Analysts forecast global precision agriculture market to grow at a CAGR of 14.43% over the period 2014-2019, according to the recent report “Global Precision Agriculture Market 2015-2019.”
“As farmers worldwide grow increasingly wary of the effects of agriculture on the environment, they are taking steps to conduct agriculture in a sustainable manner,” according to analysts in the report. “Environmental impacts on farming can be reduced significantly using precision farming methodology because it reduces the impact of agricultural pollutants, such as fertilizers and pesticides, on biodiversity and water quality, through prescription farming.”
The complete report spreads across 76 pages, analyzing five major companies and providing 40 data exhibits.
According to the report, with the growing global population, demand for food is rising but the size of arable land is decreasing. Farmers are thus facing the pressure of maximizing production within these limitations and are seeking out progressive techniques to make their farmlands more efficient. These factors combined are expected to drive the popularity of precision farming technologies in the market because they allow more effective management of farmland and thus increase production in a sustainable manner.
The analysts forecast the global precision agriculture market to grow at a CAGR of 14.43% over the period 2014-2019. To calculate the market size, the report considers the revenue generated from sales of the following precision farming products: automation and control systems, sensing and monitoring devices and farm management systems
The key players in the global precision agriculture market are AGCO, AgJunction, Ag Leader, Deere & Co., and Trimble Navigation. And other prominent vendors in the market are CNH Industrial, Derr Equipment, DICKEY-John, Monsanto, MTS Systems, Raven Industries, Site-Specific Technology, and TeeJet.
Further, the report states that farm income is a major determinant of the adoption of precision farming services. The farm income in the U.S. has been almost stagnant in the last couple of years. With the reduction in bulk commodity prices of grains and feeds and an increase in fertilizer and seed prices, farmers are faced with pressure on their margin.
A related report for U.S. region published in July 2015 and titled “Precision Farming Market in the US 2015-2019” says the U.S. is a significant producer and exporter of certain agricultural crops, such as corn and soybeans, and thus plays an important part in the global food supply chain. However, the area of arable land in the U.S. has been stagnant, limiting food production potential. Farmers are thus facing pressure to maximize production under strict limitations and are seeking out progressive techniques to make their farmlands more efficient. These factors, collectively, are expected to drive the popularity of precision farming technologies in the market, as they allow farmers to manage their lands more effectively and thus increase production in a sustainable manner. Access the complete report.
The analysts forecast precision farming market in the U.S. to grow at a CAGR of 16.04% during 2014-2019. To calculate the market size, the report considers the revenue generated from the sales of precision farming systems and services.
Apart from the key vendors mentioned above, this report has also profiles Teejet Technologies and Trimble Navigation. And the other prominent vendors in the market are AGCO, CNH Industrial, Derr Equipment, Monsanto, MTS Systems, Raven Industries, Site-Specific Technology Development Group, and Topcon Precision Agriculture.