GLOBAL PRECISION FARMING MARKET FORECAST 2018-2026

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GLOBAL PRECISION FARMING MARKET FORECAST 2018-2026

The Global Precision farming market is estimated to grow with approx.13.81% CAGR during the year 2018 – 2026. The base year considered for the study is 2017 and the forecast period is 2018-2026.  A major driver in the global precision farming technologies market is the growing focus on sustainable agriculture and the need to develop crops that have stronger resistance to drought conditions and pests. One key aspect of precision farming involves understanding crop and soil patterns and deriving trends out of historical data.

GLOBAL PRECISION FARMING MARKET FORECAST 2018-2026

Global Precision Farming Market Is Segmented by Technology(Guidance System Technologies, Remote Sensing and Control Systems, Variable Rate Technology) by Type(Hardware, Software) by Applications(Soil Monitoring, Yield Monitoring, Software Applications, Variable Rate Applications, Field Mapping) & by Geography

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The Global Precision farming market is estimated to grow with approx.13.81% CAGR during the year 2018 – 2026. The base year considered for the study is 2017 and the forecast period is 2018-2026. The global precision farming market is primarily driven by the following factors:

  • Focus on sustainable agriculture
  • Growing awareness and acceptance
  • Need to maximize food production
  • Optimization of inputs
  • Control over farm data

Precision farming market

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A major driver in the global precision farming technologies market is the growing focus on sustainable agriculture and the need to develop crops that have stronger resistance to drought conditions and pests. One key aspect of precision farming involves understanding crop and soil patterns and deriving trends out of historical data. This data can be used to understand soil conditions, drought and pest infestation, and help farmers take precautionary measures. Further development in the precision farming space also includes the development of smart sensors to save water during periods of drought.

The wide range of applications for guidance systems in precision agriculture is the main reason for its popularity. GPS-based applications in the precision farming range from farm planning, field mapping, soil sampling, tractor guidance to crop scouting. Guidance system technologies, along with other platforms allow precise application of pesticides, herbicides, and fertilizers, thus reducing wastage while simultaneously increasing efficiency. Guidance systems are one of the oldest adopted technologies in the precision farming space, making it part of the large traditional agriculture technology providers, as well as new companies that enter the market due to its attractiveness. Also, this segment sees a significant amount of mergers and acquisitions as well as partnerships and joint ventures.

High initial investment and implementation issues are the major factors hindering the Precision farming market. Precision agriculture comes at a significant cost as the machinery uses advanced technology such as GNSS. These technologies provide significant cost-effectiveness when employed on larger farms and when fully integrated. While individual tools are less expensive, integrating them into cohesive management platforms can significantly add to expenses. Issues with the implementation of precision farming arise from analyzing and interpreting them, as each farm is unique and the perfect solution may not be available. The complete implementation of a precision farming system requires an abundance of data, which requires several years to collect.

The Global Precision Farming Market segments include type, application, and technology.

Types are segmented into:

  • Hardware
  • Software

Applications are segmented into:

  • Soil monitoring
  • Yield monitoring
  • Software applications
  • Variable rate applications
  • Field mapping
  • Others

Technology is segmented into:

  • Guidance systems
  • Remote sensing and control systems
  • Variable rate technology

Geographically, the Global Precision farming market has been segmented on the basis of four major regions, which include:

North America is anticipated to account for the largest market share during the forecast period. North America is one of the most advanced regions that has adopted farm mechanization and thus is the most attractive market for precision farming. Most of the farmers are wealthy, have large-sized farms, and use machine-intensive techniques for farming. They are highly professional and are willing to learn and adopt new farm technologies. Also, the high costs of labor relative to capital-intensive investment make labour-saving techniques particularly attractive. Many universities like the University Of Nebraska and the University of Minnesota offer courses for and are also involved in the research for precision farming. This is further expected to propel the market for precision agriculture. On the other hand, the Asia-Pacific is anticipated to be the fastest-growing region for the Global Precision farming market. Developing countries like India and China are the fastest growing precision farming markets in APAC. Many public and private partnership initiatives are working to strengthen the position of precision agriculture in India. Also, China has to adopt farm mechanization like precision farming to improve its productivity because of scarce agricultural sources, increasing pollution, and low utilizing efficiency. China has the advantage of an advanced IT infrastructure, and thus it will be easy for the country to adopt precision farming.

