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Precision Farming Market - Growth, Trends, and Forecasts (2020 - 2025)

  • ID: 4535724
  • Report
  • January 2020
  • Region: Global
  • 134 pages
  • Mordor Intelligence
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until Jun 30th 2020
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FEATURED COMPANIES

  • Ag Junction Inc
  • BASF SE
  • John Deere
  • Lindsay Corporation
  • Raven Industries Inc.
  • Valmont Industries Inc.
  • MORE
Market Overview

The Precision Farming Market was valued at USD 4.51 billion in 2019 and is expected to reach USD 9.15 billion by 2025, at a CAGR of 12.50% over the forecast period 2020 - 2025. Over the last two decades, PF (precision farming) has successfully made the transition from being an academic research topic to a highly beneficial practice in the field of agriculture. PF practices can be better analyzed as a cyclical approach rather than a sequential one (as depicted in the adjacent pictorial representation). By the end of 2030, PF is touted to become the most influential trend in agriculture, eclipsing other advancements. Currently, the adoption of PF practices has largely been uneven, owing to several factors.
  • The adoption was found to be high, in areas where labor costs are high and land costs are relatively inexpensive. The skewed nature of adoption can be attributed to the presence of several exogenous factors, such as the availability of financial aid and initial effectiveness.
  • In some cases, farmers were found to be expecting a quick return on investment, which remains largely elusive. Awareness programs could be very helpful in educating farmers on the benefits of using PF practices, especially in the case of developing countries.
  • Management time could also be another factor determining the adoption of PF tools. Farmers are on the lookout for easily accessible information, which also partly explains the hike in demand for the service segment in the market.
Scope of the Report

Precision agriculture (PA) is an approach to farm management that brings in information technology IT to ensure that the crops and soil get precisely what they need for health and productivity. The goal of PA is to guarantee profitability, sustainability, and protection of the environment. PA is also recognized as satellite agriculture, as-needed farming and site-specific crop management (SSCM).

Key Market Trends

Soil Sensors: the key to precision agricultural production.
  • Soil sensors are used to measure a variety of essential soil properties and relay it to a display device, through a reliable means of communication. Soil sensors are generally used in conjunction with the variable rate applications or GPS to generate field maps, categorized according to the properties of the soil.
  • Soil sensors are very crucial to monitor the feasibility of the growth of the crops during the harvesting period. The soil sensors segment, hence, occupy a market share of 25.99% of the sensors and monitoring systems in the hardware components of the entire precision farming market.
  • Sensors are used to generate real-time information after analyzing the data, and cause the corresponding changes in the application rate. Conventional models of utilizing a map-based approach are considered to be more effective, as they allow room for problem analysing, and subsequently adjusting the variable rate application in the following steps.
  • The type of sensors being integrated for soil monitoring purposes include the electromagnetic, optical, mechanical, acoustic, and electrochemical, as far as industrial research has reached.
Precision Agriculture in the United States has Made Great Advancements.
  • As per estimates of the US Department of Agriculture, nearly 2.06 million farms in the United States used 911 million-acre land with a production value of USD 355.9 billion in 2016. It is estimated that only 20% of the total acreage in the United States and 58% of the producers implement precision agricultural technologies. AgLeader, Agri-vision, Blue River Technologies, Crop Venture Incorporated, Farm Works, and Holland Scientific are some of the precision agriculture companies based in the United States.
  • The Federal Aviation Administration (FAA) has laid out its restrictions toward the flying of drones; but as per their new rules passed in 2016, drones for commercial purposes, weighing up to 55 lb can be used in the United States during daylight hours. This is seen as a big boost for the use of drone technology in agriculture and the use of a drone in the forecast period will grow rapidly due to these rules by the FAA.
Competitive Landscape

