Report: Precision Farming Market Growing

According to a new market research report on the Precision Farming Market, published by MarketsandMarkets, the overall global precision farming market will be worth $3,721.27 million by 2018, at an estimated compound annual growth rate of 13.36%.

The major drivers for the global Precision Farming Market are profitability and enhancement in the yields, government assistance, energy and cost saving, and the growing agro industry, according to the report. The restraints for the growth of this market are high initial investments, and lack of technical know-how. The Unmanned Aerial Vehicle (UAV) and penetration by broadband and mobile technologies are the key opportunities in the Precision Farming Market.

The global Precision Farming Market covers the entire industry on the basis of technology, hardware & software component, application, and geography. The technology section covers different GPS and variable rate technologies, along with their current and future estimations.

Of all the major technologies, variable rate technology is expected to register higher adoption rates for mass markets. The application section covers yield monitoring, variable rate application, field mapping, soil monitoring, crop scouting, and others.

The applications such as variable rate applications and yield monitoring are expected to be the major revenue generators for the global precision farming market.

The major companies involved in the global precision farming industry are Deere & Co., Trimble Navigation Ltd., Raven Industries, Precision Planting Inc., and AgJunction Inc., among others. The U.S. will remain the leading market for the Americas precision farming, throughout the forecasted period, due to their high adoption rate, financially strong growers, and continuous development.

For more information on the study, go to marketsandmarket.com.