The Precision farming market is segmented on the basis of types which are sub-divided into hardware, software, and is also segmented on the basis of applications which are sub-divided into soil monitoring, yield monitoring, software applications, variable rate applications, field mapping and others.  By technology, the precision farming market has been segmented into guidance systems, remote sensing and control systems, and variable rate technology.

The major market players in the Global Precision Farming Market are:

  • Agco Corp
  • Basf Se
  • Deere & Co
  • Dupont
  • Trimble Navigation Limited
  • Others

Company Profiles covers analysis of important players

These companies are using organic and inorganic strategies for growth. For instance, on 25th April 2017, BASF signed an agreement to acquire ZedX, a US-based company that is a leader in the development of digital agricultural intelligence. ZedX’s expertise lies in the development of agronomic weather, crop, and pest models that can rapidly translate data into insights for more efficient agricultural production. With such planned acquisition, BASF strengthens its digital farming footprint and further invests in helping growers take advantage of the increasing amount of big data generated in farming and beyond. On 23rd April 2018, Trimble announced it has entered into a definitive agreement to acquire privately-held Viewpoint from Bain Capital in an all-cash transaction valued at $1.2 billion. Viewpoint is highly complementary to Trimble’s e-Builder business and will extend Trimble’s ability to provide a more complete and integrated project, job site and business workflows across the construction lifecycle.

Key Findings of the Global Precision Farming Market.

  • Focus on sustainable agriculture and need to maximize food production is fueling growth in the Global Precision Farming Market.
  • North America accounted for the largest revenue share in 2017.
  • Guidance system technologies are dominating the market
  • Increasing government support
  • Product launch is the key strategy adopted by the various market players of the Global Precision farming market.
  • Soil monitoring is a major application segment.
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • INCREASED ADOPTION OF AUTO STEERING AND VARIABLE RATE CONTROLS
      • INCREASED MERGERS AND ACQUISITIONS
      • NORTH AMERICA DOMINATES THE GLOBAL PRECISION FARMING MARKET IN TERMS OF REVENUE
      • ASIA PACIFIC IS THE MOST PROMISING REGIONAL MARKET
  1. MARKET DYNAMICS
    • MARKET DEFINITION
    • DRIVERS
      • FOCUS ON SUSTAINABLE AGRICULTURE
      • GROWING AWARENESS AND ACCEPTANCE
      • NEED TO MAXIMIZE FOOD PRODUCTION
      • OPTIMIZATION OF INPUTS
      • CONTROL OVER FARM DATA
    • RESTRAINTS
      • HIGH INITIAL INVESTMENT
      • IMPLEMENTATION ISSUES
    • OPPORTUNITIES
      • GROWING PROMINENCE OF TELEMATICS TECHNOLOGIES
      • GROWING OPPORTUNITIES IN EMERGING ECONOMIES
      • WIDE PORTFOLIO OF OFFERINGS
    • CHALLENGES
      • LACK OF STANDARDIZATION
      • IMPACT OF FARM INCOME
  1. MARKET BY TECHNOLOGY
    • GUIDANCE SYSTEM TECHNOLOGIES
    • REMOTE SENSING AND CONTROL SYSTEMS
    • VARIABLE RATE TECHNOLOGY
  2. MARKET BY TYPE
    • HARDWARE
      • AUTOMATION AND CONTROL SYSTEMS
      • SENSING AND MONITORING DEVICES
    • SOFTWARE
      • FARM MANAGEMENT SOFTWARE
  1. MARKET BY APPLICATIONS
    • SOIL MONITORING
    • YIELD MONITORING
    • SOFTWARE APPLICATIONS
    • VARIABLE RATE APPLICATIONS
    • FIELD MAPPING
    • OTHERS
  2. KEY ANALYTICS
    • PORTER’S 5 FORCE ANALYSIS
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTE PRODUCTS
      • BARGAINING POWER OF BUYERS
      • BARGAINING POWER OF SUPPLIERS
      • INTENSITY OF COMPETITIVE RIVALRY
    • KEY BUYING CRITERIA
      • INITIAL COST (IMPLEMENTATION COST)
      • PAYBACK PERIOD
      • EASE OF UNDERSTANDING
      • FEATURE AVAILABILITY
      • PORTFOLIO OF OFFERINGS
      • TECHNOLOGICAL ADVANCEMENT
      • INTEGRATION ABILITY
    • KEY TRENDS
      • INCREASING USE OF UAVS
      • STRONG EXPECTED GROWTH OF WEATHER TRACKING AND FORECASTING
    • VENDOR LANDSCAPE
    • OPPORTUNITY MATRIX
  3. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • US
      • CANADA
      • MEXICO
    • EUROPE
      • GERMANY
      • FRANCE
      • ITALY
      • UK
      • SPAIN
      • REST OF EUROPE
    • ASIA PACIFIC
      • AUSTRALIA
      • JAPAN
      • NEW ZEALAND
      • CHINA
      • INDIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • MIDDLE EAST
      • AFRICA
  1. COMPANY PROFILES
    • AG LEADER TECHNOLOGY INC
    • AGCO CORP
    • AGDATA
    • AGJUNCTION INC
    • AG-NAV INC
    • AGRIBOTIX
    • AGRIUM INC
    • BASF SE
    • CROPX LTD
    • DEERE & CO
    • DUPONT
    • FARMERS EDGE PRECISION CONSULTING INC
    • MONSANTO COMPANY
    • MTS SYSTEMS CORP
    • NOZZLEWORKS INC
    • RAVEN INDUSTRIES INC
    • SST DEVELOPMENT GROUP INC
    • TEEJET TECHNOLOGIES
    • TOPCON CORP
    • TRIMBLE NAVIGATION LIMITED

