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Jan. 12, 2017 Source: MarketsandMarkets news release The report "Precision Farming Market by Technology (Guidance System, Remote Sensing, Variable Rate Technology), Offering (Hardware Automation & Control System, Sensor & Monitoring Device, Software, Services), Application, and Geography - Global Forecast to 2022", published by MarketsandMarkets, The precision farming market is expected to grow from USD $3.20 Billion in 2015 and is expected to reach USD $7.87 Billion by 2022, at a CAGR of 13.47% between 2016 and 2022. The increasing focus on farm efficiency and productivity and increasing global demand for food are some of the significant drivers for the growth of the precision farming market. Hardware component expected to lead the precision farming market The hardware component is expected to hold the largest share of the precision farming market between 2016 and 2022. The hardware components include automation and control systems, and sensing and monitoring systems. Automation and control systems such as Global Positioning System (GPS) receivers, guidance and steering devices, and Variable Rate Technology (VRT) devices form a major part of the precision farming market. These hardware components have the largest share of the overall market owing to their extensive use in precision farming. Precision farming market for weather tracking and forecasting expected to grow at the highest rate between 2016 and 2022 Weather tracking is one of the important parameters in precision farming as this application facilitates up-to-date information on prevailing climatic conditions, such as temperature, rain, wind speed and direction, solar radiation, and so on. There are various kinds of devices used for this application which include handheld instruments, on-field weather stations, and so on. Weather tracking helps in taking decisions before severe and potentially dangerous conditions occur, thereby protecting a farmer's family or business. Americas held the largest share of the precision farming market in 2015 The Americas held the largest share of the precision farming market in 2015. The reason for this growth is increased industrialization of farming equipment with the need for improved efficiency and productivity to meet the global demand for food. Efficient farming requirements, high production accuracy, and increased use of farm management software are some of the factors for the growth of the precision farming market in the Americas region. Some of the major players in the precision farming market are Deere & Company (U.S.), Trimble, Inc. (U.S.), Raven Industries Inc. (U.S.), AgJunction, Inc. (U.S.), and AGCO Corporation (U.S.) among others. About MarketsandMarkets MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical info graphics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers. We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository. Tweet |
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