With an emerging need of precision agriculture to manage inter and intra variability in the field, crop or soil and ensure high productivity in terms of quality and quantity both, the market is estimated to witness a growth at a CAGR of 12.7% over the period of 2016 to 2022. The market comprises of a combination of the hardware (GNSS/ GPS devices, sensing devices and others including cameras & displays) and the management systems & services. The growth in the market is accredited to its products reducing overall costs, increasing global food demand and economic boom in the Asia-Pacific region.
The report is a compilation of different segments of Global Precision Agriculture Market including market breakdown by components, applications, and different geographical areas. The revenue generated from the main device in the market, i.e. GNSS/ GPS devices, has been tracked to calculate the market size. Under this component, its application areas, shaping the market have also been explained.
While highlighting the key driving and restraining forces for this market, the report also provides a detailed section of the application areas of the precision agriculture systems and solutions. It also details the key participants involved in the industry. The report answers the following questions about the Global Precision Agriculture Market:
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- What are the dominant components, services & systems used in precision agriculture?
- What are the different application areas of precision agriculture?
- Which is the most sought-after component of precision agriculture technique?
- What are the basic services & systems in the precision agriculture market?
- What is the revenue generated by different components and applications of precision agriculture?
- What are the different factors driving the market in the forecast period?
- What are the major factors challenging the growth of Global Precision Agriculture Market?
- What kind of new strategies are being adopted by existing market players to make a mark in the industry?
- Which region will lead the Global Precision Agriculture Market by the end of forecast period?
The report puts special emphasis on the market share and size of the hardware components of precision agriculture, owing to the changing paradigms in the industry. In spite of this, due to less awareness about the techniques and their benefits, majority of people resist adopting precision agriculture methods. The industry analysis has evaluated the impact of the five major forces to understand the overall attractiveness of the industry.
The most often used strategy for developing a better hold on to the market has been through product launches, followed by mergers & acquisitions. Moreover, the company profile section includes highlights of significant information about the key companies involved along with their financial positions key strategies, & developmental activities of recent years. Some of the key players involved in this market are Lindsay Corporation, Yara International, Deere & Co., the Toro Company, and CNH Industrial among others.
The North America generated the maximum amount of revenue in the year 2015 in the Global Precision Agriculture industry among all the regions and has the maximum potential to grow in the forecast period, followed by Asia-Pacific. The industry is expected to cross $7.6 billion in total market value by the end of forecast period with the opportunities of expanding through UAVs and smart phone technologies.
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