 

LIST OF TABLES

TABLE 1 GLOBAL PRECISION FARMING MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 2 MERGERS AND ACQUISITIONS IN PRECISION FARMING MARKET IN US 2012-2015

TABLE 3 GLOBAL PRECISION FARMING MARKET BY TECHNOLOGY 2018-2026 ($ MILLION)

TABLE 4 GLOBAL GUIDANCE SYSTEM MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 5 GLOBAL REMOTE SENSING AND CONTROL SYSTEMS MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 6 GLOBAL VARIABLE RATE MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 7 GLOBAL PRECISION FARMING MARKET BY TYPE 2018-2026 ($ MILLION)

TABLE 8 GLOBAL HARDWARE MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 9 GLOBAL PRECISION FARMING TECHNOLOGIES MARKET BY TYPE 2018-2026 ($ MILLION)

TABLE 10 GLOBAL SOFTWARE MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 11 GLOBAL SOFTWARE MARKET BY TYPES 2018-2026 ($ MILLION)

TABLE 12 GLOBAL PRECISION FARMING MARKET BY APPLICATION 2018-2026 ($ MILLION)

TABLE 13 GLOBAL SOIL MONITORING MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 14 GLOBAL YIELD MONITORING MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 15 GLOBAL SOFTWARE APPLICATIONS MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 16 GLOBAL VARIABLE RATE APPLICATIONS MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 17 GLOBAL FIELD MAPPING MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 18 GLOBAL OTHERS MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 19 KEY BUYING CRITERIA FOR PRECISION FARMING TECHNOLOGIES AND THEIR IMPACT

TABLE 20 CHANGED IMPORTANCE OF KEY BUYING CRITERIA OVERTIME IN ALL REGIONS

TABLE 21 GLOBAL PRECISION FARMING MARKET BY GEOGRAPHY 2018-2026 ($ MILLION)

TABLE 22 NORTH AMERICA PRECISION FARMING MARKET BY COUNTRY 2018-2026 ($ MILLION)

TABLE 23 EUROPE PRECISION FARMING MARKET BY COUNTRY 2018-2026 ($ MILLION)

