Wide availability of low cost sensors to spur precision farming market revenue growth
The cost and size of different sensors such as load sensors, vibration sensors, and temperature sensors has reduced in the last decade because of continuous technological advancements in the semiconductor industry coupled with cutthroat manufacturer competition. Furthermore, there is an increasing acceptance of M2M monitoring across domains. Machine to Machine essentially allows devices to seamlessly communicate with each other sans any human intervention. M2M is a core component of the Internet of Things and offers a number of benefits to both business and industry. The agricultural application of M2M is anticipated to gain substantial traction and is poised to drive the growth of the precision farming market in the coming years.
Imaging technologies used to great effect in the precision farming market
Several small and medium-sized precision agricultural solution providers are focusing on introducing precision farming solutions that use drones and imaging technology sensors. These companies are trying to provide data services that assist farmers in enhancing resource utilization and maximizing yield capacity. For e.g. – In March 2016, TerrAvion, an American aerial imagery service provider, unveiled aerial data services for farmers with the help of drones and thermal imaging technology. This is anticipated to enhance data imagery analytics that should in turn assist farmers in boosting productivity. The North America precision farming components market is on track to be valued at almost US$ 7.8 Bn by the end of the forecast period, making it an extremely lucrative opportunity for stakeholders.
Sustainable farming technology that responds to climate change essential
Technologies related to agriculture fall under four major areas – Food, Engineering, Automation, and Sensors. Technologies that enable agriculture to expand its reach to new economic areas, places, and means are quality seedling sowing, production, fertilization, inter-cultivation, and other techniques. Climate change is predicted to dramatically impact worldwide agricultural production in the days ahead. Farmers in emerging economies are expected to bear the brunt by way of drought, adverse weather, floods, and reduced crop harvests. Therefore, the rapid deployment of precision farming equipment will play a large role in improving efficiency and crop yield.
Lack of standards and high costs critical barriers in the precision farming market
Data management and data aggregation are major restraints in the precision farming market. The lack of industry-wide standards for data management applications in smart-agriculture solutions prevent the most efficient use of data. This difficulty is rooted in the need to standardize data management systems throughout the farming industry to ensure operational uniformity. In addition to this, precision farming technology is still comparatively expensive making it unaffordable to smaller farmers in developed regions and most farmers in emerging economies. While larger farmers are able to shoulder the cost of precision farming equipment, smaller farmers may be resistant to make the switch because of higher initial costs. The European Agricultural Machinery Industry Association estimates that only a quarter of small farmers can afford advanced precision farming equipment.
Hardware segment key in the precision farming component market
The global precision farming market by hardware is likely to grow with an exponential CAGR of 14.6% from 2017-2025 and be worth more than US$ 10 Bn by end 2025. The market attractiveness of the hardware segment is considerably higher than all other segments in the precision farming market, making it well worth the time and effort of companies actively involved in the precision farming market.
Exhaustive research methodology utilized to extract all the essential market data
The research methodology devised by Persistence Market Research is a unique blend of secondary research and rigorous primary interviews conducted with domain experts and key stakeholders to gain all possible insights pertaining to the precision farming market. This is followed by a multi-layered validation of the information gathered to enable our readers to make critical business decisions. Our methodology has been used to prepare the precision farming market report and the findings thereof have been presented in an easy-to-understand manner in the upcoming report titled ‘Precision Farming Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025’.
The secondary research used in the precision farming market consists of manufacturers’ market overview and product portfolio; historical and forecasted market trends, regional pricing assessment, application and component end-use projections, and market dynamics across all the studied regions. Primary research is concerned with the present and future prospects in both emerging economies and developed countries with adequate emphasis on both in terms of their drivers, restraints, opportunities and threats. The data analysis includes a thorough evaluation of the macroeconomic factors and statistical and historical trend analysis.
Authoritative sources used to gather primary data
To create the precision farming market report, we have turned to authoritative, trusted sources such as annual reports_bk_01_01_2020, industry publications, company presentations coupled with government websites and journal data. Primary interviews with industry experts and important stakeholders help us immensely in the initial data gathering phase.
Accurate market sizing and forecasting
Our team of expert analysts use company proprietary tools to arrive at accurate revenue estimates in the precision farming market based on certain assumptions that have been clearly laid out in the precision farming market report. We use important metrics such as CAGR, absolute dollar opportunity, and Y-o-Y growth rate to deduce precise market projections of the global precision farming market.
Cohesively laid out report structure for our readers’ benefit
The precision farming market report follows an extremely systemic format that allows readers to understand the crux of the precision farming market with all of its nuances. The precision farming market report comprises an executive summary that is a brief snapshot of the global precision farming market. The summary is complemented by the introduction, outlook and market analysis chapters. The succeeding precision farming market report sections touch upon the precision farming market forecast in terms of the application, components, and region. These chapters consist of the historical value of the precision farming market for the four-year period from 2012-2016 compared and contrasted with the eight-year forecast from 2017-2025.
We provide a regional market study highlighting strategic countries within a specific region – further diving into the different market segments within these countries. The regional forecast can be expected to inform you of the drivers, restraints, and trends that impact only that specific region or country in the precision farming market. The list of major market participants and their market presence in terms of intensity concludes this section of the precision farming market report.
A vital portion of the precision farming market report mentions the competitive landscape in the precision farming market. A dashboard of companies involved in shaping the precision farming market along with their profiles, business strategies, financials, and recent developments allows you to conduct a comprehensive competition SWOT analysis.
Precision Farming Market Taxonomy