: According to a new market intelligence report by BIS Research, titled 'Global Precision Agriculture Market - Analysis and Forecast, 2018-2025', reach $10.55 billion by 2025, rising at a CAGR of 13.70% from 2018 to 2025. The market growth is primarily attributed to the increasing demand for higher crop yield with limited availability of natural resources, the growing market penetration of ICT in farming, and rising governmental support for sustainable farming technologies.
Precision agriculture is considered to be one of the significant technological changes in the farming sector since the green revolution. Precision agriculture technology-based solutions enable the farmers to optimize the use of resources such as seed, water, fertilizer, and pesticides. Moreover, information such as crop rotation details, ideal planting times, harvesting times, and soil management, are also provided to the farmers to avoid wastage of resources and attain better yields. With rapid introduction of Information and Communication Technologies (ICT) in farming since the past decade, the farming industry has been witnessing a revolutionary phase.
Furthermore, the trend of precision farming is not only prevalent in developed countries but in developing countries as well have realized its importance. In countries, such as China and India, massive deployments of smartphones and internet of things systems have led to the rapid adoption of precision agriculture solutions. The government of several countries has realized the need and advantages of these technologies, and thus, their initiatives to promote precision farming techniques are expected to drive the growth in the market further.
BIS Research Report: https://bisresearch.com/industry-report/global-precision-agriculture-market.html
According to Sonali Mazumdar, Analyst at BIS Research, "In 2017, hardware systems solution type, followed by software and services, held more than 70% share of the total global precision agriculture market. Hardware systems are finding widespread usage in the farming sector as they provide a full range of solutions covering a majority of precision farm management purposes. Moreover, irrigation was the largest application sector for precision agriculture technologies in 2017. During the forecast period, the market for precision spraying technologies is also estimated to grow at a robust pace. Precision spraying solutions enable the farmers to target the pesticides more precisely and offer 8-10% reduction in product waste."
Regionally, North America is at the forefront of the global precision agriculture market, with high market penetration in the U.S. European market for precision agriculture technologies is also quite developed with major growth opportunities arising from countries in the Eastern European region. Increasing adaptability of farmers for modern technologies and the positive support from the government is also expected to augment the growth in the region. The fastest growth is expected from the Asia-Pacific and South America regions. Presence of key agricultural producing countries, such as China, India, Indonesia, Brazil, and Argentina, in this region is estimated to boost the market for advanced farming techniques. These emerging countries are currently facing the issues of extreme climatic conditions and inadequate resource accessibility coupled with mounting demand for food, owing to the rising population and economic growth. Thus, the adoption of effective farming solutions has become indispensable.
The competitive landscape for the precision agriculture market demonstrates an inclination toward companies adopting strategies, such as partnerships and collaborations, along with new product launches to introduce new technologies or further develop on the existing product portfolio. Moreover, acquisition activities have increased in the market during the last five years. Presently, the big four agricultural companies, namely Monsanto, DuPont, Syngenta, and BASF are continually increasing their investment for the digitization of the farming sector, by acquiring or collaborating with data sciences companies. In May 2018, ICL Ltd. partnered with CropX, to invest and develop advanced solutions for the agricultural sector, providing farmers with advanced soil sensor technologies and cloud-based analytics. In February 2018, Syngenta completed its acquisition of FarmShots Inc., a North Carolina-based innovator of high-resolution satellite imagery to further develop its solutions for farm management and decision-making tools.
This report is a meticulous compilation of research on more than 100 players in the precision agriculture ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 22 leading companies which include AGCO Corporation, Ag Leader Technology, AgJunction, CNH Industrial, Conservis Corporation, Deere & Company, DICKEY-john, DJI Innovations, Hexagon Agriculture, Iteris Inc., Lindsay Corporation, Raven Industries, Topcon Positioning Systems, Trimble Inc., The Climate Corporation, Valmont Industries Inc., Farmers Edge, Farm Logs, 365FarmNet GmbH, Agrivi, Agroptima, and Granular Inc.
Source: http://www.prnewswire.co.uk/
