Precision Farming Global Industry Demand, Recent Trends, Size and Share Estimation by 2026

New York, NY 9 Oct 2019:The global precision agriculture market is anticipated to reach over USD 13,016 million by 2026, According to a new study published by Polaris Market Research. In 2017, the yield monitoring application dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.

There has been an increasing adoption of precision farming across the world owing to growing agricultural industry, and high-demand for food crops. The global precision farming market is driven by the increasing need to improve the quality of crops produced, maximizing crop production, and enhanced crop monitoring. Technological advancement along with government subsidies further boosts the market growth. However, high initial investment and lack of awareness limit the precision farming market growth.

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North America generated the highest revenue in the precision agriculture market in 2017, and is expected to lead the global market throughout the forecast period. This is due to high cost of labor, and presence of large farmlands in the North American region. Increasing investments and subsidies in the agriculture sector by governments boost the precision farming market growth during the forecast period in the region. Increasing need to improve food quality and productivity along with increased industrialization of farming equipment further supplements market growth.

Various applications of precision farming include irrigation management, crop scouting, yield monitoring, weather tracking and forecasting, field mapping, inventory management, and farm labor management. In 2017, yield monitoring accounted for the largest share in the global market, and was estimated at $1,974 million in 2017, registering a CAGR of 13.2% during the forecast period. This is attributable to the benefits offered by yield monitoring such as reduced cost, improved yields, and enhanced decision making. Yield monitoring is further divided into on-farm yield monitoring, and off-farm yield monitoring.

Some of the major players profiled in the Precision Farming Market study include:

• AgJunction, Inc
• Agribotix LLC
• Deere and Company
• The Climate Corporation
• Topcon Corporation
• Trimble, Inc.

Polaris Market research has segmented the Precision Farming Market report on the basis of hardware type, applications, service and region

• Precision Farming Market Size and Forecast, 2017-2026 by Hardware Type

• Automation & Control
  • Drones
  • Application control devices
  • Guidance system
  • Remote sensing
  • Driverless tractors
  • Mobile devices
  • VRT
  • Wireless module
• Sensing devices
• Antennas/access points

• Precision Farming Market Size and Forecast, 2017-2026 by Deployment Type

• Web-Based/Local
• Cloud Based

• Precision Farming Market Size and Forecast, 2017-2026 by Service

• System Integration
• Managed Services
• Maintenance & Support
• Consulting

• Precision Farming Market Size and Forecast, 2017-2026 by Application

• Irrigation Management
• Crop Scouting
• Yield Monitoring
• Weather Tracking and Forecasting
• Field Mapping
• Inventory Management
• Farm Labor Management

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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.