TABLE 24 ASIA PACIFIC PRECISION FARMING MARKET BY COUNTRY 2018-2026 ($ MILLION)

TABLE 25 REST OF WORLD PRECISION FARMING MARKET 2018-2026 ($ MILLION)

LIST OF FIGURES

FIGURE 1 GLOBAL PRECISION FARMING MARKET BY TECHNOLOGY 2018-2026 ($ MILLION)

FIGURE 2 NORTH AMERICA PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 3 ARABLE LAND IN NORTH AMERICA 1961-2012 (HA PER PERSON)

FIGURE 4 ASIA PACIFIC PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 5 WORLD POPULATION (BILLIONS OF LIVES) VERSUS ARABLE LAND (HECTARE PER PERSON) 1950-2025

FIGURE 6 GLOBAL GUIDANCE SYSTEM MARKET 2018-2026 ($ MILLION)

FIGURE 7 GLOBAL REMOTE SENSING AND CONTROL SYSTEMS MARKET 2018-2026 ($ MILLION)

FIGURE 8 GLOBAL VARIABLE RATE MARKET 2018-2026 ($ MILLION)

FIGURE 9 GLOBAL HARDWARE MARKET 2018-2026 ($ MILLION)

FIGURE 10 GLOBAL AUTOMATION AND CONTROL SYSTEMS MARKET 2018-2026 ($ MILLION)

FIGURE 11 GLOBAL SENSING AND MONITORING DEVICES MARKET 2018-2026 ($ MILLION)

FIGURE 12 GLOBAL SOFTWARE MARKET 2018-2026 ($ MILLION)

FIGURE 13 GLOBAL FARM MANAGEMENT SOFTWARE MARKET 2018-2026 ($ MILLION)

FIGURE 14 GLOBAL SOIL MONITORING MARKET 2018-2026 ($ MILLION)

FIGURE 15 GLOBAL YIELD MONITORING MARKET 2018-2026 ($ MILLION)

FIGURE 16 GLOBAL SOFTWARE APPLICATIONS MARKET 2018-2026 ($ MILLION)

FIGURE 17 GLOBAL VARIABLE RATE APPLICATIONS MARKET 2018-2026 ($ MILLION)

FIGURE 18 GLOBAL FIELD MAPPING MARKET 2018-2026 ($ MILLION)

FIGURE 19 GLOBAL OTHERS MARKET 2018-2026 ($ MILLION)

FIGURE 20 UNITED STATES PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 21 CANADA PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 22 MEXICO PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 23 GERMANY PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 24 FRANCE PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 25 ITALY PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 26 UK PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 27 SPAIN PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 28 REST OF EUROPE PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 29 AUSTRALIA PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 30 JAPAN PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 31 NEW ZEALAND PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 32 CHINA PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 33 INDIA PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 34 REST OF ASIA PACIFIC PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 35 MIDDLE EAST PRECISION FARMING MARKET 2018-2026 ($ MILLION)

FIGURE 36 AFRICA PRECISION FARMING MARKET 2018-2026 ($ MILLION)

  1. MARKET BY TECHNOLOGY
    • GUIDANCE SYSTEM TECHNOLOGIES
    • REMOTE SENSING AND CONTROL SYSTEMS
    • VARIABLE RATE TECHNOLOGY
  2. MARKET BY TYPE
    • HARDWARE
      • AUTOMATION AND CONTROL SYSTEMS
      • SENSING AND MONITORING DEVICES
    • SOFTWARE
      • FARM MANAGEMENT SOFTWARE
  1. MARKET BY APPLICATIONS
    • SOIL MONITORING
    • YIELD MONITORING
    • SOFTWARE APPLICATIONS
    • VARIABLE RATE APPLICATIONS
    • FIELD MAPPING
    • OTHERS
  2. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • US
      • CANADA
      • MEXICO
    • EUROPE
      • GERMANY
      • FRANCE
      • ITALY
      • UK
      • SPAIN
      • REST OF EUROPE
    • ASIA PACIFIC
      • AUSTRALIA
      • JAPAN
      • NEW ZEALAND
      • CHINA
      • INDIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • MIDDLE EAST
      • AFRICA

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