September 16, 2013 — ReportsnReports.com adds 'Precision Farming Market by Technology (GPS/GNSS, GIS, Remote Sensing & VRT), Components (Automation & Control, Sensors, FMS), Applications (Yield Monitoring, VRA, Mapping, Soil Monitoring, Scouting) - Global Forecast & Analysis (2013 - 2018)' new market research report to its store.
The global population is expected to rise up to, nearly, 7.5 billion by the year 2020, and the ability to manage and tackle the ever increasing demand for food would, in all likelihood, continue to plague the world. Global warming continues to be an influential deciding factor in determining agriculture productivity, as well as the soil properties, and sustainability of natural resources. The effect of climate change on agriculture is related to variability in local climates rather than the global climate patterns.
All these concerns marked the way for the entry of the new world of agriculture management practices. Precision farming can significantly reduce the amount of nutrient and other crop inputs used while boosting yields. Farmers, thus, obtain a return on their investment by saving on phytosanitory and fertilizer costs. The second large- scale benefit of targeting inputs in spatial, temporal and qualitative terms reduce concerns of environmental impacts.
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The growth of market is expected to be remarkable, and it estimated to reach $3.72 million by 2018, at an estimated CAGR of 13.36% from 2013 to 2018. The major players in this industry are Deere & Co. (U.S.), Trimble Navigation (U.S.), Topcon positioning systems (U.S.), Raven Industries (U.S.), Precision Planting (U.S), AGCO (U.S.), and so on.
The major drivers for this market are augmented yield & profitability, which are the major contributing factors for farmers to go for precision farming; other drivers like energy & cost saving, and government assistance have also been contributing to the market growth. Major restraints like high initial investments, and lack of awareness and their impact analysis are also covered under this study. North America, currently, leads the market share for precision farming as this region has the maximum adoption. APAC is the emerging market for precision framing and has been enjoying the highest growth rate among all the geographic regions. It is believed that the APAC market will grow at a CAGR of 25.16% from 2013 to 2018.
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Company Profile (Overview, Products And Services, Financials, Strategy & Development)*
1 Ag Business & Crop Inc.
2 Ag Leader Technology
3 Ag-Nav Inc.
4 Agco Corporation
5 Agjunction Inc.
6 Agri Con Gmbh
7 American Sensor Technologies Inc.
9 Automata Inc.
10 Deere & Company
11 Dickey-John Corporation
12 Echelon Ag Inc.
13 Jain Irrigation Systems Ltd.
15 Precision Planting Inc.
17 Raven Industries Inc.
18 Soyl Precision Farming
19 Teejet Technologies
20 The Toro Company
21 Topcon Precision Agriculture
22 Trimble Navigation Limited
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