SciFi in Ag: Chatbot With Your Vegetation?
Precision farming is about accurately managing field variations, growing more food with much less resources, and decreasing manufacturing costs. It can help farmers achieve greater sustainability, environmental protection, higher productivity, and economic benefits, while dealing with the task of growing world population.
What is going on in the market?
Highest adoption prices of precision farming are observed in the United States, Germany, Australia, and Brazil, while Asia-Pacific is expected to show record high rates of adoption in the forecast time. As the governments of various countries provide subsidies for farm owners to use within their taking care, adoption prices are likely to increase in the other regions. The industry is dominated by different technologies such as GNSS / GPS Systems, GIS, Remote Sensing & VRT, where VRT is the fastest growing portion with a good CAGR of sixteen % over the forecast time.
AGCO Corporation acquired Cimbria, a Dutch equipment dealer of powders, grain and seed. The acquisition of Cimbria will help increase and enhance their business geographically in Denmark. The company also provides mobile tools that have access to huge information and data relevant to crop, which more improves farming. John Deere acquired Monsanto’s Precision Planting. This acquisition will help the company maximize digital agriculture and helps in seamless assortment of infield agronomics information.
Market Dynamics for Precision Farming
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Less availability of productive land, continual change in climatic conditions, and the strict regulatory framework have led to increasing need for a more effective and efficient agricultural sector. The management of agricultural land gets much more competent with the launch and application of modern technologies. For instance, automation technology, sensors, geo-mapping, and big data analysis devices help evaluate climate and soil data, which in turn raises the overall efficiency of agriculture.
Innovation and technology have resulted in main advancements in various sectors, as well as farming is among them. Sensing technologies, software programs, communication systems, data analytics solutions, and placing solutions are several of the most current technologies used. Various products, like driverless machinery and drone harvest dusters, provide important opportunities for the growth.
In 2016, North America had a share of aproximatelly 50 % of the precision farming sector. The market share contained in this region is led by the United States as well as Canada. The market in the area will likely be led by large scale farmlands, the ever growing need to improve the yield and high labor costs. Farmers are skilled and open to new technologies. But, virtually all of the agriculture farms & farmers rely heavily on exports to sustain prices and revenues, which may load market dynamics in the future. Asia-Pacific has been labeled as a location that is yet to reach its maximum potential in this specific domain.
Will global precision farming show an unprecedented upward development trend till 2022?
According to a report by a market intelligence firm, the global precision farming industry is estimated to achieve a worth of USD 5.98 billion by 2022, recording a CAGR of 12.97 % during 2017 22. In the past ten years, precision farming has moved from good science to good practice and has witnessed unprecedented expansion around the globe. seventy to 80 % of the new farm equipment marketed today, features some sort of precision farming component. Asia-Pacific is expected to become probably the fastest growing market with a CAGR of aproximatelly twenty one % during 2017-2022. The main factor stimulating market growth in Asia Pacific is augmented yield and sales and profits, what is pushing farmers toward crop monitoring technology. The market share in this area is kept by Australia.
The report includes competitive by nature vendor landscaping of seventeen suppliers in the precision farming business, including major players including Monsanto, Deere & Company, AgCO Corporation and Lindsay. The market place of is pretty fragmented with the presence of many local and regional players. The market place of precision farming remains an emerging market, however, brand loyalty in specific segments is reportedly healthy. Farm machinery and program support are the 2 main segments that have brand loyalty.