Precision Farming Market to Reach $10.70 Billion by 2025
North Dakota Ag Connection - 02/16/2017
The global precision farming market is expected to reach USD 10.70 billion by 2025, according to a new report by Grand View Research, Inc. Precision farming is an agriculture technique which enables the efficient farming and improves the productivity with
the application of various technologies. The technology provides the sustainable management of the resources for enhancing the food productivity.
Data management developments along with the advancements of geo-location tracking helps the farming to detect and optimize yield operating efficiencies. The technology advancements in the precision farming helps the farmers to get the appropriate information
about the planting and harvesting. The factors such as enhanced and improved profitability and yield, cost and energy saving along with the governmental assistance has further fuel the industry demand.
Geographic positioning system (GPS) is projected to contribute majorly in the guidance systems technology segment from 2016 to 2024. The growth is attributed to the ability to assist agriculture service providers and farmers to automatically record the field
data and apply the input to small areas within the larger field.
Yield monitoring is considered to be the majorly used application segment in the farming owing to ability to understand field variability and provide assistance in maximizing the yields. The segment provides the information about the soil properties, weather
conditions, and fertilizers which further impact the grain production in a positive manner. Furthermore, the services segment is also projected to grow at a significantly over the forecast period.
Although, lack of awareness and high initial capital investments are anticipated to hinder the indsutry growth over the projected period. increasing government initiative for adopting the advanced agriculture technologies is expected to overcome the awareness
issue over the forecast period.