The new report now available on ASDReports (www.ASDReports.com), is a comprehensive global market report with market data tables and figures providing an in-depth analysis of the Precision Agriculture/Farming market. The report presents detailed insights of the Precision Farming market along with key trends in the component and technology market, mapped across each application segment and geographical regions. BIS Research estimates the global market size for precision farming to grow over $6.34 bn by 2022 at an estimated CAGR (compound annual growth rate) of 13.09% from 2015 to 2022.
The latest report from BIS* Research identifies the potential of the Precision farming market, covering more than 50 players contributing at different levels of the value chain in the market. The report has been completed with a deep dive analysis of the entire ecosystem, incorporating key market drivers, challenges, and opportunities for the current and forecast years. The market for precision farming is still at an incipient stage and therefore the report provides an exhaustive segment of market dynamics identifying the enablers for growth and pain points of the market. Also, the opportunities that could yield higher revenue for the market have also been discussed. Keeping in mind the dire need of securing the natural resources, the inextricable link between precision farming and sustainable development has been identified as the key driver in the report. The convergence of Modern Technologies and IT (Information Technology) with agriculture is further pushing the demand of precision farming techniques in the market. The fact that agriculture and its practices are deeply rooted in the mind-set of the farmers and producers instilled the need of identifying the restraints to the market. The paucity of awareness and absence of dedicated education of precision farming among the farming sector is by far the major pain point for the market, raising apprehension among the farmers.
Lack of standards
On the technological front, lack of standards and data management has surfaced as other issues revolving around the precision farming industry. There are several substitutes to traditional agriculture floating around in the market such a soil-less farming and stacking such farming techniques with precision farming to increase yield is one of the key opportunities for the market growth.
The Precision Farming Application and Technology market segment is meticulously drafted to cover the key applications of precision farming such as yield monitoring, variable rate application, soil monitoring and others. The segment also provides insights on the components used under precision farming practices namely, automation and control components, farm management, and sensing and monitoring components along with their market figures. Of the 6 key applications, the market figures indicate yield monitoring and soil monitoring to be the largest revenue generating applications in the precision farming market.
However, with a CAGR of 14.94% from 2015 to 2022 farm mapping has been identified as the fastest growing application segment. The geographical analysis for precision farming market has identified North America to be dominating the market in 2014, thanks to the willingness of farmers to adopt new technologies and maturity of the market. The trends suggest that with U.S. on the forefront, North America will continue with its dominance during the forecast years. Also, with the world’s most populous countries China and India, APAC will emerge as the fastest growing region in the market at a CAGR of 18.29% from 2015 to 2022. The report profiles key players from diversified industry verticals in the precision farming ecosystem with a detailed section of the competitive landscape of the market.