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The Global Precision Farming Market was valued at USD 3.58 billion in 2017, and is expected to reach a value of USD 7.30 billion by 2023, at a CAGR of 12.61% over the forecast period (2018 - 2023).Over the past two decades, PF (precision farming) has successfully made the transition from being an academic research topic to a highly beneficial practice in the field of agriculture. Around 70-80% of the new equipment purchases has been deemed to contain some form of PF tools. PF practices can be better analyzed as a cyclical approach rather than a sequential one (as depicted in the adjacent pictorial representation).
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By the end of 2030, PF is touted to become the most influential trend in agriculture, eclipsing other advancements. Currently, the adoption of PF practices has largely been uneven, owing to several factors.
The adoption was found to be high, in areas where labor costs are high and land costs are relatively inexpensive. The skewed nature of adoption can be attributed to the presence of several exogenous factors, such as the availability of financial aid and initial effectiveness.
Rising Global Demand for Food Products is Driving the Growth of the Market
According to a survey conducted by the UN DESA organization, the world population is expected to grow from around 7.35 billion in 2015 to 8.3 billion in 2030. The growth, in addition to rising disposable incomes, has contributed to the sustained rise in demand for food across the world.
The farming community is coming under severe pressure to meet the growing demand for food. The demand can be met by either increasing agricultural land, or by making optimal use of the available agricultural land.
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Farmers in developed countries are increasingly veering toward “sustainable intensification”, which advocates the use of precision farming techniques and tools to optimize crop productions.
Global Positioning System (GPS)/ Global Satellite Navigation System (GNSS) Held the Largest Share of the Market in 2017
Agriculture contributes to 2% of the global revenue of GNSS systems, considering the receivers, navigation, maps, and software. Of the four billion GNSS devices used worldwide, Asia-Pacific has the highest contribution, which is higher than both Europe and North America, combined.
Miniaturization and improved accuracy of the global navigation satellite system (GNSS) technology (of which, GPS is mostly in use, at present) makes it possible for wide-scale adoption of PF technologies for geo-positioning and field mapping. The scope of GNSS devices in PF includes applications in automatic steering, variable rate application, farm machinery guidance, yield monitoring, biomass monitoring, soil condition monitoring, livestock tracking, and virtual fencing. The market size of GNSS devices includes the scope of tractor guidance, automatic steering, variable rate technologies, and asset management. The tractor guidance segment is the largest contributor, with more than half of the GNSS device’s contribution.
United States Held the Largest Share in the Market
As per estimates of the US Department of Agriculture, nearly 2.06 million farms in the United States used 911 million acre land with a production value of USD 355.9 billion in 2016.
It is estimated that only 20% of the total acreage in the United States and 58% of the producers implement precision agricultural technologies. AgLeader, Agri-vision, Blue River Technologies, Crop Venture Incorporated, Farm Works, and Holland Scientifics are some of the precision agriculture companies based in the United States.
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The Federal Aviation Administration (FAA) has laid out its restrictions toward the flying of drones; but as per their new rules passed in 2016, drones for commercial purposes, weighing up to 55 lb can be used in the United States during daylight hours.
Key Developments in the Market
• October 2017 - AGCO entered an agreement with Lely group, to acquire its forage division. Lely’s industry leading competence in hay and forage technology is poised to strengthen AGCO’s full-line product offerings.
• May 2017 - The Climate Corporation, a subsidiary of Monsanto Company, announced the integration of imagery from innovative aerial imagery partners: CeresImaging, TerrAvion, and Agribotix, that will deliver valuable, high-resolution imagery to farmers through The Climate Corporation’s industry-leading Climate FieldView digital agriculture platform.
The major players include - AGCO CORPORATION, AG JUNCTION INC., JOHN DEERE, DICKEY-JOHN CORPORATION, TEEJET TECHNOLOGIES ILLINOIS LLC, RAVEN INDUSTRIES INC., amongst others.
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Companies Mentioned:
AGCO Corporation, AG Junction Inc., John Deere Co., Dickey-john Corporation, Teejet Technologies Illinois LLC, Raven Industries Inc., Lindsay Corporation, Monsanto Company, Valmont Industries Inc., Topcon, Precision Agriculture, Trimble Navigation Limited, E. I. Du Pont De Nemours and Company (Dupont), Land O'lakes Inc., BASF SE, Yara International ASA.
Table of Content
1. Introduction
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
4.1 Market Overview
4.2 Factors Driving the Market
4.2.1 Rising Demand for Food Products
4.2.2 Convergence of IT With Agriculture
4.2.3 Proactive Measures Taken by Public Institutions
4.3 Factors Challenging the Market
4.3.1 High Initial Costs and Sluggish Penetration of Technology
4.3.2 Privacy and Protection Concerns
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness – Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products or Services
4.5.5 Competitive Rivalry among Existing Competitors
5. Global Precision Farming Market-Segmentation
6. Competitive Landscape
6.1 Most-active Companies
6.2 Most-adopted Strategies
6.3 Market Share Analysis
7. Competitive Intelligence – Company Profiles
8. Investment Analysis
9. Future of the Global Precision Farming Market
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