Precision Farming Market to Exceed US$ 10 Bn by end 2025
In a new report titled ‘Precision Farming Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025,’ Persistence Market Research presents vital insights into the global precision farming market along with forecasts for an eight year period 2017 – 2025. The report is a structured analysis of the global precision farming market on the basis of the market segmentation – by region, by application, and by components.
The North America Precision Farming Market is expected to be approx. US $ 7.8 Bn by end 2025 making it larger than Europe, Latin America and the MEA market combined. The market share of North America is likely to be almost 45% by that time in the global precision farming market.
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The CAGR of 11.9% and 12.4% respectively in the precision farming market from 2017-2025 is the variable rate application and farm management systems segments. In terms of market attractiveness index, though, they are some way to take this into account.
In terms of value, the yield monitoring and field mapping segments should grow by 3x and 3.5x respectively between the years 2017 and 2025 and they are unlikely to be their top spots anytime soon in the precision farming market. Field mapping alone should be push past US $ 4.3 Bn by end 2025 and are highly advised to target this application in the precision farming market.
At the end of the forecast period. US $ 5.4 Bn by end 2025. Within sensing and monitoring devices, there is a close contest between yield monitors and drones with multispectral cameras as both are projected to have a similar market value by the end of the eight-year study. However, the CAGR is higher in the drones with multispectral cameras segment.
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The on-premise precision farming software is more advanced than the cloud-based precision farming software and is anticipated to retain a slim lead during the forecast period. Nonetheless, the rise of IoT and the importance of the cloud will grow by leaps and bounds in the 21 st century and key stakeholders in the precision farming market will do well to focus on cloud-based precision farming.
Even though consulting and maintenance services are less than the installation and integration services in the precision farming market, they should witness a higher CAGR during the forecast period. The maintenance service segment is valued at over US $ 1.7 Bn by the end of 2025 while consulting services are valued at just under $ 1.2 Bn in the same year.
Persistence Market Research has profiled some of the most prominent companies active in the global precision farming market such as AgJunction, Raven Industries Inc., CNH Industrial NV, Deere & Company, Trimble, Iteris, Topcon Corporation, Precision Hawk, senseFly, DICKEY-john, SST Development Group, Agribotix LLC, and Ag Leader Technology.
APAC region as government initiatives in countries as China and India are facilitating ample investment opportunities. In addition, agricultural climate change and global warming have begun to adversely affect agricultural production, compelling agriculture.
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