The precision farming market consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on precision farming technologies to strengthen their product capabilities.
  • April 2019 - The Climate Corporation (Climate), a subsidiary of Bayer, and Lindsay Corporation, a leading global manufacturer and distributor of irrigation technology, today announced a platform agreement that will establish two-way data connectivity between The Climate Corporation’s Climate FieldVie digital agriculture platform and Lindsay’s FieldNET platform. Through the collaboration, mutual farmer customers will be able to make faster, more-informed field and irrigation management decisions.
Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format.
  • Report customization as per the client's requirements.
  • 3 months of analyst support.
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FEATURED COMPANIES

  • Ag Junction Inc
  • BASF SE
  • John Deere
  • Lindsay Corporation
  • Raven Industries Inc.
  • Valmont Industries Inc.
  • MORE
1 INTRODUCTION
1.1 Scope of the Study
1.2 Study Deliverables
1.3 Study Assumptions

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rising Demand for Food Products
4.3.2 Convergence of IT with Agriculture
4.3.3 Proactive Measures Taken by Public Institutions
4.4 Market Restraints
4.4.1 High Initial Costs and Sluggish Penetration of Technology
4.4.2 Privacy and Protection Concerns
4.5 Industry Attractiveness Porters Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Technology
5.1.1 Guidance System
5.1.1.1 Global Positioning System (GPS)/ Global Satellite Navigation System (GNSS)
5.1.1.2 Global Information System (GIS)
5.1.2 Remote Sensing
5.1.3 Variable-rate Technology
5.1.3.1 Variable Rate Fertilizer
5.1.3.2 Variable Rate Seeding
5.1.3.3 Variable Rate Pesticide
5.2 By Hardware & Software Component
5.2.1 Hardware Component
5.2.1.1 Automation and System Control
5.2.1.1.1 Guidance and Steering Device
5.2.1.1.2 GPS/GNSS System
5.2.1.1.3 Display
5.2.1.1.4 Mobile Device
5.2.1.1.5 Flow and Application Control Device
5.2.1.1.6 Other Hardware Component
5.2.1.2 Sensors and Monitoring devices
5.2.1.2.1 Yield Monitor
5.2.1.2.2 Soil Sensor
5.2.1.2.3 Water Sensor
5.2.1.2.4 Climate Sensor
5.2.1.2.5 Other Sensors and Monitoring devices
5.2.2 Farm Management Software
5.2.2.1 Crop Management
5.2.2.2 Financial Management
5.2.2.3 Farm Inventory
5.2.2.4 Weather Tracking and Forecasting
5.2.2.5 Personnel Management
5.2.3 Service
5.3 By Application
5.3.1 Yield Monitoring
5.3.2 Variable Rate Application
5.3.3 Field Mapping
5.3.4 Soil Monitoring
5.3.5 Crop Scouting
5.3.6 Other Applications
5.4 Geography
5.4.1 North America
5.4.1.1 US
5.4.1.2 Canada
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 UK
5.4.2.3 France
5.4.2.4 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AGCO Corporation
6.1.2 Ag Junction Inc
6.1.3 John Deere
6.1.4 DICKEY-john Corporation
6.1.5 TeeJet Technologies
6.1.6 Raven Industries Inc.
6.1.7 Lindsay Corporation
6.1.8 Monsanto Company
6.1.9 Valmont Industries Inc.
6.1.10 Yara International ASA
6.1.11 Topcon Precision Agriculture
6.1.12 Trimble Navigation Limited
6.1.13 E.I. Du Pont De Nemours And Company (Dupont)
6.1.14 Land O'lakes Inc.
6.1.15 BASF SE

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • AGCO Corporation
  • Ag Junction Inc
  • John Deere
  • DICKEY-john Corporation
  • TeeJet Technologies
  • Raven Industries Inc.
  • Lindsay Corporation
  • Monsanto Company
  • Valmont Industries Inc.
  • Yara International ASA
  • Topcon Precision Agriculture
  • Trimble Navigation Limited
  • E.I. Du Pont De Nemours And Company (Dupont)
  • Land O'lakes Inc.
  • BASF SE
Note: Product cover images may vary from those shown
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